U.S prosecutors move to drop bribery charges against Indian billionaire Gautam Adani in major corruption case shift
Federal prosecutors in Brooklyn have asked a judge to dismiss bribery-related charges against Indian billionaire Gautam Adani, signaling a major development in a high-profile international corruption case with broad political and economic implications. In a brief filing, prosecutors said they would “not devote further resources” to the case, seeking to end the prosecution with prejudice and effectively close the matter.
The request comes amid parallel resolutions involving Adani and his business empire in related civil and regulatory investigations. The Securities and Exchange Commission has imposed an $18 million penalty on Adani and his nephew to settle its case, while the Treasury Department separately reached a $275 million agreement with Adani Enterprises Limited over alleged sanctions violations involving Iran. Prosecutors did not publicly link their decision to drop the criminal case to any proposed investment or settlement offers.
Adani had previously been indicted along with several co-defendants in a case alleging a scheme tied to solar energy contracts in India that involved bribery of foreign officials and misleading statements to U.S. investors. Prosecutors argued the conduct fell under U.S. jurisdiction because the company raised money in American markets. Adani and his legal team have denied wrongdoing, arguing the allegations are outside the reach of U.S. securities law and unsupported by evidence of harm to American investors.
The case, unsealed in late 2024, accused Adani Green Energy and associates of paying hundreds of millions of dollars in bribes to secure energy contracts while concealing the conduct from investors. According to the indictment, the scheme involved payments to Indian officials to ensure state purchases of solar power, including a large alleged payment tied to a state contract in Andhra Pradesh. The defendants have not entered pleas and have not been extradited.
Adani, one of India’s most prominent industrialists, leads a conglomerate with major holdings in energy, ports, and infrastructure. His business empire has expanded rapidly alongside India’s economic growth, and he has maintained close ties to political leadership in India. The case also drew attention due to Adani’s previously announced willingness to invest heavily in the United States amid ongoing legal negotiations.
The decision to drop the charges reflects a broader shift in enforcement priorities in recent years, with reduced emphasis on foreign bribery and complex international corruption cases. The move now awaits approval from a federal judge, who must formally rule on the dismissal request.
Comments
Post a Comment