US reportedly dropped fraud charges against India’s richest person, and all it took was hiring Trump’s lawyer

The United States Department of Justice is moving to drop criminal fraud charges against Indian billionaire Gautam Adani. This significant reversal in the legal landscape follows the billionaire hiring a new legal team led by Robert J Giuffra Jr, who serves as a personal lawyer for President Donald Trump, The Guardian reported.

The strategy appears to have centered on a high-stakes meeting held in April. During this undisclosed session at the Justice Department, Giuffra presented a comprehensive argument to officials. According to reports, he utilized a presentation consisting of 100 slides to explain why prosecutors supposedly lacked the necessary evidence and jurisdiction to move forward with the case.

Beyond the legal arguments, the meeting included a substantial economic proposal. Giuffra indicated that Adani would invest $10bn into the US economy and create 15,000 jobs if the government chose to drop the pending charges. This proposal mirrors a pledge Adani made to President Trump shortly after his victory in the 2024 presidential election.

While prosecutors initially stated that potential investments would not influence the outcome of criminal proceedings, the offer reportedly received a favorable response from at least one senior official within the Justice Department

This development suggests a potential shift in how the current administration handles foreign bribery cases. It is a massive turn of events for a case that began in November 2024. At that time, Adani and two other executives from his Indian renewable energy company were indicted in New York on multiple counts of fraud. The original charges were quite serious, alleging that Adani conspired to pay $250m in bribes to Indian government officials. Furthermore, the Justice Department claimed at the time that he misled American and international investors with false statements.

Lisa Miller, who served as the deputy assistant attorney general during the initial indictment, noted that these offenses were allegedly committed by senior executives and directors to obtain and finance massive state energy supply contracts through corruption and fraud at the expense of US investors. The government accused Adani of a scheme to lie to investors and banks to raise billions of dollars while simultaneously obstructing justice.

The Adani Group, which operates India’s ports, coal-fired power stations, and coal mines, has consistently denied these allegations. Adani is widely recognized as one of the most powerful and wealthy individuals globally. According to the Bloomberg Billionaires Index, he holds an estimated net worth of $104bn, making him the richest man in Asia.

His influence is often linked to his close ties with India’s nationalist prime minister, Narendra Modi. Members of the prime minister’s party granted the Adani Group various contracts that allowed the conglomerate to expand and monopolize key sectors. This has led to persistent allegations of crony capitalism, which the company has strongly denied. It is worth noting that journalists who have attempted to investigate the company have frequently faced harassment and criminal charges.

Giuffra, the architect of this legal defense, is the co-chair of Sullivan & Cromwell, a major New York law firm. He has gained significant attention for representing President Trump in the appeals of two personal cases, including the Stormy Daniels hush-money case. The Justice Department and Sullivan & Cromwell have not yet provided a comment regarding these reports.

While the criminal charges are heading toward a dismissal, there is a parallel civil development. Gautam Adani and his nephew, Sagar Adani, have agreed to pay a combined $18m in penalties to settle a separate civil fraud lawsuit filed by the US Securities and Exchange Commission. In this 2024 regulatory action, the commission accused the pair of paying bribes to Indian officials for high-profile renewable energy projects.

They were also accused of misleading US investors about anti-bribery practices while attempting to raise funds through a bond offering. Specifically, the regulator alleged they raised $750m, including approximately $175m from US investors, while misleading them about the compliance of Adani Green Energy with anti-bribery laws.

The Adani Group previously dismissed these civil allegations as baseless. The proposed settlement agreement does not include any admission or denial of the allegations, though it does bar the Adanis from future violations of key US anti-fraud laws regarding market manipulation, securities fraud, and investor deception. This deal remains subject to a court’s approval.

Following the news of these developments, market confidence appeared to stabilize, with shares of Adani Group firms showing an increase on Friday. This is also not the first time the DOJ has drawn scrutiny for blurring lines between political loyalty and institutional duty.