Gautam Adani welcomes US court’s decision, says will continue to build for our nation
Washington/New Delhi: Gautam Adani, Chairman of the Adani Group, has welcomed the US court’s decision with “humility and deep respect for the judicial process”, as the court dismissed all criminal charges against Gautam Adani, Sagar Adani and their associate Vneet Jaain.
Judge Nicholas Garaufis of the United States District Court for the Eastern District of New York dismissed criminal charges against the Adani Group on Monday related to securities and wire fraud with prejudice.
“Throughout this challenging period, our faith in truth, fairness and the rule of law remained unwavering,” the Adani Group Chairman said in a post on X.
“My deepest gratitude to those who never lost faith in us, in the system and in India’s capacity for justice,” said Gautam Adani.
Separately, the court finalised a settlement between the Adanis and the US Securities and Exchange Commission (SEC), which will see the former pay the US government $18 million and formally settle the civil securities fraud charges against them.
“We will continue doing what matters: building for our nation, creating value that outlasts us and serving a purpose larger than ourselves. That is our commitment,” Gautam Adani mentioned in the X post.
Last month, the US Department of Justice told a federal court that investors suffered no financial losses in the securities at the centre of the case against billionaire industrialist Gautam Adani, arguing that the absence of investor losses further undermined the government’s own prosecution and reinforced its decision to seek dismissal of all criminal charges.
In a detailed filing before the US District Court for the Eastern District of New York, the Department said one of the central weaknesses in the securities fraud case was that investors had not suffered any financial harm.
“Not a single penny has ever been lost on the securities at issue,” the filing states. It adds that two of the notes involved in the case “are fully paid back”, while “the other two notes are currently paid up, with no indication of any change ahead”.