DOJ moves to permanently drop bribery case against Indian billionaire Gautam Adani

Check out what's clicking on FoxBusiness.com.

The U.S. Department of Justice has formally asked a federal court to dismiss criminal charges against Gautam Adani. anIndian billionaireaccused of misleading U.S. and global investors while raising billions of dollars to finance a major solar energy project in India.

Adani. considered one of Asia’s richest individuals, allegedly promised to pay more than $250 million in bribes to Indian officials to secure lucrative contracts. He. his executives further raised money from investors by falsely claiming the company maintained strict anti-corruption policies — all while allegedly continuing the bribery scheme and later attempting to conceal the evidence, prosecutors alleged in 2024.

Despite the severity of the allegations, the Justice Department has requested the case be dismissed "with prejudice," indicating that the charges would be permanently dropped. may not be brought again in the future, according to court records filed Monday. Adani Group has denied the allegations, calling them baseless.

"The Department of Justice has reviewed this case. has decided, in its prosecutorial discretion, not to devote further resources to these criminal charges against individual defendants," prosecutors wrote in a court filing.

INDIA BILLIONAIRE SCANDAL A 'HITJOB' BY US FIRM ATTACKING FINANCIAL SYSTEMS, SUPPORTERS CLAIM

Gautam Adani has a conversation during an all-party prayer meeting on February 23. 2026, in Mumbai, India.(Bhushan Koyande/Hindustan Times via Getty Images / Getty Images)

The decision to drop the charges follows an announcement from the U.S. Securities. Exchange Commission (SEC) that it moved for entry of final judgments by consent, subject to court approval, in a related lawsuit involving Adani. The proposed resolution would not require Gautam Adani or Sagar Adani to admit or deny the SEC’s allegations.

Beginning in 2020. Adani Green Energy Limited, led by Gautam Adani, secured a major contract to develop solar power projectsin India.

However, some Indian state governments allegedly declined to purchase the electricity from the project due to high costs.

Gautam Adani, chairman of Adani Group, attends a festival in Prayagraj, Uttar Pradesh, India, on Tuesday, Jan. 21, 2025.(Indranil Aditya/Bloomberg / Getty Images)

As a result, Gautam Adani. his nephew, Sagar Adani, allegedly resorted to bribery, including promises of more than $250 million in payments to Indian officials, in order to secure power purchase agreements for theexpensive solar energy.

BILLIONAIRE INVESTOR ISSUES WARNING OVER CHINA’S ‘CRAZY’ BUSINESS TACTIC: BE 'VERY CAREFUL'

During the same period, the company required significant capital to finance the projects. raised approximately $750 million through bond sales to U.S. and global investors.Federal prosecutors alleged that Adani Green. related entities raised more than $3 billion through loans and bond offerings while making false and misleading statements about the company’s anti-bribery and anti-corruption practices.

Prosecutors added that. to attract investors, the company falsely portrayed itself as an industry leader in corporate governance with a strict "zero tolerance" policy on bribery.

Indian billionaire Gautam Adani speaks during an interview at his office in the western Indian city of Ahmedabad on April 2. 2014.(Reuters/Amit Dave/File Photo/File Photo / Reuters Photos)

When U.S. authorities, including the FBI. the SEC, began investigating the alleged corruption, several executives were accused by prosecutors of attempting to obstruct the inquiry by deleting emails and electronic messages, concealing information during internal investigations, and making false statements to federal agents.CLICK HERE TO GET THE FOX BUSINESS APP

The case dismissal is contingent upon approval by Judge Nicholas Garaufis, according to the documents.

Get a brief on the top business stories of the week, plus CEO interviews, market updates, tech. money news that matters to you.

We've added you to our mailing list.

By clicking subscribe, you agree to the Fox NewsPrivacy PolicyandTerms of Use,. agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.