NBC News Top Stories | U.S. prosecutors drop fraud charges against billionaire Indian businessman by Chloe Atkins
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U.S. prosecutors announced on May 18, 2026 that they are dropping the criminal fraud charges against Indian billionaire Gautam Adani, the chairman of the Adani Group, after the Trump administration requested that a Brooklyn judge dismiss the 2024 indictment alleging a $250 million bribe to secure approval for India’s largest solar power plant and false statements to U.S. and international investors. The decision came amid separate settlements: the Securities and Exchange Commission approved an $18 million civil‑fraud resolution with Adani and his nephew, and the Treasury Department reached a $275 million settlement with Adani Enterprises for violations of U.S. sanctions on Iran. Adani, who has denied the allegations and maintains close ties to Prime Minister Narendra Modi, was never arrested or required to appear in the United States, and the case’s dismissal marks a significant reversal of the high‑profile investigation.
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