U.S. Set to Drop Charges Against Indian Billionaire Accused of Fraud

The U.S. Justice Department plans to dismiss criminal charges against Indian billionaire Gautam Adani, India’s richest man, according to people familiar with the case. The decision follows a meeting in Washington last month where Adani’s legal team, led by Robert J. Giuffra Jr.—a prominent lawyer and former Trump associate—presented arguments questioning the case’s evidence and jurisdiction. During the meeting, Giuffra also proposed a $10 billion investment in the U.S. economy and the creation of 15,000 jobs, though prosecutors later clarified this offer would not influence the criminal case’s resolution. The charges were initially filed late in the Biden administration, accusing Adani of an ‘elaborate’ bribery scheme targeting U.S. investors. However, sources say the Trump administration’s Justice Department is now withdrawing the case as part of a broader shift away from prosecuting foreign corruption. Adani’s legal team also sought to resolve parallel civil cases: the SEC, which is expected to announce a settlement as soon as Thursday, may impose an $18 million penalty, while the Treasury Department is preparing a separate $275 million fine for alleged sanctions violations involving Iranian gas shipments. The Justice Department’s reversal reflects a pattern under Trump’s presidency, where political allies have faced reduced scrutiny, raising concerns about selective enforcement. While Adani’s criminal charges may be dropped, he will still face financial penalties from the SEC and Treasury. The proposed deals, including the $10 billion investment pledge, underscore a transactional approach to justice, where economic contributions appear to factor into legal resolutions. Adani’s legal team also addressed a Treasury investigation into his companies for allegedly violating U.S. sanctions by shipping Iranian gas. The Treasury is expected to finalize a penalty, potentially around $275 million, though details remain under discussion. The SEC’s settlement, involving Adani and a co-defendant, could be announced soon, with the total penalty reaching approximately $18 million. The case highlights tensions between U.S. enforcement efforts and political considerations, particularly as the Trump administration prioritizes business interests over traditional prosecutorial norms. While the criminal charges may be dismissed, Adani’s financial obligations to U.S. regulators remain unresolved, marking a partial resolution to the legal disputes surrounding his empire.