Gautam Adani Denies Link Between $10B US Investment and Dropped Criminal Charges

Adani Group Chairman Gautam Adani has denied any connection between the US Department of Justice’s decision to seek dismissal of criminal charges against him and the group’s proposed investment plans in the United States. In a sworn affidavit filed before a US court, Adani said he was unaware of any promise, agreement, exchange, or arrangement involving anything of value that influenced the government’s decision to drop the case.

The affidavit was submitted in response to an order by the US District Court for the Eastern District of New York, which asked Adani to clarify whether he knew of any deal or understanding linked to the dismissal of the indictment. Adani stated that he was not aware of anything being “promised, offered, sought, received, agreed to, or accepted” in relation to the Justice Department’s move.

The US Justice Department had earlier moved to dismiss charges filed in 2024 during the Biden administration against Adani and seven others. The indictment had accused them of allegedly participating in a scheme involving around USD 250 million in bribes to Indian officials to secure power supply contracts and misleading investors while raising funds in US markets. Adani has denied all allegations.

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Addressing speculation around the Adani Group’s planned USD 10 billion investment in the United States, the businessman said the investment announcement was made on November 13, 2024, before the indictment was unsealed. According to the affidavit, Adani’s legal representatives from Sullivan & Cromwell LLP held discussions with officials from the US Department of Justice and the Securities and Exchange Commission, providing documents, expert reports, and other materials related to the case.

Adani said the investment proposal was not considered as part of the Justice Department’s decision-making process. The affidavit stated that US authorities later informed his legal team that the proposed investment would not be taken into account while deciding whether to seek dismissal of the case. The Justice Department has also rejected claims that investment commitments influenced its decision.

The legal developments followed concerns raised by US District Judge Nicholas Garaufis, who sought clarification before deciding on the Justice Department’s request to dismiss the indictment with prejudice, which would permanently close the proceedings. Prosecutors argued that the case faced significant legal and evidentiary challenges, including the fact that most alleged conduct occurred in India, no investor losses were identified, and key evidence and witnesses were outside US jurisdiction. The indictment had triggered a major decline in Adani Group stocks in 2024, reducing the company’s market value by nearly Rs 2.85 lakh crore over four trading sessions.

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