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Tag: Adani

  • Trump Admin Drops Cases Against Adani After $10bn Investment pledge

    Trump Admin Drops Cases Against Adani After $10bn Investment pledge

    The Trump administration has announced plans to drop criminal fraud charges against Indian billionaire Gautam Adani, while also reaching a settlement over alleged violations of Iran sanctions involving one of his companies, court documents reveal.

    This development comes after Adani’s legal counsel—who also serves as a personal lawyer for former President Donald Trump—stated last month that Adani intended to invest $10 billion in the U.S. but couldn’t proceed with the investments until the legal issues were resolved, according to an insider familiar with the situation.

    This move exemplifies a pattern where the Justice Department, under Trump, has chosen to abandon high-profile cases initiated during his predecessor Joe Biden’s administration.

    Gautam Adani, a prominent supporter of Indian Prime Minister Narendra Modi, has an estimated net worth of $82 billion, according to Forbes magazine.

    Previously, he was charged with conspiring to pay $265 million in bribes to Indian government officials to secure approval for the development of India’s largest solar power plant. Prosecutors alleged that Adani and his associates raised over $3 billion by concealing corrupt activities from lenders and investors.

    The Adani Group has strongly denied any wrongdoing. Adani himself is both the founder and chairman of the company.

    Separately, the U.S. Securities and Exchange Commission (SEC) settled a civil lawsuit with Adani over accusations related to a scheme to bribe Indian officials, court records show last week. However, the settlement is pending court approval.

  • US Prosecutors Increase Scrutiny on Indian Tycoon Adani: WSJ

    US Prosecutors Increase Scrutiny on Indian Tycoon Adani: WSJ

    Adani Group Under U.S. Investigation for Alleged Sanctions Evasion

    U.S. authorities are looking into whether businesses belonging to Indian billionaire Gautam Adani imported Iranian liquefied petroleum gas (LPG) into India via Mundra port, according to a report from the Wall Street Journal (WSJ).

    The investigation revealed that certain tankers traveling between Mundra, located in Gujarat, India, and the Persian Gulf exhibited behaviors typically associated with vessels attempting to skirt sanctions, as stated by industry experts.

    The U.S. Department of Justice is scrutinizing the operations of various LPG tankers that have transported cargo for Adani Enterprises, as reported by WSJ, which cited anonymous sources familiar with the situation.

    A spokesperson for Adani Group strongly denied any intentional involvement in sanction violations or trade linked to Iranian LPG. They added, "We have no information suggesting that U.S. authorities are conducting any investigation on this matter."

    Neither Gautam Adani, the Justice Department, nor the U.S. Attorney’s Office in Brooklyn responded promptly to requests for comments from Reuters.

    In May, former President Donald Trump emphasized that all imports of Iranian oil or petrochemical products should cease, warning that any entities that purchase from Iran would face immediate secondary sanctions.

    This investigation into Adani’s actions follows months after U.S. prosecutors indicted him and his nephew, Sagar Adani, alleging they engaged in bribery to secure power supply contracts and misled U.S. investors during fundraising efforts in the States.

    The Adani Group has labeled these allegations as "baseless" and expressed its intent to pursue "all available legal options."