Adani hails US court ruling that drops fraud and bribery case

Gautam Adani, chairman of the Adani Group, has welcomed a US court's decision to dismiss criminal charges against him and his nephew Sagar Adani. In a statement posted on X, Adani said he accepted the ruling with humility and expressed deep respect for the judicial process, adding that his faith in truth and the rule of law had never wavered.

The dismissal came from US District Judge Nicholas Garaufis of the Eastern District of New York, who granted federal prosecutors' request to withdraw the charges. The judge said he was satisfied that a reported investment pledge by the Adani Group had not influenced the Justice Department's decision, and noted that courts have a limited role in reviewing such prosecutorial moves.

The case had alleged a bribery scheme tied to solar power contracts in India and accused the defendants of misleading US investors. In July, the Justice Department told the court the case should never have been brought, arguing it was legally weak and centred almost entirely on India. Prosecutors also said the securities fraud charges lacked a sound legal foundation and faced significant jurisdictional hurdles.

The Justice Department further rejected speculation that the dismissal was linked to potential Adani investments in the US, stating that such mentions played no role in the decision to drop the case.