US to drop fraud charges against Gautam Adani, reports ‘The New York Times’
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The United States Department of Justice is planning to drop fraud charges against Adani Group chairperson Gautam Adani, The New York Times reported on Thursday.
The US authorities had in November 2024 indicted Gautam Adani and his nephew Sagar Adani for allegedly orchestrating a $265 million fraud scheme to bribe officials in India for solar energy contracts, and then misrepresenting the company’s anti-bribery practices to investors in the US.
The details of the alleged bribes were concealed to secure financing, the US justice department had claimed.
The Adani Group has denied the allegations. In a stock exchange filing in November 2024, the conglomerate said that Gautam Adani and Sagar Adani had been charged in the US for securities fraud, not bribery.
The decision to drop the charges came after Gautam Adani hired a legal team led by Robert J Giuffra Jr, one of US President Donald Trump’s personal lawyers, The New York Times reported.
The newspaper reported that Giuffra met officials at the justice department’s headquarters in Washington in April. He presented about 100 slides arguing that the prosecutors lacked evidence and jurisdiction in the matter, The New York Times quoted unidentified persons familiar with the meeting as saying.
One slide also allegedly made an offer that Gautam Adani would invest $10 billion in the US economy and help create 15,000 jobs...