Gautam Adani denies any deal linked to dismissal of U.S. criminal case in sworn affidavit

Adani Group Chairman Gautam Adani has denied under oath that there was any promise, agreement or deal behind the U.S. Department of Justice's move to dismiss a criminal indictment against him, saying, in a sworn affidavit, that he was unaware of any exchange connected to the decision.U.S. judge ends graft case against Gautam AdaniThe affidavit was filed in response to a July 8 order by the U.S. District Court for the Eastern District of New York asking Mr. Adani to state under oath whether he was aware of any promise, offer or agreement related to the dismissal of the indictment.Mr. Adani said he was not aware of "anything promised, offered, sought, received, agreed to, or accepted" by anyone in connection with the dismissal, and denied knowledge of any agreement involving an exchange of anything of value for dropping the criminal charges.The Justice Department had moved to dismiss charges filed in 2024 under the Biden administration, accusing Mr. Adani and seven others of participating in a scheme to pay about $250 million in bribes to Indian officials to secure power supply contracts and misleading investors while raising capital in U.S. markets.Mr. Adani has denied the allegations.Addressing speculation over Adani Group's proposed U.S. investment plans, Adani said the group's intention to invest $10 billion in the United States had been publicly announced on November 13, 2024, before the indictment was unsealed.According to the affidavit, Mr. Adani's legal counsel, Sullivan & Cromwell LLP, held meetings with officials from the U.S. Department of Justice (DoJ) and the Securities and Exchange Commission (SEC), and submitted a white paper, expert reports and other materials.The counsel also indicated that the proposed investment could potentially form part of a resolution if U.S. authorities chose to consider it.The DoJ later informed counsel that the proposed investment would not be considered in deciding whether to seek dismissal, and Mr. Adani said the investment plan played no role in the department’s decision.The affidavit follows a July 4 filing by the DoJ in which prosecutors rejected reports linking the dismissal of the case to investment commitments in the U.S., calling such claims false.Also read: Gautam Adani agrees to $18 million penalty in U.S. bribery caseThe department said the prosecution faced legal and evidentiary challenges, including that the alleged conduct was largely centred in India, involved no identified investor losses, and was already subject to investigations in India.The DoJ also told the court that the indictment appeared to have been unsealed during the final days of the Joe Biden administration as a "name-and-shame" action, leaving the matter for the succeeding Donald Trump Administration.The indictment, announced in November 2024, triggered a sharp sell-off in Adani Group stocks, wiping out nearly Rs 2.85 lakh crore in market capitalisation over four trading sessions and affecting millions of shareholders.The Department of Justice has since sought dismissal of the criminal proceedings with prejudice, which would bring the case to a final close.The affidavit was filed in response to a directive from U.S. District Judge Nicholas Garaufis, who sought clarity on whether Adani was aware of any promise, offer, agreement or benefit linked to the Justice Department's decision to seek dismissal of criminal charges against him.Judge Garaufis had directed Mr. Adani to submit the affidavit by July 15 before deciding on the Justice Department's motion to dismiss the indictment with prejudice. The judge asked Mr. Adani to disclose whether any exchange, arrangement or understanding was connected to the government's move to drop the charges.The order followed a filing by Principal Associate Deputy Attorney General R. Trent McCotter, who said he was the "final and sole decision-maker" behind the Justice Department's move to dismiss the case and rejected media reports that the decision was linked to Adani Group