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The Trump administration has announced plans to drop criminal fraud charges against Indian billionaire Gautam Adani, while also reaching a settlement over alleged violations of Iran sanctions involving one of his companies, court documents reveal.
This development comes after Adani’s legal counsel—who also serves as a personal lawyer for former President Donald Trump—stated last month that Adani intended to invest $10 billion in the U.S. but couldn’t proceed with the investments until the legal issues were resolved, according to an insider familiar with the situation.
This move exemplifies a pattern where the Justice Department, under Trump, has chosen to abandon high-profile cases initiated during his predecessor Joe Biden’s administration.
Gautam Adani, a prominent supporter of Indian Prime Minister Narendra Modi, has an estimated net worth of $82 billion, according to Forbes magazine.
Previously, he was charged with conspiring to pay $265 million in bribes to Indian government officials to secure approval for the development of India’s largest solar power plant. Prosecutors alleged that Adani and his associates raised over $3 billion by concealing corrupt activities from lenders and investors.
The Adani Group has strongly denied any wrongdoing. Adani himself is both the founder and chairman of the company.
Separately, the U.S. Securities and Exchange Commission (SEC) settled a civil lawsuit with Adani over accusations related to a scheme to bribe Indian officials, court records show last week. However, the settlement is pending court approval.
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