NEW YORK — The U.S. Department of Justice has dropped all criminal charges against Indian billionaire Gautam Adani and his nephew, Sagar Adani, in an alleged securities and wire fraud case, according to a filing in the Eastern District of New York.
The Justice Department asked the court to dismiss the indictment, saying it had decided not to continue pursuing the charges.
“The Department of Justice has reviewed this case and has decided, in its prosecutorial discretion, not to devote further resources to these criminal charges against individual defendants,” the department said.
The court subsequently ordered that the indictment against Adani and others “be dismissed with prejudice,” meaning the charges cannot be refiled.
Attorneys for Gautam Adani and Sagar Adani had argued that there was no credible evidence supporting the alleged bribery scheme. They also said the U.S. Securities and Exchange Commission lacked jurisdiction over the two men and that the alleged misstatements at the center of the case were not actionable.
Adani Group has denied the allegations, saying none of its entities or executives was charged under the U.S. Foreign Corrupt Practices Act. The company also said Adani Green Energy, the renewable energy arm that raised the funds at issue, was not a party to the proceedings.
The dismissal marks the closure of several U.S. regulatory and legal investigations involving Adani Group.
The SEC last week settled civil allegations against Adani.
Separately, the U.S. Treasury Department’s Office of Foreign Assets Control said Monday that it reached a $275 million settlement with Adani Enterprises Ltd. over apparent violations of sanctions on Iran connected to the company’s purchase of liquefied petroleum gas.
According to OFAC, Adani Enterprises agreed to pay $275 million to settle potential civil liability for apparent violations of U.S. sanctions on Iran.
“From November 2023 to June 2025, AEL purchased shipments of liquified petroleum gas (LPG) from a Dubai-based trader purporting to supply Omani and Iraqi gas. Red flags should have put AEL on notice that the LPG actually originated from Iran. During this time period, AEL caused US financial institutions to process 32 US dollar-denominated payments totalling approximately $192,104,044 for the shipments,” OFAC said. (Source: IANS)
