US prosecutors have dropped fraud charges against Indian billionaire Gautam Adani after he was accusing of duping investors in a solar project in India.
Accoridng to files presented to the federal court in Brooklyn, Adani was accused of wire and security fraud that saw his company sell 12 gigawatts of solar energy to millions of homes in Indi, allegations that the company denied.
“The Department of Justice has reviewed this case and has decided, in its prosecutorial discretion, not to devote further resources to these criminal charges against individual defendants,” said the prosecutors.
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U.S. Securities and Exchange Commission confirmed that a related case will now be settled outside court at a time when the billionaire was not arrested over the claims.
Adani is well known for building an empire in the coal industry back in 1990 and through his company Adani group, he built a diversified portfolio in renewable energy, agriculture and defense.
The company has since established itsef as one of the largest solar plants in the world and was on course to expand even further in 2030, a business that has revealed his close relationship with India’s Prime Minister Narendra Modi.
Adani group has faced backlash as well with the last one being back at home where President William Ruto was forced to cancel a deal to expand JKIA and build an energy plant in the country.