Adani Group’s progress with US officials has faltered, as New Delhi and Washington disagree on Russian oil and Pakistan
Gautam Adani’s attempts to resolve US fraud allegations have hit a roadblock on account of India–US tensions, Bloomberg reported on Thursday.
In November, US regulators brought charges against the Indian billionaire and his nephew, Sagar Adani, alleging that they had paid bribes to obtain power supply contracts and had misled US investors regarding compliance during bond sale fundraising efforts.
Adani Group, one of India’s largest conglomerates, has denied the charges.
Progress that Adani’s representatives had made with US officials in recent months has faltered, as the two countries have disagreed on issues such as trade, Russian oil imports, and India’s conflict with Pakistan, Bloomberg said, citing people familiar with the matter.
US officials, including those from the Trump administration, have indicated that a deal to drop the cases is unlikely for as long as relations between the two nations remain strained, the report said.
In addition to the US Department of Justice (DOJ) charges, Adani also faces a separate civil lawsuit from the Securities and Exchange Commission (SEC), which was announced at the same time.
In June, the DOJ had launched another probe into Adani Group, alleging potential violations of US sanctions targeting Iran, according to media reports.
The probe focuses on alleged imports of Iranian liquefied petroleum gas into India through Adani’s Mundra port, located in the western state of Gujarat.
Scrutiny targeting the conglomerates comes at a time when the South Asian nation faces high tariffs from the US.
The US has imposed duties on most Indian products, which include a 25% tariff announced in early August followed by an additional 25% at the end of last month, as a “penalty” for India’s purchases of Russian oil and defense equipment – actions that US President Donald Trump claims have indirectly fueled the Ukraine conflict.
Since then, White House Trade Adviser Peter Navarro has repeatedly accused India of “profiteering” from Russian oil and even labeled the Ukraine conflict “Modi’s war.” Indian Foreign Minister S. Jaishankar said last month that New Delhi is “perplexed” about Washington’s stance regarding its imports of Russian oil.
