U.S. Prosecutors Seek to Drop Fraud Charges Against Indian Billionaire Gautam Adani
U.S. prosecutors have moved to drop fraud and conspiracy charges against Indian billionaire Gautam Adani over an alleged bribery scheme linked to a massive solar energy project in India.
The case, filed in federal court in New York in 2024, accused Adani and several associates of paying about $265 mln in bribes to Indian officials to secure lucrative solar contracts while misleading U.S. investors. The Adani Group denied all allegations, calling them baseless.
According to court filings, the U.S. Department of Justice said it decided not to devote further resources to the prosecution and requested dismissal of the criminal charges. The move still requires judicial approval.
The development boosted investor confidence, with shares of several Adani Group companies rising sharply after the announcement. Analysts say the decision could improve the conglomerate’s ability to refinance debt and pursue new investments.
The allegations had triggered global scrutiny of the Adani Group’s business practices and led to delays or cancellations of several international projects.
