Relief to Adani: US court permanently dismisses criminal case against him

A US federal judge has permanently dismissed criminal charges against Adani Group chairman Gautam Adani and his nephew Sagar, ending a two-year legal battle. US District Judge Nicholas Garaufis approved the Justice Department's request, dismissing counts of securities-fraud conspiracy, wire-fraud conspiracy, and securities fraud.

The dismissals, with prejudice, cannot be refiled. The judge reserved judgment on two other counts, involving alleged foreign corrupt practices and obstruction of justice. Adani welcomed the decision, expressing humility and respect for the judicial process. The indictment alleged three schemes between 2020 and 2024, including bribes to Indian officials, misleading investors, and destroying evidence.

The Justice Department cited jurisdictional and evidentiary challenges, the Indian nature of the conduct, and a lack of investor losses as reasons for dropping the charges. Adani's new legal team, led by Robert J Giuffra Jr, raised concerns about the case and met with Justice Department officials. The judge initially resisted but ultimately dismissed the charges.

Adani announced a USD 10 billion investment in the US and 15,000 jobs, which was reportedly discussed with the Justice Department.