Adani team in talks with Trump admin to drop $265 million US bribery case

US SEC accused Gautam Adani, his nephew Sagar Adani, and other executives of securities fraud, wire fraud, obstruction of justice, and violations of the Foreign Corrupt Practices Act

Representatives of businessman Gautam Adani have held meetings with officials from the Donald Trump-led US administration to discuss the possibility of dropping criminal charges filed against him in connection with an overseas bribery investigation, according to a report by Bloomberg.

 

The meetings reportedly began earlier this year and have intensified in recent weeks. If the current pace continues, the matter could move towards resolution within a month.

 

According to Bloomberg, Adani’s representatives have argued that the case does not align with President Donald Trump’s current policy priorities and have requested that it be reconsidered. 

 

What are the charges against Adani in the US?

 

Adani, owner of the multinational conglomerate Adani Group, was indicted alongside his nephew, Sagar Adani. The charges include allegations that Gautam Adani offered $265 million in bribes to Indian state officials to secure solar energy contracts.

 

In addition to the criminal indictment, the United States Securities and Exchange Commission (SEC) filed a parallel civil case. The SEC alleged that the Adanis misled American investors by failing to disclose the bribery payments during a $750 million bond offering by Adani Green Energy Ltd, a renewable energy subsidiary. Authorities claimed that this amounted to securities fraud. 

 

Former board member of Azure Power Global, Cyril Cabanes, was also named in the complaint. Cabanes was accused of facilitating the bribery operation while serving in both domestic and international capacities.

 

Charges brought against the Adani executives include securities fraud, wire fraud, obstruction of justice, and violations of the Foreign Corrupt Practices Act (FCPA). FCPA is a US law that prohibits the payment of bribes to foreign officials for business advantage.

 

At the time, US regulators sought strict penalties, including permanent injunctions, civil fines, and bans on both Gautam and Sagar Adani from serving as directors or officers at publicly listed companies. 

How has Adani responded to the allegations?

 

The Adani Group has denied all allegations. In an effort to mitigate legal and financial risks, Adani has engaged several legal and lobbying firms in the United States. One meeting reportedly took place in March, involving prosecutors from the US Attorney’s Office in Brooklyn and officials from the Department of Justice, the Bloomberg report said.

 

Adani Green Energy also stated in April that its internal review found no evidence of non-compliance or irregularities.