A US federal court has permanently dismissed the criminal charges against Adani Group Chairman Gautam Adani and his nephew Sagar Adani, bringing an end to nearly two years of proceedings linked to an alleged fraud and bribery case.
The US District Court for the Eastern District of New York granted the Justice Department’s request under Rule 48(a) to dismiss the indictment against Gautam Adani, Sagar Adani and former Adani Green Energy CEO Vneet Jaain.
The charges included securities-fraud conspiracy, wire-fraud conspiracy and securities fraud. The dismissal was granted with prejudice, meaning the same criminal charges cannot simply be filed again.
The case originated in November 2024, when US prosecutors alleged that Adani and others were involved in a conspiracy involving approximately $250 million in alleged bribes to Indian government officials to secure solar power contracts. Prosecutors also alleged that investors were misled while the group raised more than $3 billion through US loans and bond markets.
The Adani Group consistently denied the allegations, calling them baseless and maintaining that it had complied with applicable laws and regulations.
The Justice Department later argued that continuing the prosecution was no longer in the interests of justice, citing jurisdictional and evidentiary challenges, the predominantly Indian nature of the alleged conduct, investigations by Indian authorities and broader public-interest considerations.
Before approving the dismissal, Judge Nicholas Garaufis sought further explanations from prosecutors and required sworn declarations from the defendants confirming that no promise, offer, quid pro quo or undisclosed agreement was connected to the government’s decision.
Gautam Adani categorically denied any such arrangement in his sworn declaration. After reviewing the government’s submissions and the declarations, the court approved the dismissal.
Importantly, the dismissal does not amount to a judicial finding that the underlying allegations were false or disproven. The criminal case ended before trial, meaning witnesses were not examined, evidence was not tested in court and no judicial findings were made on the underlying criminal allegations.
The court found that the Justice Department had established a sufficient legal basis for dismissal, including concerns over statements relating to Adani Green’s anti-bribery policies and corporate compliance that could potentially constitute broad statements investors could not reasonably rely upon.
The case’s conclusion marks a significant development for the Adani Group, which has faced heightened scrutiny in global markets in recent years.
Gautam Adani welcomed the court’s decision, saying the group remained committed to the rule of law and would continue focusing on building businesses and creating value.
