US moves to end fraud cases against Asia’s richest person, Gautam Adani

The U.S. Department of Justice is preparing to drop criminal fraud charges against Gautam Adani, the chairman of the India-based Adani Group, following a commitment from the billionaire to invest $10 billion into U.S. Jobs.

The Department of Justice is moving forward with plans to dismiss the indictment and could formally drop the charges as soon as the week of May 14, 2026. In a related development, the Securities and Exchange Commission (SEC) may also reach a settlement regarding a separate civil fraud case against Adani.

Details of the Fraud Allegations

Adani, who is ranked as the second-richest person in India and holds the No. 24 position on the Forbes Real-Time Billionaires List, was indicted in November 2024. The criminal case centered on allegations that Adani participated in a bribery scheme totaling $250 million.

According to the indictment, Adani and other executives allegedly bribed officials within the Indian government to secure contracts for solar energy supply. The Department of Justice further alleged that Adani and his associates subsequently obtained funding for these contracts by concealing the existence of the bribery scheme from international and U.S. Investors.

Legal Defense and Response

Gautam Adani and his co-executives have denied the allegations. In response to the civil fraud case brought by the SEC, which mirrored the claims regarding the bribery of Indian government officials for solar contracts, the defense moved to have the case dismissed.

The shift in the Department of Justice’s position follows a change in Adani’s legal representation. Reporting from The New York Times indicates that the decision to drop the charges came after Adani hired a new legal team led by Robert J.