US Government Drops Charges Against Adani Amid $10 Billion Investment Pledge

Trump Administration Dismisses Fraud Charges Against Indian Billionaire Gautam Adani

The Trump administration has taken steps to dismiss criminal fraud charges against Indian billionaire Gautam Adani, while also settling alleged Iran sanctions violations involving one of his companies. This move marks the latest example of the Trump Justice Department abandoning a high-profile case brought under the administration of his Democratic predecessor, Joe Biden.

The resolution of outstanding cases against Adani comes after his attorney, who is also a personal attorney of US President Donald Trump, stated last month that 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. Adani 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 US 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.

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The Adani Group has consistently denied wrongdoing. Adani is the company's founder and chairman. The US Treasury Department announced on Monday that Adani Enterprises, part of Adani Group, had agreed to pay $275 million to resolve alleged sanctions violations. In this case, 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 US 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.