New Delhi | Billionaire industrialist and Adani Group chairman Gautam Adani may receive major relief in the United States in the high-profile alleged bribery and fraud case linked to one of India’s largest solar energy projects. According to a Bloomberg report, the US Department of Justice (DOJ) is preparing to withdraw the criminal case against Gautam Adani and other accused individuals in connection with an alleged bribery and corruption scheme involving nearly ₹2,200 crore. The report said the process could be completed as early as this week.
The matter first came into international focus in November 2024, when federal prosecutors in New York accused Gautam Adani, his nephew Sagar Adani and several other executives of allegedly paying around ₹2,200 crore in bribes to Indian government officials. US authorities had claimed the alleged payments were made to secure lucrative renewable energy contracts that were expected to generate nearly ₹16,500 crore in profits over the next two decades.
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American investigators had further alleged that executives linked to the Adani Group raised more than ₹25,000 crore through loans and bond offerings while allegedly concealing information related to the alleged corruption from investors and lenders. The case included serious allegations such as securities fraud, wire fraud conspiracy and conspiracy to mislead financial institutions. Parallel civil fraud proceedings had also been initiated by the US Securities and Exchange Commission (SEC).
However, Bloomberg has now reported that the US Justice Department is moving toward ending the criminal proceedings. The report, citing people familiar with the matter, stated that the SEC is also exploring a possible resolution in the parallel civil case. As of now, neither the DOJ nor the SEC has issued any official public statement confirming the reported development.
According to the original indictment, the alleged bribery scheme was aimed at securing highly profitable agreements connected to India’s large-scale solar power infrastructure expansion. Prosecutors had claimed that some individuals involved in the matter allegedly referred to Gautam Adani internally using code names such as “Numero Uno” and “The Big Man.” Investigators had also alleged that Sagar Adani used mobile phone records to monitor details connected to the alleged payments.
The case had also drawn in several foreign executives and corporate entities. Among those named were former executives associated with Azure Power Global and individuals linked to Canadian institutional investment firm Caisse de Depot et Placement du Quebec. At the time, US prosecutors had stated that most of the accused were Indian citizens and none were in American custody.
After the allegations became public, the Adani Group faced intense scrutiny in international financial markets, with concerns emerging around governance standards and fundraising capabilities. Despite the accusations, the conglomerate consistently denied all wrongdoing and maintained that it fully complies with applicable laws and regulatory frameworks. The group had described the US allegations as “baseless” and “without factual foundation.”
Gautam Adani founded the Adani Group in 1988 as a commodities trading business after leaving formal education at a young age in Gujarat. Over the last three decades, the conglomerate has expanded aggressively into ports, airports, mining, logistics, electricity generation, transmission and renewable energy, becoming one of India’s largest infrastructure groups.
Legal and market experts believe that if the US authorities formally withdraw the criminal proceedings or arrive at a settlement, it could significantly strengthen investor confidence in the Adani Group. Analysts say such a move may also improve the conglomerate’s global fundraising ability and ease pressure on its international business operations and reputation in financial markets worldwide.
