A U.S. judge dismissed the bribery case against Indian billionaire Gautam Adani, who, along with seven others, faced charges related to an alleged scheme involving over $250 million in bribes to secure solar energy contracts.
The judge criticized the conduct of a senior Department of Justice official, Trent McCotter, for his unusual decision-making process in dropping the indictment, which he made in collaboration with defense counsel without adequate input from investigative agencies. Adani welcomed the ruling, expressing respect for the judicial process and reaffirming his faith in the rule of law.
This legal victory comes after Adani's wealth increased by $2 billion earlier this year, making him Asia's richest man.
The case's dismissal may positively impact investor sentiment towards Adani Group, which operates in critical sectors of the Indian economy, including energy and media, and had previously faced scrutiny from the Securities and Exchange Commission, which resulted in an $18 million settlement for civil bribery charges