In November 2024, U.S. authorities sued Gautam Adani and his nephew Sagar Adani for accusing them of bribery to secure a contract for power supply, and misled U.S. investors during that time.
Representatives of Indian billionaire Gautam Adani met with officials from the administration of U.S. President Donald Trump in an effort to dismiss criminal charges in an overseas bribery investigation and make a resolution within a month, Bloomberg News reported. In November 2024, U.S. authorities sued Adani and his nephew Sagar Adani for accusing them of bribery to secure a contract for power supply and misled U.S. investors in raising funds. U.S. financial regulators convened a duo alleged that they misled investors' compliance investors in the $750 million Adani Green Bond sale in the U.S.
News outlets reported on Sunday that the billionaire’s aide was trying to prove that his prosecution was inconsistent with Trump’s priorities and should be reconsidered. The report said the discussion began earlier this year and started in recent weeks, and if the momentum continues, the resolution can be completed within a month.
Adani Green reiterated in a statement Monday that this is not part of any lawsuit, but it did not comment directly on the report on the meeting. It recently said that the review of the indictment found no violations or violations. The Justice Department and the White House declined to comment to Bloomberg in the report, but did not respond to Reuters' comments outside of business hours.
The group's flagship company, Adani Enterprises, also did not respond to a request for comment. The group previously denied any misconduct. Shares of nine Indian listed companies in Adani Group rose 1.7% to 10.5% on Monday, while the broad market grew 0.6%. The indictment removed approximately $13 billion in market value from nine Adani Group companies.
(with Reuters input)
