US Justice Department Drops Fraud Charges Against Indian Billionaire Gautam Adani

U.S. prosecutors in New York filed a request to dismiss criminal fraud, conspiracy and bribery charges against Indian billionaire Gautam Adani, his nephew Sagar Adani and other co‑defendants. The filing states that the Department of Justice has “reviewed this case and has decided, in its prosecutorial discretion, not to devote further resources to these criminal charges,” and seeks dismissal with prejudice pending approval by Judge Nicholas Garaufis.

At the same time, the Treasury Department’s Office of Foreign Assets Control announced a $275 million civil settlement by Adani Enterprises for alleged violations of U.S. sanctions on Iran involving LPG shipments. The U.S. Securities and Exchange Commission also reached a civil settlement, requiring Gautam and Sagar Adani to pay a combined $18 million penalty without admitting wrongdoing.

The legal relief follows a pledge by Adani’s new legal team, led by Trump‑affiliated attorney Robert Giuffra, to invest $10 billion in the United States and create about 15,000 jobs if the charges are dropped. After the announcements, shares of Adani Group companies rose 3‑5% in early trade.

The case, initially brought under the Biden administration, has been resolved largely under the Trump administration, removing a major regulatory overhang for one of India’s largest conglomerates.