US Authorities Consider Dropping Charges Against Gautam Adani
Significant Relief for Gautam Adani
A major development has emerged for Indian industrialist Gautam Adani, as reports indicate that the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) are contemplating the dismissal or resolution of ongoing criminal and civil fraud cases against him. This news has sparked a political uproar in India, with the Congress party launching sharp criticisms against Prime Minister Modi. According to a recent Bloomberg report, the U.S. administration appears to be signaling a retreat in this case, which has been ongoing for over a year.
SEC Moves Towards Settlement
The report, citing sources familiar with the situation, also noted that the SEC is progressing towards settling a parallel civil fraud case it filed against Adani and others in November 2024.
Allegations Against Adani
The DOJ had accused Adani and others of promising bribes to Indian government officials to secure a solar energy project for renewable power supply. Legal actions by the DOJ were stalled due to Adani's absence in the U.S., although the SEC's case had begun to advance in court. While the DOJ may move to drop the charges against Adani, the SEC's resolution could potentially involve financial penalties.
Investors Eye Adani Group Stocks
In light of this new information, investors will be closely monitoring the stocks of Adani Group companies on May 15, 2026. The companies under scrutiny include Adani Enterprises, Adani Ports, Adani Green Energy, Adani Energy Solutions, and Adani Power.
Adani Seeks Dismissal of SEC Case
Earlier in April, billionaire Gautam Adani filed a petition in a U.S. court requesting the dismissal of the SEC's securities fraud lawsuit. He argued that the case represents an unacceptable extraterritorial application of U.S. law and lacks personal jurisdiction, making it unsustainable. The SEC had accused Adani and others of misleading investors by failing to disclose an alleged bribery scheme involving Indian government officials, with the case filed under U.S. securities laws.
Congress Criticizes PM Over Allegations
Meanwhile, the Congress party has targeted Prime Minister Narendra Modi over media reports suggesting that U.S. officials are preparing to drop charges against Gautam Adani. In response to these reports, Congress communications in-charge Jairam Ramesh stated, "It is now clear why the Prime Minister agreed to that completely one-sided trade 'deal' with the U.S., which was essentially a form of looting by America. It is also evident why he abruptly halted 'Operation Sindoor' on May 10, 2025; he acted on threats from President Trump rather than our national interests."