Indian billionaire and Chairman of Adani Group, Gautam Adani, addresses the gathering during the 51st Gem and Jewellery Awards in Jaipur, Rajasthan, India, on November 30, 2024.
Vishal Bhatnagar | Nurphoto | Getty Images
The Trump administration moved to dismiss criminal fraud charges against Indian billionaire Gautam Adani on Monday, while also settling alleged Iran sanctions violations involving one of his companies, court records show.
The resolution of outstanding cases against one of the world’s richest people came after Adani’s attorney, who is also a personal attorney of U.S. President Donald Trump, said last month his client wanted to invest $10 billion in the United States but could not do so while the cases proceeded, according to a source familiar with the matter.
It is the latest example of Trump’s Justice Department abandoning a high-profile case brought under his Democratic predecessor, Joe Biden.
Adani, a close ally of Indian Prime Minister Narendra Modi, has an estimated worth of $82 billion, according to Forbes magazine.
Adani had been accused of agreeing to pay $265 million in bribes to Indian government officials so a subsidiary of Adani Group, Adani Green Energy, could win approval to develop India’s largest solar power plant, and then misleading U.S. investors by providing reassuring information about the company’s anti-corruption practices. Prosecutors said he and his alleged co-conspirators raised more than $3 billion by hiding their corruption from lenders and investors.
The Adani Group has consistently denied wrongdoing. Adani is the company’s founder and chairman.
Earlier on Monday, the U.S. Treasury Department said Adani Enterprises, part of Adani Group, had agreed to pay $275 million to resolve alleged sanctions violations, in which Adani Enterprises had bought shipments of liquefied petroleum gas from a Dubai-based trader purporting to supply Omani and Iraqi gas that had actually originated from Iran. Adani Enterprises has also ceased imports of LPG into India and created a head of compliance role to ensure it follows Treasury Department guidance.
The U.S. Securities and Exchange Commission separately settled a civil lawsuit against Adani over an alleged scheme to bribe Indian government officials, court records showed last week, although the move is subject to court approval.
