Billionaire Gautam Adani on Wednesday, for the first time, acknowledged in a sworn affidavit before a US court that his legal team suggested the Adani Group’s proposed $10 billion investment in the United States could be considered as part of a resolution of the criminal and civil proceedings against him if US authorities were willing to do so.
The affidavit, filed before the US District Court for the Eastern District of New York, also states that the proposal was rejected by the US Department of Justice (DOJ). Adani said the investment plan did not influence the department’s subsequent decision to seek dismissal of the criminal case.
Affidavit details settlement discussions
In the affidavit filed on Tuesday, Adani said he understood that his lawyers had raised the investment proposal during settlement negotiations with the DOJ and the US Securities and Exchange Commission (SEC).
“During these settlement discussions, I understand that my counsel suggested that my publicly stated intent to invest $10 billion in the United States might be part of a resolution of these matters if that was what the DOJ or SEC wanted,” the affidavit states.
Adani further told the court that the Justice Department later informed his lawyers it “would not consider this potential investment in deciding whether to seek dismissal of the criminal case.”
He added that, to the best of his knowledge, the proposed investment “had no role” in the department’s decision to move for dismissal.
Investment announcement predated unsealing of indictment
According to the affidavit, the proposal stemmed from a post Adani made on X on November 13, 2024, announcing the group’s intention to invest $10 billion in US energy security and resilient infrastructure projects, with the potential to generate up to 15,000 jobs.
Adani told the court that neither the indictment nor the SEC complaint had been made public when he announced the investment plan, and that he was unaware of either filing at the time.
However, the affidavit does not address whether he knew about the underlying investigation before the indictment became public.
Judge sought clarification on possible agreement
The affidavit was filed after US District Judge Nicholas Garaufis directed Adani to clarify whether anything had been promised, offered or agreed in return for the Justice Department’s move to dismiss the indictment filed in November 2024.
Responding to the court’s questions, Adani said he was unaware of any promise, offer or agreement linked to the dismissal of the indictment.
He also stated that he knew of no agreement under which anything was exchanged for the withdrawal of the criminal case, apart from settlement discussions involving the SEC proceedings and a separate Office of Foreign Assets Control (OFAC) investigation.
Defence says proposal was rejected
In a separate declaration submitted to the court, Adani’s lawyer, Robert Giuffra, said the investment proposal was presented as part of a standard “collateral consequences” argument. It sought to demonstrate the broader economic impact the pending charges could have on the group’s planned investments in the US and on India-US trade ties.
The declaration also says US Attorney Joseph Nocella informed the defence on May 11 that any proposal to resolve the criminal case through the planned investment was “categorically rejected” and would not be considered.
It adds that the defence did not pursue the proposal further and that it was not incorporated into the eventual resolutions discussed with the DOJ, SEC or OFAC.