Us Court Scraps Fraud Case Against Gautam Adani And Nephew Sagar

Gautam Adani won dismissal of US securities fraud charges on Monday after district judge Nicholas Garaufis in Brooklyn, New York, dismissed conspiracy, securities and wire fraud charges against Adani and his nephew Sagar.The US alleged Adani was part of a scheme to pay more than $250 million in bribes to Indian government officials to lock in solar energy contracts - allegations Adani has consistently denied. Garaufis said the charges against the Adanis would be dismissed with prejudice, meaning the government cannot revive the case.133167649The case was brought in an indictment in the waning days of President Joe Biden's administration in late 2024.The ruling marks the end of Adani's US legal troubles, which also included settlements with the US Securities and Exchange Commission and the treasury department. The government's request to drop charges against the Adanis was the culmination of months of behind-the-scenes negotiations and manoeuvring by Asia's richest man and his allies, and could now set the stage for the 64-year-old tycoon to expand his businesses in the US.Shares of most Adani Group companies rose, with the flagship Adani Enterprises Ltd's stock rising as much as 2.3% or the most in a month.Explanation sought I welcome the US court's decision with humility and deep respect for the judicial process, Adani said in a post on X.A spokesman for the US Attorney in Brooklyn did not have an immediate comment.In addition to the government's request to drop the fraud case against Adani, group's flagship Adani Enterprises Ltd agreed to pay $275 million to settle a probe by the treasury department's Office of Foreign Assets Control related to Iran sanctions violations.In his ruling Monday, Garaufis said he would not immediately dismiss violations of US anti-bribery laws and obstruction of justice against five other co-defendants in the case. The judge said the government needs to further explain why it wants to drop those charges. After the US asked to dismiss the case, Garaufis in June said the government had failed to justify its request and directed prosecutors to explain their decision in writing. Adani had to offer more details as well, and said that his pledge to invest in the US didn't play a role in the request to drop the charges.Garaufis agreed with that assertion on Monday.