A court in the United States on Monday dropped all criminal charges against billionaire and businessman Gautam Adani, his nephew Sagar Adani and their associate Vneet Jaain.
In its judgement, Judge Nicholas Garaufis of the District Court for the Eastern District of New York dismissed criminal charges against the Adanis related to securities and wire fraud with prejudice. (PTI)
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In its judgement, Judge Nicholas Garaufis of the District Court for the Eastern District of New York dismissed criminal charges against the Adanis related to securities and wire fraud with prejudice.
The district court also finalised a settlement between the Adanis and the US Securities and Exchange Commission, which will see the Adanis pay the US government $18 million without admitting guilt and formally settle the civil securities fraud charges against them.
Reacting to the legal relief, Gautam Adani took to the social media platform X and welcomed the judgement.
"I welcome the US court’s decision with humility and deep respect for the judicial process. Throughout this challenging period, our faith in truth, fairness and the rule of law remained unwavering," Adani wrote on X.
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"My deepest gratitude to those who never lost faith in us, in the system and in India’s capacity for justice," he wrote, adding that the Adani name will work towards "building for our nation."
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"My deepest gratitude to those who never lost faith in us, in the system and in India’s capacity for justice," he wrote, adding that the Adani name will work towards "building for our nation."
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What were the charges?
In 2024, the US Justice Department unsealed an indictment against the Adani group and its associates, alleging that the group had been involved in a $265 million bribery scheme to win solar energy contracts with Indian government entities.
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Furthermore, the Adanis were also accused of participating in an effort to defraud American and international investors by lying about the company's anti-corruption activities.
In addition to the case by the Justice Department, the US Securities and Exchange Commission also filed civil charges against Gautam and Sagar Adani.
Ahead of Monday's judgement, the Department of Justice told the court in May that it would decline to pursue further legal action against Gautam Adani and his associates.
US Principal Associate Deputy Attorney General Trent McCotter also stated later in July, that the charges against the Adani group should not have been brought in the first place.
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Home/India News/Gautam Adani welcomes big legal relief by US court: 'Deep respect for judiciary'
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