Topline
The Justice Department is poised to drop criminal charges against Gautam Adani for a promise he will make a heavy investment in U.S. jobs, multiple outlets reported Thursday, potentially ending the yearslong fraud case against the second-richest person in India (and No. 24 on the Forbes Real-Time Billionaires List).
Indian billionaire Gautam Adani attends the 51st Gem and Jewellery Awards in Jaipur, Rajasthan, India, on November 30, 2024.
NurPhoto via Getty Images
Key Facts
DOJ is “moving forward” with plans to drop its indictment against Adani and could formally dismiss the charges as soon as this week, Bloomberg first reported based on anonymous sources, and the Securities and Exchange Commission may similarly settle a separate civil case against the Indian billionaire.
Adani, who chairs the India-based Adani Group, was indicted in November 2024 on allegations of participating in a $250 million bribery scheme, in which he and other executives allegedly bribed Indian government officials in order to get solar energy supply contracts, and then obtained funding for those contracts after concealing the bribery scheme to U.S. and international investors.
Adani and his co-executives denied the allegations, and moved to dismiss the SEC’s case, which similarly alleges Adani bribed Indian government officials in exchange for solar contracts.
The New York Times reports the DOJ’s decision to drop the charges came after Adani hired Robert J. Giuffra, who’s been one of President Donald Trump’s personal attorneys, and after an April meeting in which Adani’s lawyers offered to invest $10 billion in the U.S. economy and create 15,000 jobs if the charges were dropped.
Adani’s offer “received a favorable response” from DOJ officials at the meeting, according to The Times, though prosecutors said the offer would allegedly “play no role in the resolution of the case.”
DOJ has not yet responded to a request for comment.
Crucial Quote
The billionaire, the second-richest person in Asia after fellow Indian billionaire Mukesh Ambani, has repeatedly publicly praised Trump since the president’s reelection, writing in November, “If there is one person on Earth who stands as the embodiment of unbreakable tenacity, unshakeable grit, relentless determination and the courage to stay true to his beliefs, it is Donald Trump.”
Forbes Valuation
Forbes values Adani’s net worth at $82 billion as of Thursday afternoon. The billionaire potentially stands to amass more wealth should the Adani Group get a boost from his legal issues going away, and Adani’s net worth is already up $3.5 billion from Wednesday amid an unrelated business deal.
What To Watch For
It’s unclear when exactly the charges against Adani could be dropped or the SEC case could reach a settlement. Bloomberg notes any settlement with the SEC will likely involve Adani having to pay a monetary penalty, but the criminal charges being dropped would mean he would escape all penalties in that case.
Key Background
The news of Adani’s charges potentially being imminently dropped comes after Bloomberg reported earlier in May that the Indian billionaire has spent months campaigning to have his indictment thrown out. Reuters reports the ongoing legal battle has wiped $13 billion in market share from the Adani Group and its firms. Adani has employed lobbyists and lawyers in the U.S. to push for his interests in having the charges dropped, solicited advice from Indian government officials on how to deal with Trump and reportedly engaged in a series of meetings this year with the Trump administration.
Further Reading
