The Trump administration moved to dismiss criminal fraud charges against Indian billionaire Gautam Adani on Monday, while simultaneously settling alleged Iran sanctions violations involving one of his companies. According to court records reported by Reuters, the resolution came after Adani's attorney, who is also a personal attorney of US President Donald Trump, indicated last month that his client wanted to invest $10 billion in the United States but could not proceed while the cases were ongoing. Adani has an estimated worth of $82 billion according to Forbes magazine, making him one of the world's richest people. As reported by Reuters, this represents the latest example of Trump's Justice Department abandoning a high-profile case brought under his Democratic predecessor, Joe Biden.
Adani had been accused of agreeing to pay $265 million in bribes to Indian government officials so a subsidiary of Adani Group, Adani Green Energy, could win approval to develop India's largest solar power plant. According to Reuters, prosecutors alleged he and his alleged co-conspirators raised more than $3 billion by hiding their corruption from lenders and investors. The Adani Group has consistently denied wrongdoing, with Adani serving as the company's founder and chairman. Additionally, Adani was accused of misleading US investors by providing reassuring information about the company's anti-corruption practices, according to a source familiar with the matter.
Earlier on Monday, the US Treasury Department announced that Adani Enterprises, part of Adani Group, had agreed to pay $275 million to resolve alleged sanctions violations. According to Reuters, the violations involved buying shipments of liquefied petroleum gas from a Dubai-based trader that purported to supply Omani and Iraqi gas but actually originated from Iran. Adani Enterprises has also ceased imports of LPG into India and created a head of compliance role to ensure it follows Treasury Department guidance.
The US Securities and Exchange Commission separately settled a civil lawsuit against Adani over an alleged scheme to bribe Indian government officials, as reported by Reuters and court records. The move is subject to court approval, according to court records. This represents the latest example of Trump's Justice Department abandoning high-profile cases brought under his Democratic predecessor, Joe Biden. Adani, who is a close ally of Indian Prime Minister Narendra Modi, had been facing the criminal charges in addition to the civil lawsuit.
