U.S. DOJ has dismissed security, wire fraud charges, Adani Group informs exchanges

The United States Department of Justice (DOJ) having reviewed the charges against Adani Group Chairman Gautam S. Adani his nephew Sagar R. Adani, and Vneet S. Jaain and other defendants has decided, in its prosecutorial discretion, to dismiss the charges Adani Enterprises Ltd (AEL) and Adani Green Energy Ltd (AGEL) informed stock exchanges in separate filings on Monday night. 

A criminal indictment (No. 24-CR-433) was filed before the United States District Court for the Eastern District of New York by the US DOJ in the case of the United States of America against Gautam S. Adani, Sagar R. Adani, Vneet S. Jaain, and other third-party individuals,” the companies said in the filings. 

Pursuant to this indictment all of them were charged with alleged securities fraud conspiracy, alleged wire fraud conspiracy, and alleged securities fraud, the companies said. 

“We would like to inform you that the US DOJ filed a motion seeking dismissal with prejudice of the charges in the indictment against Gautam S. Adani, Sagar R. Adani, and Vneet S. Jaain and other defendants (i.e. a complete dismissal that bars any prosecution against Gautam S. Adani, Sagar R. Adani, Vneet S. Jaain and other defendants for the same allegations and the case cannot be re-opened),” the filings said.

“The US DOJ further reviewed the charges and has decided in its prosecutorial discretion to dismiss the charges,” the companies said. The order of US Eastern District NY Court is awaited, the companies said adding they were not a party to this proceeding, and no charges had been brought against them.