US likely to drop cases against Adani as SEC settles civil lawsuit against Indian billionaire: Reports

The US Justice Department is reportedly close to dropping criminal fraud charges against Indian billionaire Gautam Adani after the SEC agreed to settle a parallel civil lawsuit. The move follows arguments by Adani's legal team, led by Robert Giuffra, that the case lacked sufficient evidence and proper jurisdiction. Prosecutors noted that the case was preventing Adani from moving ahead with a proposed $10 billion investment in the US. Adani and his nephew are expected to jointly pay about $15 million to resolve the matter without admitting wrongdoing. Additionally, the Adani Group may pay nearly $275 million to the US Treasury Department's Office of Foreign Assets Control to resolve a separate investigation related to shipments involving Iranian gas. The criminal case dates back to November 2024, when federal prosecutors accused Adani of orchestrating a bribery scheme involving about $265 million in payments to Indian officials. If the charges are dropped, it would mark a significant reversal of a major corporate prosecution initiated during the Biden administration.

(Source：Firstpost)