Trump administration drops cases against Adani after reported $10bn US investment plan

WASHINGTON: The administration of US President Donald Trump has moved to end criminal fraud proceedings against Indian billionaire Gautam Adani and has also resolved a separate matter involving alleged Iran sanctions breaches linked to one of his companies, according to court records.

The development marks the closure of outstanding US cases involving one of the world’s wealthiest businessmen. Adani’s lawyer — who also serves as a personal attorney to Trump — said last month that his client wanted to invest $10 billion in the United States but was unable to proceed while the legal cases remained active.

The move is the latest instance of Trump’s Justice Department stepping back from a prominent case that had been initiated during the administration of his Democratic predecessor, Joe Biden.

Criminal and civil matters

Court records showed that the Trump administration sought dismissal of criminal fraud charges against Adani on Monday. In a separate development, the US Securities and Exchange Commission had last week reached a settlement in a civil case against him tied to an alleged bribery scheme involving Indian government officials. That settlement, however, still requires court approval.

Adani had faced allegations that he agreed to pay $265 million in bribes to Indian government officials in order to secure approval for what was described as India’s largest solar power project. Prosecutors had also alleged that he and others involved raised more than $3 billion from lenders and investors while concealing the alleged corruption.

The Adani Group has repeatedly denied any wrongdoing. Adani is the founder and chairman of the conglomerate.

Profile and political links

Adani as a close ally of Indian Prime Minister Narendra Modi. It also cited Forbes magazine as estimating his wealth at $82 billion.

The ending of the criminal case and the settlement of the sanctions-related matter come amid broader scrutiny of legal actions launched under the previous US administration. The timing of the resolution is linked to Adani’s stated interest, conveyed through his attorney, in making a major investment in the United States.

Separately, the SEC’s civil lawsuit concerned allegations of a scheme to bribe Indian officials. While that matter has been settled, the arrangement is not yet final and remains subject to approval by the court.

The court filings together indicate that both the criminal and civil tracks of the US proceedings against Adani have now moved toward resolution, even as the Adani Group continues to reject the allegations that had formed the basis of the cases.