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US Court Dismisses Fraud Charges Against Adani's Founder

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A US district court in New York has dismissed criminal fraud and conspiracy charges against Indian billionaire Gautam Adani, his nephew Sagar Adani and six other co-defendants, according to a court filing on Monday.

In 2024, Adani and top executives of Adani Group were indicted over an alleged $265 million bribery scheme targeting Indian officials to secure solar energy contracts, while allegedly misleading US investors.

The court accepted the Department of Justice's argument that the alleged misrepresentations about anti-bribery compliance amounted to "inactionable puffery" rather than material fraud.

Adani welcomed the decision via social media, saying he has "deep respect for the judicial process."

Adani founded Adani Group, which owns Adani Enterprises (BOM:512599, NSE:ADANIENT), Adani Ports and Special Economic Zone (NSE:ADANIPORTS, BOM:532921), Adani Green Energy (NSE:ADANIGREEN, BOM:541450), Adani Power (NSE:ADANIPOWER, BOM:533096) and more.

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