US authorities reportedly move toward resolving fraud case against Gautam Adani

WASHINGTON: US authorities are moving toward a possible resolution of fraud charges against Indian billionaire Gautam Adani after he brought in a new legal team led by US President Donald Trump’s personal lawyer, according to reports published by Bloomberg News and The New York Times on Thursday.

Gautam Adani and his nephew, Sagar Adani, were charged by the US Securities and Exchange Commission in November 2024 over allegations that they orchestrated a scheme involving the payment or promise of hundreds of millions of dollars in bribes to Indian government officials to benefit Adani Green Energy, where both hold executive and board positions.

The SEC case accused Gautam Adani of conspiring to pay $250 million in bribes to Indian officials and of misleading US and international investors through false statements. In the same month, he and two other executives of an Indian renewable energy company were indicted in New York and faced multiple fraud-related charges.

At the time, the US Department of Justice alleged that, beyond the alleged $250 million bribery scheme, Adani also conspired

to lie to investors and banks to raise billions of dollars, and to obstruct justice

In a filing before the federal court in Brooklyn, New York, lawyers for the Adanis said their clients contested the allegations and argued there was no credible evidence to support the claimed bribery scheme.

According to the reports, Robert J. Giuffra Jr., Trump’s personal lawyer, attended a previously undisclosed meeting at the Justice Department in April. During that meeting, he said Adani would invest $10 billion in the US economy and create 15,000 jobs if prosecutors dropped the charges against him.

The reports said Giuffra also presented about 100 slides setting out why, in his view, prosecutors lacked sufficient evidence and jurisdiction in the matter.

Gautam Adani is also reportedly discussing a possible settlement of between $15 million and $20 million in a civil fraud case, according to reports citing a person familiar with the matter who spoke on condition of anonymity because the talks were confidential. The person said Adani would personally pay part of that amount.

Separately, the Adani conglomerate is said to be close to an agreement to pay around $275 million to settle another investigation by the Office of Foreign Assets Control, according to another person familiar with the matter.

Prosecutors reportedly said the proposed investment would not affect the outcome of the case, although the offer was said to have received a favourable response from one senior Justice Department official.

Profile of the businessman

Gautam Adani, 63, is the founder and chairman of the Adani Group and also serves as chairman of Adani Green. His conglomerate has operations including ports, coal-fired power plants and coal mines across India.

According to the Bloomberg Billionaires Index, he is Asia’s richest man, with an estimated net worth of $104 billion.