The US Department of Justice is considering dropping fraud charges against Gautam Adani, chairman of the Adani Group, the New York Times reported on Thursday, citing people familiar with the matter.
U.S. authorities had indicted Adani and his nephew, Sagar Adani, in November 2024 over allegations that they orchestrated a $265 million bribery scheme linked to solar energy contracts in India and misled U.S. investors about the conglomerate’s anti-bribery practices.
Prosecutors had alleged that details of the purported bribes were concealed in order to secure financing from investors.
The Adani Group has denied the allegations. In a stock exchange filing issued after the indictment, the conglomerate said the charges in the United States related to securities fraud and not bribery.
According to the New York Times, the move to reconsider the charges followed the hiring of a legal team led by Robert J. Giuffra Jr., one of U.S. President Donald Trump’s personal lawyers.
The report said Giuffra met Justice Department officials in Washington in April and presented around 100 slides arguing that prosecutors lacked sufficient evidence and jurisdiction. Citing unnamed sources, the newspaper said one presentation slide also stated that Adani would invest $10 billion in the United States and help create 15,000 jobs if charges were dropped.
Days after Trump’s election victory in November 2024, Adani had publicly congratulated the Republican leader and announced plans for a $10 billion investment in the U.S. economy that could generate up to 15,000 jobs.
The New York Times reported that even if criminal charges are withdrawn, Adani could still face financial penalties.
Separately, the U.S. Securities and Exchange Commission has been pursuing a parallel civil case against Adani. The Financial Times reported on Thursday that the SEC had reached a settlement with Gautam Adani in the matter.
Under the settlement, Bloomberg reported that Gautam Adani agreed to pay $6 million, while Sagar Adani agreed to pay $12 million.
The New York Times also reported that the U.S. Department of the Treasury is investigating the Adani Group over alleged shipments of Iranian gas in violation of U.S. sanctions. The department could impose a separate penalty of about $275 million, according to the report.
Neither Gautam Adani nor the Adani Group immediately responded to requests for comment.
In April, Adani had reportedly asked a U.S. court to dismiss the SEC fraud case, arguing that it represented an improper extraterritorial application of American law.