US Moves to Drop Case Against Billionaire Who Offered $10B

Gautam Adani's US criminal case may be over before it ever really began. Federal prosecutors in Brooklyn on Monday asked a judge to throw out bribery-related charges against the Indian billionaire and supporter of President Trump, an about-face in what had been billed as one of the Justice Department's more aggressive foreign corruption cases in recent years, per the New York Times. The indictment against Adani, his nephew, and six others was unveiled in the final weeks of the Biden administration. Now, in a brief letter, officials say they will "not devote further resources" to pursuing the case. A judge must still sign off on the request, which seeks dismissal with prejudice, meaning the charges could not be refiled.

This is "a highly unusual decision," Politico reports, noting that none of the prosecutors working on the case signed the latest filing, "possibly indicating their lack of support." It underscores a Justice Department that, in Trump's second term, has steered away from foreign bribery and public corruption cases, while also abandoning cases against Trump's perceived allies, the Times notes. The move comes shortly after Adani's lawyer said the billionaire was willing to invest $10 billion in the US if the charges were dropped, though Justice Department officials later said that offer would not factor into any resolution.

The SEC also announced that Adani and his nephew will pay a $18 million fine to resolve a separate civil case, while the Treasury Department announced a $275 million deal with Adani Enterprises over alleged Iran sanctions violations. Adani, a close ally of Indian Prime Minister Narendra Modi, has a net worth of more than $100 billion. Prosecutors had accused Adani's renewable-energy arm of funneling hundreds of millions of dollars in bribes to Indian officials to protect a massive solar project while courting and misleading US investors—claims Adani has denied as beyond the reach of American law. Since Monday's announcement, shares of Adani Group companies have climbed more than 5%, per Reuters. (Adani Group was previously accused of operating the "largest con in corporate history.")