US authorities move to resolve fraud cases against India's Adani, Bloomberg News reports
The proposed settlement could include financial penalties, while the criminal case has stalled for more than a year because the defendants have not appeared in court.
- The United States Justice Department may drop criminal charges against Gautam Adani regarding a $250 million bribery scheme, sources reported, as defendants remain outside the country.
- In November 2024, prosecutors filed a five-count indictment alleging Adani and associates promised $250 million in bribes to Indian officials for solar contracts; the Adani Group consistently denied all allegations.
- The Securities and Exchange Commission is moving toward a settlement in its parallel civil fraud case, which may include financial penalties, while Adani's legal team previously argued regulators lacked jurisdiction.
- Resolving these cases could permit the Adani Group to return to international capital markets and revive global expansion plans, according to people familiar with the matter.
- Last month, Attorney Robert J. Giuffra Jr., one of President Donald Trump's personal lawyers, met with Justice Department officials in Washington to argue prosecutors lacked sufficient evidence.
58 Articles
58 Articles
Modi signed US trade deal to secure Adani’s 'release' in bribery case: Rahul Gandhi
New Delhi: Congress leader Rahul Gandhi on Friday accused Prime Minister Narendra Modi of signing a trade deal with the US only to secure the “release” of billionaire businessman Gautam Adani. “Compromised PM did not strike a trade deal, but a bargain for Adani’s release,” Gandhi said in a post in Hindi on X, after reports that the US has agreed to settle the lawsuit that accused Adani of hiding alleged bribery. Compromised PM ने trade deal नही…
US Set to Drop Fraud Charges Against Gautam Adani After Legal Settlement
US authorities are moving to drop fraud charges against Indian billionaire Gautam Adani, following negotiations involving his legal team and a financial settlement. The charges, initially filed in 2024, alleged that Adani and his nephew Sagar Adani orchestrated a bribery scheme to secure solar energy contracts in India and misrepresented anti-bribery practices to US investors. Both criminal and civil cases were under review by US agencies.Accord…
Billionaire Gautam Adani and nephew agree to pay $18 million in SEC settlement over fraud allegations
Indian billionaire Gautam Adani and his nephew Sagar Adani have agreed to settle a U.S. Securities and Exchange Commission lawsuit over allegations they misled investors.
'Compromised PM Bargained for Adani's Release': Rahul Gandhi Slams Centre After Reports Indicate US Plans to Drop Charges Against Industrialist
Get latest articles and stories on India at LatestLY. Leader of Opposition in the Lok Sabha, Rahul Gandhi, on Friday took a sharp swipe at Prime Minister Narendra Modi, reiterating that he compromised over the interim trade deal framework after a New York Times report claimed that the US Justice Department is contemplating dropping charges against Industrialist and Adani Group Chairman Gautam Adani. India News | 'Compromised PM Bargained for Ada…
US prosecutors to drop bribery charges against Indian billionaire Gautam Adani: Report
The move to abandon the charges, brought under US president Joe Biden's administration, came after Adani hired new lawyers led by Robert Giuffra, one of President Donald Trump's personal lawyers, The New York Times reported Thursday (May 14).
US to drop fraud charges against Gautam Adani, reports ‘The New York Times’
The United States Department of Justice is planning to drop fraud charges against Adani Group chairperson Gautam Adani, The New York Times reported on Thursday.The US authorities had in November 2024 indicted Gautam Adani and his nephew Sagar Adani for allegedly orchestrating a $265 million fraud scheme to bribe officials in India for solar energy contracts, and then misrepresenting the company’s anti-bribery practices to investors in the US.The…
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