US drops fraud charges against Adani amid proposed $10 billion investment plan
The move is being seen as the latest example of the Trump administration stepping away from high-profile prosecutions initiated during former President Joe Biden's administration.
The Trump administration on Monday moved to dismiss criminal fraud charges against Indian billionaire Gautam Adani while also settling alleged Iran sanctions violations linked to one of his companies, marking a major legal reprieve for the Adani Group in the United States.
According to court records, the US Justice Department sought to drop criminal allegations accusing Adani and his associates of involvement in a bribery scheme tied to India’s largest solar power project.
The development came weeks after Adani’s attorney — who also serves as US President Donald Trump’s personal lawyer — reportedly told officials that the Indian tycoon planned to invest $10 billion in the United States but could not proceed while the legal cases remained unresolved.
The move is being seen as the latest example of the Trump administration stepping away from high-profile prosecutions initiated during former President Joe Biden’s administration.
Adani, founder and chairman of the Adani Group and considered one of the world’s richest businessmen, had been accused by prosecutors of participating in a $265 million bribery scheme involving Indian government officials to secure approvals for a massive solar power project.
US prosecutors had alleged that Adani and his co-accused raised more than $3 billion from lenders and investors while concealing details related to the alleged corruption.
The Adani Group has consistently denied the allegations of any wrongdoing.
In a parallel development, the US Treasury Department said Adani Enterprises agreed to pay $275 million to settle allegations related to violations of sanctions involving Iranian-origin liquefied petroleum gas.
According to US authorities, Adani Enterprises allegedly purchased LPG shipments through a Dubai-based trader claiming to supply fuel from Oman and Iraq, while the cargoes had actually originated from Iran.
The US Securities and Exchange Commission separately settled a civil lawsuit against Adani linked to alleged bribery of Indian officials, though that settlement still requires court approval.
The Treasury Department’s Office of Foreign Asset Control said Adani Enterprises Limited between November 2023 and June 2025 purchased $191 million worth of shipments of liquefied petroleum gas from a Dubai-based trader and overlooked red flags that the energy actually originated from Iran.
Treasury officials had alleged that Adani’s company failed to conduct appropriate due diligence on vessels and “acted recklessly” in ignoring warnings that the liquefied petroleum gas it was importing may have been from Iran as well as the “economic, commercial, and logistical implausibility of the cargos’ origin and pricing.”
Adani, widely regarded as a close ally of Prime Minister Narendra Modi, has an estimated net worth of $82 billion, according to Forbes.
The latest developments are expected to provide significant relief to the Adani Group, which has faced intense scrutiny from international regulators and investors over the past two years.