Adani wins relief as US case unravels
The decision marks a sharp turn in a case that had weighed on the Adani Group’s global ambitions since November 2024, when prosecutors in Brooklyn accused Adani, his nephew Sagar Adani and other executives of concealing alleged payments to officials in India to secure power supply contracts. The case had centred on claims that investors in US-linked bond offerings were misled about anti-bribery controls at Adani Green Energy.
Prosecutors have asked a federal judge in New York to dismiss the criminal charges, citing enforcement discretion and resource allocation. The dismissal still requires judicial approval, but the move effectively signals that the Justice Department no longer intends to pursue the securities fraud, wire fraud and conspiracy counts against Adani and the other defendants covered by the request.
Adani Group has consistently denied wrongdoing, describing the allegations as baseless. The conglomerate said the development vindicated its position that it had acted in compliance with applicable laws and governance standards. The group’s listed companies gained in Mumbai trading as investors assessed the legal relief and its implications for overseas borrowing, infrastructure partnerships and expansion plans.
The original indictment alleged that more than $250 million in bribes had been promised to officials in India to obtain solar energy contracts projected to generate substantial profits over two decades. Prosecutors had also alleged that Adani Green Energy raised capital from international investors while withholding information about the alleged scheme. Defence lawyers challenged the case on both evidentiary and jurisdictional grounds, arguing that the alleged conduct had insufficient connection to US markets and that key elements of the government’s theory were unsupported.
The Justice Department’s move follows a separate civil settlement with the US Securities and Exchange Commission involving Gautam Adani and Sagar Adani. The settlement was reached without admission or denial of wrongdoing and included monetary penalties and undertakings. A separate sanctions-related matter involving Adani Enterprises was also resolved through a civil settlement with the US Treasury Department over alleged purchases of fuel linked to Iran-origin supply chains.
The legal shift comes as Adani Group seeks to restore full access to global capital markets after a turbulent period that included short-seller allegations in 2023, regulatory scrutiny and questions from lenders and partners. The group has maintained that its balance sheet remains resilient, pointing to continued operations across ports, airports, electricity transmission, renewable energy, cement, logistics and data centres.
The criminal case had created reputational and commercial strain beyond the courtroom. Some international partners reviewed contracts, and projects outside India faced heightened scrutiny after the indictment. Kenya cancelled major deals linked to Adani entities, while other governments and financiers reassessed exposure to the group. The dropping of criminal charges could ease some of that pressure, although investors are likely to continue watching governance disclosures, leverage levels and regulatory filings.
Adani’s legal relief also intersects with broader US enforcement policy under President Donald Trump’s administration, which has shown a more selective approach toward certain foreign corruption and corporate cases inherited from the previous administration. The decision has prompted debate among legal specialists over whether the move reflects a reassessment of weak evidence, a shift in enforcement priorities, or the diplomatic and commercial weight of large cross-border investment plans.
For Adani, the immediate benefit is clear. The collapse of the criminal case removes the most serious legal threat facing the billionaire outside India and reduces the risk of travel restrictions, arrest proceedings or prolonged litigation in a US federal court. It may also strengthen the group’s ability to refinance debt and pursue infrastructure partnerships involving American investors and technology providers.
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