Representational.
Washington: The administration of US President Donald Trump has moved to drop criminal fraud charges against Indian billionaire Gautam Adani in a major corruption case involving alleged bribery, investor fraud and sanctions violations, shortly after the Adani Group pledged a massive $10 billion investment in the United States, according to an Al Jazeera report.
The US Department of Justice informed a federal court in New York that it would no longer devote prosecutorial resources to pursuing the criminal case against Adani and other accused individuals. The request, however, still requires approval from Judge Nicholas Garaufis of the Eastern District of New York.
The case, initiated during the administration of former US President Joe Biden, accused Adani and his associates of orchestrating a large-scale bribery scheme involving Indian officials to secure lucrative solar energy contracts. Prosecutors alleged that Adani, along with Sagar Adani and Vneet S Jaain, concealed the alleged bribery operation while raising billions of dollars from US and international investors.
According to US authorities, Adani Green Energy secured contracts linked to what was described as India’s largest solar power project by allegedly paying bribes and misleading investors about its anti-corruption practices. Prosecutors had claimed that more than $3 billion was raised through the scheme.
The decision to withdraw the criminal case came after Adani expanded his legal team to include Robert J Giuffra Jr, a lawyer known for representing Trump personally. Reports indicated that the Adani Group’s proposed $10 billion US investment could generate around 15,000 jobs.
The controversy deepened further after the US Treasury Department separately announced a $275 million settlement with Adani Enterprises over alleged sanctions violations linked to Iranian-origin liquefied petroleum gas routed through intermediaries in Dubai.
Meanwhile, the US Securities and Exchange Commission has also reached a civil settlement with Adani and Sagar Adani over the alleged bribery case, including proposed multi-million-dollar penalties awaiting court approval.