📈 US Drops Fraud Charges Against Billionaire Adani Following $ 10 Bn Investment Pledge

• Legal Dismissal: The US Department of Justice (DOJ) has moved to dismiss criminal fraud charges against Indian billionaire Gautam Adani. The case involved allegations of bribing Indian officials with US$ 265 Mn to secure a massive solar energy project and misleading US investors to raise over US$ 3 Bn. • The Deal: The DOJ dropped the case under prosecutorial discretion after Adani pledged a US$ 10 Bn investment in the US, which is expected to create 15,000 jobs. Adani had stated he could not proceed with the investment while the legal cases were active. • Regulatory Settlements: • The US Treasury announced a US$ 275 Mn settlement with Adani over alleged Iran sanctions violations involving liquefied petroleum gas (LPG) imports. Consequently, Adani Enterprises has ceased these imports into India. • The US SEC settled a civil suit over the bribery allegations last week. Pending court approval, Gautam Adani and Sagar Adani will pay civil penalties of US$ 6 Mn and US$ 12 Mn, respectively. • Context: The dismissal follows changes to Adani’s legal team, which now includes Robert J. Giuffra Jr., a personal attorney to US President Donald Trump. Adani has consistently denied all allegations.