US set to drop criminal fraud case against Gautam Adani, sources say, as deal reached in civil case
The US Justice Department is close to dropping criminal fraud charges against Gautam Adani after he resolved a related civil lawsuit with the SEC.Summary
The U.S. Justice Department is reportedly close to dropping criminal fraud charges against Indian billionaire Gautam Adani, according to two sources. This potential dismissal comes after Adani resolved a related civil fraud lawsuit brought by the Securities and Exchange Commission (SEC) over an alleged scheme to bribe Indian government officials. The settlement, subject to court approval, requires Adani and his nephew Sagar to pay a combined $18 million civil penalty without admitting wrongdoing. Adani's lawyer, Robert Giuffra, argued in a presentation to the Justice Department that the criminal case was weak due to jurisdictional issues and a lack of evidence, noting that Adani's promised $10 billion investment in the U.S. economy would be jeopardized by the ongoing legal proceedings. The Adani Group has consistently denied all allegations of wrongdoing. While the resolution of the U.S. case removes a significant legal overhang, the company still faces scrutiny from Indian regulators, including at least nine unresolved allegations of securities regulation violations.
(Source：The Economic Times)