US authorities are reportedly moving to drop charges against billionaire Gautam Adani and end a over a year-old criminal case against him. According to a Bloomberg report, the Justice Department may announce it is dropping the charges within a few days. The report, quoting people familiar with the development, also said that the Securities and Exchange Commission (SEC) is also moving to settle a parallel civil fraud case it brought against Adani and others in November 2024.
The Justice Department alleged that Adani and others promised bribes to government officials in India to secure a solar energy project for the provision of renewable power. As Adanis were not in the United States, the Justice Department prosecution was stalled. However, the SEC case had started to advance in court.
While the Justice Department could move to drop the charges against Adanis, a resolution to the SEC would likely involve a monetary penalty.
Adani group stocks to be in focus
Amid this update, shares of the companies within the Adani Group will remain in focus on May 15, 2026. Among the companies that will be on investors’ radar are Adani Enterprises, Adani Ports, Adani Green Energy, Adani Energy Solutions, and Adani Power.
Adani seeks dismissal of SEC case
Earlier in April, the billionaire Gautam Adani moved a US court to dismiss a US Securities and Exchange Commission securities fraud lawsuit, arguing that the case represents an impermissible extraterritorial application of US law and fails for lack of personal jurisdiction.
The SEC had sued Adani and others, alleging they misled investors by failing to disclose an alleged bribery scheme involving Indian state officials, and framed the case under US securities laws.
Congress targets PM on ‘US to drop’ charges against Adani
Meanwhile, the Congress has targeted Prime Minister Narendra Modi over media reports claiming that US authorities are moving to drop charges against billionaire Gautam Adani.
Reacting to the reports, Congress general secretary in-charge of communications Jairam Ramesh said, “It is now clear why the PM agreed to the hopelessly one-sided Indo-US trade ‘deal’ that was really a steal by the US. And it is also clear why he abruptly halted Operation Sindoor on May 10 2025, acting on President Trump’s threats rather than on our national interest.”
