In a significant relief for Gautam Adani, the US Justice Department has withdrawn criminal charges and closed the securities and wire fraud case against the billionaire businessman, according to a court filing cited by PTI.
“The Department of Justice has reviewed this case and has decided, in its prosecutorial discretion, not to devote further resources to these criminal charges against individual defendants,” prosecutors wrote in a court filing, as cited by AP.
Earlier, US prosecutors on Monday asked a judge to dismiss criminal fraud and conspiracy charges against Gautam Adani, who had been accused of misleading investors in connection with a large solar power project, AP reported.
Background of the Case
Gautam Adani, among the world's richest business leaders, had been charged in 2024 with conspiracy, securities fraud, and wire fraud linked to an arrangement involving Adani Green Energy and another company to sell 12 gigawatts of solar power to the government for supplying electricity to millions of homes and businesses.
At the time, prosecutors had alleged that Adani and others paid substantial bribes to ensure the project's success. The Adani Group denied the allegations and described them as baseless. Adani was never arrested in the case or brought to the US to face trial. AP reported that many had expected the matter to lose momentum after President Donald Trump last year suspended enforcement of the Foreign Corrupt Practices Act, a US law banning business bribes overseas.
Related Legal Developments
The closure of the case also comes after the US Securities and Exchange Commission said it was settling a related lawsuit involving Adani.
Adani built his business empire through coal before expanding into sectors including renewable energy, defence, and agriculture. Over the years, the Adani Group developed a large clean energy portfolio that included one of the world's biggest solar power plants and had set a target of becoming the country's largest player in the renewable energy space by 2030.
