A US federal court has dismissed with prejudice the criminal charges against Adani Group chairman Gautam S. Adani, his nephew Sagar R. Adani and Vneet S. Jaain in a case involving allegations of bribes to secure solar energy supply contracts.
The US District Court for the Eastern District of New York acted on a May 18 motion by the US Department of Justice (DOJ) seeking dismissal of the indictment. A dismissal with prejudice bars the government from bringing the same charges against the defendants again.
The case stems from an indictment filed in October 2024, charging Gautam Adani, Sagar Adani and Jaain with securities-fraud conspiracy, wire-fraud conspiracy and securities fraud.
According to the indictment, US prosecutors alleged that Gautam Adani and other executives were involved in a bribery scheme allegedly involving around $265 million in promised bribes to Indian officials to secure solar energy supply contracts. The contracts were allegedly expected to generate about $2 billion in profits over two decades.
The indictment further alleged that the defendants made false and misleading statements to US and other international investors and lenders while raising more than $3 billion through loans and bond offerings.
The indictment also names Ranjit Gupta and Rupesh Agarwal, former executives of a renewable energy company with New York Stock Exchange-listed securities, alongside Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra, former employees of a Canadian institutional investor. They are charged with conspiring to violate the Foreign Corrupt Practices Act in connection with the alleged bribery for one of the world’s largest solar projects.
Prosecutors allege that Cabanes, Agarwal, Malhotra, and Rupesh Agarwal obstructed investigations by agreeing to delete emails, messages, and other materials tied to the bribery scheme.
The allegations were not proven in court.
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