US prosecutors indicted Gautam Adani and seven others over an alleged $250M+ bribery scheme concealed from US investors, then moved to drop the case in May 2026 after Adani pledged $10B of US investment, and, after demanding sworn assurances that no deal lay behind the request, Judge Garaufis dismissed the charges against the Adanis with prejudice on August 10, 2026.
LATEST DEVELOPMENT · AUG 10, 2026
On August 10, 2026, Judge Garaufis granted the DOJ’s motion and dismissed the securities-fraud and wire-fraud counts against Gautam Adani, Sagar Adani and Vneet Jaain with prejudice, while criticizing the department’s handling of the case and reserving decision on the remaining counts against five non-appearing co-defendants. The SEC’s $18M civil settlement with the Adanis was finalized alongside the dismissal.
BACKGROUND
A five-count indictment unsealed in Brooklyn in November 2024 charged Adani Group founder Gautam Adani, his nephew Sagar Adani and Adani Green executive Vneet Jaain with securities fraud and securities- and wire-fraud conspiracies, alleging they agreed to pay more than $250M in bribes to Indian officials to secure solar power contracts while raising over $3B from US investors and lenders on false anti-corruption assurances. Five former Azure Power and CDPQ executives were charged with FCPA and obstruction conspiracies. The SEC filed a parallel civil action, and the Adani Group lost tens of billions of dollars in market value in the days after the charges became public.
On 18 May 2026, following Gautam Adani’s pledge to invest $10B in the United States and amid the administration’s broader pullback from foreign-bribery enforcement, the DOJ moved to dismiss the indictment with prejudice. The SEC simultaneously agreed to settle its case for $18M in civil penalties (pending court approval), alongside a reported $275M Adani settlement with the US Treasury over sanctions-related allegations. Judge Nicholas Garaufis declined to grant the dismissal on the papers, calling the government’s explanation “terse, bland and conclusory,” ordered the DOJ to justify each reason by 13 July, and directed Gautam Adani to answer under oath whether anything was promised or exchanged for the dismissal. Adani’s sworn denial was filed by 15 July 2026, and on 10 August 2026 the court granted the motion, dismissing the fraud counts against the Adanis and Jaain with prejudice while reserving decision on the counts against the five non-appearing co-defendants.
TIMELINE
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AUG 10, 2026JUDGMENTCourt dismisses the fraud counts against the Adanis and Jaain with prejudiceJudge Garaufis granted the DOJ’s Rule 48(a) motion as to the securities-fraud, securities-fraud-conspiracy and wire-fraud-conspiracy counts against Gautam Adani, Sagar Adani and Vneet Jaain, dismissing them with prejudice while sharply criticizing the department’s justification. He reserved decision on the FCPA and obstruction conspiracy counts against the five non-appearing former Azure Power and CDPQ executives pending further submissions from the government.
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JUL 15, 2026FILINGAdani swears no deal lies behind the dismissalIn a sworn affidavit, Gautam Adani denies awareness of anything “promised, offered, sought, received, agreed to, or accepted” in exchange for dropping the case. The Rule 48(a) motion is now fully submitted.
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JUL 8, 2026PROCEDURALCourt orders Gautam Adani to answer under oathAfter the DOJ’s supplemental filing arguing the case should never have been brought, the judge directs Adani to state in writing, under oath, whether any promise or deal is connected to the dismissal, by 15 July.
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JUN 26, 2026PROCEDURALJudge Garaufis refuses to rubber-stamp the dismissalCalling the government’s notice “terse, bland and conclusory,” the court orders the DOJ to state each reason for dismissal with factual support by 13 July 2026.
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MAY 18, 2026FILINGDOJ moves to dismiss the indictment with prejudiceThe motion follows Adani’s pledge of $10B in US investment. An $18M SEC penalty settlement (pending approval) and a reported $275M Treasury sanctions settlement land the same week.
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NOV 20, 2024FILINGFive-count indictment unsealed in BrooklynReturned under seal on 24 October 2024, the indictment charges the Adanis and Vneet Jaain with securities fraud and fraud conspiracies, and five former Azure Power and CDPQ executives with FCPA and obstruction conspiracies. The SEC files a parallel civil action.