US Judge Dismisses Adani Criminal Case, Yet Adani Group Stocks Fell
Six of the seven Adani-branded stocks slipped on Tuesday even after a US judge dismissed the criminal charges against founder Gautam Adani.
Prosecutors had indicted Adani and seven other executives in November 2024, with the Indian billionaire himself facing counts of conspiracy to commit securities and wire fraud and substantive securities fraud.
US Judge Dismisses Adani Bribery and Fraud Criminal Case
The indictment alleged the defendants promised more than $250 million in bribes to Indian officials to win solar energy contracts. Prosecutors said Adani and others then misled US investors to obtain funds.
The Justice Department signaled in May that it would drop the case. Principal Associate Deputy Attorney General Trent McCotter argued the matter was primarily foreign, hard to prove, and inconsistent with current department priorities.
Brooklyn US District Judge Nicholas Garaufis granted the rare request. However, Garaufis made his unease plain in the ruling.
"The irregularities in the decision to dismiss the indictment are concerning…McCotter appears to have eschewed the professional opinions of innumerable officials from various federal offices and replaced them with his singular judgment," he wrote.
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