Federal Prosecutors Move to Drop Bribery Case Against Indian Magnate
By paying the bribes, the energy company misled U.S. investors, prosecutors said. The company then further deceived investors and made misleading statements about its anti-corruption and anti-bribery commitments, according to the indictment.
In a meeting with Justice Department officials last month, Mr. Giuffra, Mr. Adani’s lawyer, presented more than 100 slides outlining what he saw as the prosecution’s weakness, the Times reported. Arguments made included that prosecutors lacked jurisdiction, since the alleged conduct took place outside the United States, and that there was insufficient evidence that Mr. Adani paid a bribe.
One slide indicated that if the charges were dropped, Mr Adani would be prepared to invest $10 billion in the US economy, echoing his November 2024 promise.
Like Mr. Modi, Mr. Adani is from the state of Gujarat and the two have been friends for a quarter of a century. Mr Modi has aided Mr Adani’s businesses, including helping him win major contracts. In turn, Mr Adani’s empire has become a tool of soft power for India since Mr Modi became prime minister, fostering its global presence in public works projects. The Adani Group has made significant investments in ports, hydroelectric plants and more in countries like Israel, Vietnam and Australia.
These warm connections attracted attention. In 2023, Hindenburg Research, a now-defunct investment research firm based in New York, released a report accusing the Adani Group of stock manipulation and accounting fraud. The report shook Indian markets and Mr Adani’s wealth fell by half in just a week.
News of the lawsuits also hurt Mr. Adani’s businesses. Days after his indictment, several countries and multinational companies threatened to cancel or review contracts with the Adani group for public works projects. But speculation arose that the case would be dropped by a Trump Justice Department less focused on white-collar crime.
Nicole Hong, William K. Rashbaum And Ben Protest reports contributed.
