The US Department of Justice has decided to permanently dismiss all criminal charges against Gautam Adani and his nephew, Sagar Adani, related to an alleged securities and wire fraud case. The Justice Department cited a lack of credible evidence and jurisdictional issues as reasons for dropping the charges. The court has ordered the indictment against the Adanis to be dismissed with prejudice.
The legal counsel for Gautam Adani and Sagar Adani emphasized in court that there was no substantial evidence supporting the alleged bribery scheme. They also highlighted that the SEC did not have jurisdiction over the individuals and that the basis of the case was not legally actionable. The Adani Group has consistently denied all accusations and clarified that none of its entities or executives have faced charges under the US Foreign Corrupt Practices Act.
Following the dismissal of charges, various US regulatory and legal investigations involving the Adani Group have been concluded. Additionally, the US Securities and Exchange Commission recently settled civil claims against Adani. Moreover, the US Treasury Department’s Office of Foreign Assets Control reached a $275 million settlement with Adani Enterprises Limited for apparent violations of sanctions on Iran in connection with the purchase of LPG.
