Topline
The Justice Department is poised to drop criminal charges against Gautam Adani for a promise he will make a heavy investment in U.S. jobs, multiple outlets reported Thursday, potentially ending the yearslong fraud case against the second-richest person in India (and No. 24 on the Forbes Real-Time Billionaires List).
Indian billionaire Gautam Adani attends the 51st Gem and Jewellery Awards in Jaipur, Rajasthan, India, on November 30, 2024.
NurPhoto via Getty Images
Key Facts
DOJ is “moving forward” with plans to drop its indictment against Adani and could formally dismiss the charges as soon as this week, Bloomberg first reported based on anonymous sources, and the Securities and Exchange Commission may similarly settle a separate civil case against the Indian billionaire.
Adani, who chairs the India-based Adani Group, was indicted in November 2024 on allegations of participating in a $250 million bribery scheme, in which he and other executives allegedly bribed Indian government officials in order to get solar energy supply contracts, and then obtained funding for those contracts after concealing the bribery scheme to U.S. and international investors.
Adani and his co-executives denied the allegations, and moved to dismiss the SEC’s case, which similarly alleges Adani bribed Indian government officials in exchange for solar contracts.
The New York Times reports the DOJ’s decision to drop the charges came after Adani hired Robert J. Giuffra, who’s been one of President Donald Trump’s personal attorneys, and after an April meeting in which Adani’s lawyers offered to invest $10 billion in the U.S. economy and create 15,000 jobs if the charges were dropped.
Adani’s offer “received a favorable response” from DOJ officials at the meeting, according to The Times, though prosecutors said the offer would allegedly “play no role in the resolution of the case.”
DOJ has not yet responded to a request for comment.
Forbes Valuation
Forbes values Adani’s net worth at $82 billion as of Thursday afternoon. The billionaire potentially stands to amass more wealth should the Adani Group get a boost from his legal issues going away, and Adani’s net worth is already up $3.5 billion from Wednesday.
This story is breaking and will be updated.