The Justice Department is preparing to drop fraud charges against Indian billionaire Gautam Adani after he offered a $10 billion U.S. investment and 15,000 new jobs in exchange for the case's dismissal, people familiar with the matter said. The deal — which also includes an $18 million civil settlement with the SEC and a separate Treasury Department probe that could tack on another $275 million in penalties — marks one of the most striking examples yet of the Trump administration's willingness to trade enforcement leniency for economic commitments.
Inside the Adani deal
The original charges, brought under the Biden administration, accused Adani of orchestrating a $265 million bribery scheme. To fight the case, Adani hired Robert J. Giuffra Jr. — a personal attorney to Donald Trump and co-chair of Sullivan & Cromwell — to lead his defense team. The arrangement now appears to have paid off: in exchange for dropping the federal fraud case, the DOJ is expected to accept the investment pledge, which Adani says will go toward energy and infrastructure projects in the U.S.
The SEC's $18 million settlement covers civil claims tied to the same bribery allegations. Separately, the Treasury Department is investigating Adani's involvement in Iranian LPG transactions — a probe that could result in an additional $275 million fine. It's not clear whether that investigation will also be resolved as part of the broader deal.
Crypto enforcement gets hollowed out
The Adani case isn't happening in a vacuum. The Trump administration has already disbanded the National Cryptocurrency Enforcement Team, the DOJ unit created to target crypto-related crime. At the SEC, attorneys focused on crypto cases have been reassigned to other divisions — effectively gutting the agency's ability to bring new digital-asset enforcement actions.
The timing isn't great for crypto firms facing pressure from state regulators and Congress. With federal prosecutors stepping back and the SEC's crypto squad scattered, the regulatory landscape is getting patchier by the week. Industry observers are watching to see whether the administration's dealmaking approach extends to other high-profile white-collar targets.
Zhao clemency under Senate microscope
Senate Democrats have opened an inquiry into Trump's clemency for Binance founder Changpeng Zhao, who was sentenced to prison in 2024 for money laundering violations. The probe is likely to scrutinize whether the administration is using pardons and dropped charges to secure business commitments — the same pattern visible in the Adani case.
The Justice Department declined to comment on the Adani negotiations. The SEC and Treasury did not respond to requests for comment. A spokesperson for Adani Group did not return messages.
What comes next: the Senate Judiciary Committee is expected to hold hearings on the Zhao clemency later this month. Meanwhile, the Adani deal still needs formal sign-off from a federal judge — a step that could draw pushback from the original prosecutors who built the bribery case.
