US likely to drop cases against Adani as SEC settles civil lawsuit against Indian billionaire: Reports – Firstpost

The United States is moving towards dropping criminal fraud charges against Indian billionaire Gautam Adani after the US Securities and Exchange Commission (SEC) agreed to settle a parallel civil lawsuit against him, Reuters reported on Friday, citing sources familiar with the matter.

The possible withdrawal of the criminal case would mark a relief for the Adani Group, which has faced scrutiny from US authorities over allegations related to bribery and disclosures made to investors.

According to the report, the move follows discussions between prosecutors and Adani’s legal team led by lawyer Robert Giuffra, who also serves as a personal attorney to US President Donald Trump.

During a presentation to Justice Department officials last month, Giuffra argued that the case lacked both sufficient evidence and proper US jurisdiction, the report said. He also told officials that the ongoing prosecution was preventing Adani from moving ahead with a proposed $10 billion investment in the United States, the report said.

Following Trump’s victory in the 2024 presidential election, Adani had publicly pledged to invest $10 billion in the US economy and create around 15,000 jobs.

Reuters reported that while some prosecutors maintained the proposed investment should have no bearing on the legal proceedings, it remains unclear whether that view was shared across the department.

Reuters said Adani and his nephew are expected to jointly pay about $15 million to resolve the matter without admitting or denying wrongdoing.

In another potential settlement, the Adani Group may pay nearly $275 million to the US Treasury Department’s Office of Foreign Assets Control (OFAC) to resolve a separate investigation related to shipments involving Iranian gas, the report said.

The criminal case dates back to November 2024, when federal prosecutors in Brooklyn accused Adani and several associates of orchestrating a bribery scheme involving about $265 million in payments to Indian officials.

Prosecutors alleged the payments were aimed at securing approvals tied to a large solar energy project in India. Authorities also claimed Adani-linked entities raised more than $3 billion through loans and bond offerings while concealing details of the alleged misconduct from investors and lenders.

The Adani Group has denied the allegations, calling them “baseless”.

If the Justice Department formally drops the criminal fraud charges, it would mark one of the most significant reversals of a major corporate prosecution initiated during the administration of former US President Joe Biden.