STORY: The U.S. Justice Department is close to dropping criminal fraud charges against Gautam Adani, an Indian billionaire who promised to invest $10 billion in the U.S.
That's according to two sources familiar with the matter.
Federal prosecutors had charged Adani in 2024 over an alleged scheme in which they said he bribed Indian government officials to win approval to develop the country's largest solar power plant.
The Adani Group has consistently denied any wrongdoing.
Now the possible dismissal of the charges comes after the tycoon's lawyers told Justice Department officials in a presentation last month that he could not make the U.S. investment while the case was proceeding.
They also argued that the U.S. did not have proper jurisdiction and lacked evidence.
Some prosecutors said that the $10 billion investment would not affect the case, one of the sources said, but it wasn't clear if others saw it differently.
The Justice Department and the Adani Group did not immediately respond to requests for comment.
On Thursday, Adani also resolved a related civil fraud lawsuit brought by the Securities and Exchange Commission, subject to court approval.
Legal records show Adani and his nephew would pay civil penalties of $18 million under the deal, though neither would admit or deny any wrongdoing.
