A court in the United States on Monday dropped all criminal charges against billionaire and businessman Gautam Adani, his nephew Sagar Adani and their associate Vneet Jaain.
Event Context
In its judgement, Judge Nicholas Garaufis of the District Court for the Eastern District of New York dismissed criminal charges against the Adanis related to securities and wire fraud with prejudice.
The district court also finalised a settlement between the Adanis and the US Securities and Exchange Commission, which will see the Adanis pay the US government $18 million without admitting guilt and formally settle the civil securities fraud charges against them.
Reacting to the legal relief, Gautam Adani took to the social media platform X and welcomed the judgement.
“I welcome the US court’s decision with humility and deep respect for the judicial process. Throughout this challenging period, our faith in truth, fairness and the rule of law remained unwavering,” Adani wrote on X.
“My deepest gratitude to those who never lost faith in us, in the system and in India’s capacity for justice,” he wrote, adding that the Adani name will work towards “building for our nation.”
