The U.S. Justice Department plans to drop criminal fraud charges against Gautam Adani after his lawyers offered a $10 billion investment in exchange for closing the case.
The U.S. Justice Department is set to drop criminal fraud charges against Gautam Adani, India's richest man, following an unusual private meeting in Washington where his lawyers proposed an unprecedented investment offer of $10 billion into the American economy if prosecutors dropped the case, according to a report by the New York Times.
According to the newspaper, Robert Giuffra, one of President Donald Trump’s personal lawyers and co-chairman of Sullivan & Cromwell, led Adani's legal team during this meeting. Giuffra reportedly Adani would invest $10 billion in the US economy and create 15,000 jobs if prosecutors closed the case.
The New York Times Giuffra presented a presentation with 100 slides explaining why prosecutors lacked evidence and jurisdiction over the charges against Adani. Prosecutors indicated that while the investment offer would not sway their decision, it received a favorable response from one senior justice department official.
Adani was indicted in November 2024 for conspiring to pay $250 million in bribes to Indian government officials and misleading American and international investors with false statements. He and two other executives of an Indian renewable energy company were charged with multiple counts of fraud.
Lisa Miller, the deputy assistant attorney general at the time, had previously Adani also schemed "to lie to investors and banks to raise billions of dollars, and to obstruct justice." These offenses were allegedly committed by senior executives and directors to obtain and finance massive state energy supply contracts through corruption and fraud at the expense of US investors.
Gautam Adani is considered one of the wealthiest and most powerful men in the world as the founder of the Adani Group. This conglomerate operates India's ports, builds coal-fired power stations, and opens coal mines across the country. According to the Billionaires Index, he is estimated to be worth $104 billion.
The move reflects a significant shift in the legal landscape surrounding Adani, who has been embroiled in controversy over allegations of crony capitalism and favoritism from India's nationalist prime minister, Narendra Modi. Journalists attempting to investigate the company have faced harassment and charges, according to reports.
This development underscores the complex web of political and economic interests involved in the case, as well as the potential influence of powerful legal figures like Giuffra in shaping outcomes.
