By paying the bribes, the energy company misled American investors, prosecutors said. The company then further deceived investors and made misleading statements about its commitments to anti-corruption and anti-bribery efforts, according to the indictment.
In a meeting with Justice Department officials last month, Mr. Giuffra, Mr. Adani’s lawyer, presented more than 100 slides outlining what he saw as the weakness of the prosecution, The Times reported. The arguments included that prosecutors lacked jurisdiction, since the alleged conduct took place outside the United States, and that there was insufficient evidence that Mr. Adani had paid a bribe.
One slide said that if the charges were dropped, Mr. Adani would be willing to invest $10 billion in the American economy, echoing his pledge from November 2024.
Like Mr. Modi, Mr. Adani hails from the state of Gujarat, and the two have been friends for a quarter century. Mr. Modi has assisted Mr. Adani’s businesses, including by helping him win major contracts. In turn, Mr. Adani’s empire has become a tool of soft power for India since Mr. Modi became prime minister, by fostering its global presence in public works projects. The Adani Group has made large investments in ports, hydroelectric plants and more in places like Israel, Vietnam and Australia.
Those cozy ties have drawn scrutiny. In 2023, Hindenburg Research, a now-defunct investment research firm based in New York, published a report that accused the Adani Group of stock manipulation and accounting fraud. The report shook Indian markets, and Mr. Adani’s wealth plummeted by half in just a week.
The announcement of the prosecution also hurt Mr. Adani’s businesses. Days after he was indicted, several countries and multinational companies threatened to cancel or review contracts with the Adani Group for public works projects. But speculation arose that the case would be dropped by a Trump Justice Department less focused on white collar crime.
Nicole Hong, William K. Rashbaum and Ben Protess contributed reporting.
