The U.S. Justice Department is close to dropping criminal fraud charges against Indian billionaire Gautam Adani, who has promised to invest $10 billion in the U.S. economy, according to two sources.
Adani also resolved a related SEC civil fraud lawsuit, agreeing to pay $18 million in penalties without admitting wrongdoing.
The potential dismissal follows a presentation by Adani's lawyer, Robert Giuffra, who also represents President Donald Trump. Giuffra argued the case lacked jurisdiction and evidence.
Adani had publicly pledged the investment and 15,000 jobs after Trump's 2024 election victory. The Justice Department declined to comment.
Bloomberg first reported the story. This marks another instance of Trump's DOJ dropping a high-profile case initiated under Biden.