Indian billionaire Gautam Adani has agreed to pay millions of dollars in penalties in the United States as part of a major corruption-related case, while continuing to deny wrongdoing.
The case stems from an indictment filed in New York City in November 2024, accusing Adani and several associates of misleading international investors in connection with an alleged large-scale bribery scheme tied to solar energy contracts in India.
US prosecutors alleged that approximately $250 million in bribes were paid to Indian officials to secure solar power deals, allegedly benefiting Adani-linked interests while harming American investors.
According to a filing from Adani Green Energy to the Bombay Stock Exchange, Gautam Adani and his nephew, Sagar Adani, agreed to pay about $18 million in penalties. However, the company stressed that the settlement was reached “without admitting or denying” the allegations contained in the civil complaint.
Reports from The New York Times suggest that US federal prosecutors may now be considering dropping criminal proceedings against Adani. The reports also noted that Adani recently hired a new legal team led by attorney Robert Giuffra, who has previously represented figures close to US President Donald Trump.
According to the report, Adani’s legal team argued during discussions with the US Justice Department that the businessman could potentially invest $10 billion in the American economy and create around 15,000 jobs if the case were resolved.
Adani, chairman of the sprawling Adani Group, oversees businesses spanning coal, ports, airports, cement, renewable energy, and media. He is widely regarded as politically close to Indian Prime Minister Narendra Modi.
Despite the controversy, Adani remains one of the wealthiest people in the world, with an estimated fortune exceeding $80 billion according to Forbes rankings. He has consistently dismissed the allegations against him as baseless.
