Adani case ends without trial in US
A US federal judge has permanently dismissed the criminal securities-fraud case against Adani Group chairman Gautam Adani and his nephew Sagar, closing nearly two years of prosecution without a trial.
US District Judge Nicholas Garaufis of the Eastern District of New York granted the Justice Department’s Rule 48(a) motion, dismissing Counts Two, Three and Four of the indictment — covering securities-fraud conspiracy, wire-fraud conspiracy and securities fraud — with prejudice, meaning the charges cannot be refiled.
The court reserved judgment on Count One (Foreign Corrupt Practices Act violations) and Count Five (obstruction of justice) as they relate to non-appearing defendants, pending further compliance by the Government with Rule 48(a).
The indictment, unsealed in November 2024, alleged Adani Group executives paid roughly $265 million in bribes to Indian Government officials to secure solar-power contracts projected to generate more than $2 billion in profits, while misleading investors who helped raise nearly $4 billion in US financing, and that other defendants destroyed evidence and lied to federal investigators. The Adani Group has consistently denied the allegations, calling them baseless.
“Truth has prevailed,” Gautam Adani said in response to the ruling, adding that he respected the judicial process and thanked those who had stood by the group through the proceedings, while reaffirming its commitment to “nation-building” and “long-term value creation.”
The order followed the Justice Department’s decision to seek dismissal after an extensive review of the case. In its submissions before the court, the US Government said continuing the prosecution no longer served the interests of justice, citing significant jurisdictional and evidentiary challenges, the predominantly Indian nature of the alleged conduct, the fact that Indian authorities had examined the matter, the absence of identified investor losses and broader public-interest considerations.
US District Judge Nicholas Garaufis granted the Justice Department’s Rule 48(a) motion to dismiss Counts Two, Three and Four of the indictment against Gautam Adani, Sagar Adani and former Adani Green CEO Vneet Jaain.
The court found that the DOJ had met the legal requirements for dismissal on one ground: its argument that alleged statements about Adani Green’s anti-bribery policies and corporate compliance could amount to “inactionable puffery” — broad statements that investors could not reasonably rely on — creating legal risks for the prosecution.
In his sworn declaration, Gautam Adani categorically denied the existence of any promise, offer, quid pro quo or undisclosed agreement relating to the DoJ’s decision. After reviewing the Government’s submissions and the sworn declarations, the court accepted the motion and permanently dismissed the case.
The dismissal means the criminal proceedings concluded before trial. No witnesses were examined, no evidence was tested in court and no judicial findings were made on the underlying criminal allegations.
