Trump administration drops cases against Gautam Adani after U.S. investment plan

The Trump administration has moved to dismiss criminal fraud charges against Gautam Adani while settling sanctions-related allegations involving one of his companies.

The Trump administration on Monday moved to dismiss criminal fraud charges against Indian billionaire Gautam Adani and also resolved alleged Iran sanctions violations involving one of his companies.

The settlement of the pending cases against one of the world’s richest businessmen came after Adani’s lawyer who also serves as personal attorney to U.S. President Donald Trump said last month that his client planned to invest $10 billion in the United States but was unable to proceed while the legal cases remained active, according to a source familiar with the matter.

The move is the latest example of Trump’s Justice Department stepping away from a major case initiated during the administration of former Democratic president Joe Biden.

According to Forbes magazine, Adani’s net worth is estimated at $82 billion.

Adani had been accused of participating in a scheme to pay $265 million in bribes to Indian government officials so that Adani Green Energy, a subsidiary of Adani Group, could secure approval for India’s largest solar power project.

U.S. prosecutors also alleged that the company misled American investors by presenting reassuring information regarding its anti-corruption policies. Prosecutors claimed Adani and his alleged associates raised more than $3 billion from lenders and investors while concealing corruption allegations.

The Adani Group has consistently denied any wrongdoing. Adani is the founder and chairman of the conglomerate.

Earlier on Monday, the U.S. Treasury Department announced that Adani Enterprises, another company within Adani Group, had agreed to pay $275 million to settle alleged sanctions violations.

According to U.S. authorities, Adani Enterprises had purchased shipments of liquefied petroleum gas from a Dubai-based trader that claimed the gas originated from Oman and Iraq, while it had actually come from Iran.

The company has since halted LPG imports into India and created a chief compliance position aimed at ensuring adherence to Treasury Department regulations.

Separately, the U.S. Securities and Exchange Commission recently settled a civil lawsuit against Adani over allegations linked to bribery of Indian government officials, according to court records released last week. However, that settlement still requires court approval.