Gautam Adani's likely relief in alleged criminal fraud case in the United States has drawn criticism by Opposition Leader Rahul Gandhi as the Congress leader said Prime Minister Narendra Modi did not strike a trade deal but bargained for Adani's release.
Rahul Gandhi called Modi a 'compromised PM'.
The compromised PM did not strike a trade deal, but a bargain for Adani's release, Rahul Gandhi wrote on X.
Also Read: US set to drop criminal fraud case against Gautam Adani, sources say
This comes after Reuters reported citing unnamed sources that the US Justice Department is close to dropping criminal fraud charges against Indian billionaire Gautam Adani, who has pledged to invest $10 billion in the US economy.
Bloomberg reported Gautam Adani and his nephew Sagar have agreed to pay a combined $18 million to settle allegations by the US Securities and Exchange Commission (SEC) that they made false and misleading statements about Adani Green Energy.
Under the proposed settlement filed in a federal court on Thursday, Gautam Adani would pay $6 million, while Sagar would pay $12 million to resolve the SEC’s lawsuit filed in November 2024. The agreement still requires approval from a judge.
Also Read: Gautam Adani, nephew Sagar agree to pay $18 million total over US fraud Case
The SEC had earlier alleged that Gautam Adani led efforts to pay or promise hundreds of millions of dollars in bribes to Indian officials to secure contracts needed by Adani Green for India’s largest solar power project. The regulator also claimed that he and his nephew wrongly promoted the company’s compliance with anti-bribery laws while raising $750 million through a bond offering.
India and US have been engaged in talks for a trade deal for months and the countries declared on February the framework of the bilateral trade agreement. The text was released on February 7.
However, the US Supreme on February 20 ruled against Trump's reciprocal tariffs, following which India is reportedly seeking to redraft the agreement.
