Yesterday, U.S. District Judge Nicholas Garaufis formally dismissed the charges against Indian billionaire Gautam Adani, his nephew Sagar Adani, and former Adani Green Energy executive Vneet Jaain. Senior DOJ official Trent McCotter told the court the prosecution concerned conduct primarily occurring outside the United States would be difficult to prove and did not fit the department’s revised enforcement priorities.

The case began in 2024, when federal prosecutors accused Adani and other executives of participating in a scheme involving more than $250 million in promised bribes to Indian government officials to obtain lucrative solar-energy contracts. Prosecutors also alleged that Adani executives misled American and international investors about their companies’ anti-corruption practices while raising billions of dollars. Adani and the Adani Group consistently denied wrongdoing.

The dismissal of the case could have implications for U.S. India relations. Adani is one of India’s most influential businessmen, and his prosecution created the possibility of ensnaring high-ranking Indian government officials close to Prime Minister Modi. Ending the case removed a potential obstacle as the two governments try to expand cooperation in trade, defense, technology, energy, and critical minerals…

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Only days before the court ruling, Prime Minister Narendra Modi and Vice President J.D. Vance reaffirmed their commitment to strengthening the broader U.S.-India strategic partnership. The Trump administration’s claim that they would not pursue the case because it involved conduct that occurred outside the United States is a striking departure from their treatment of former Venezuelan President Maduro, who was captured by U.S. military forces for his illicit activities, all of which occurred outside the United States. 

Although the judge approved the Justice Department’s request to drop the charges, his ruling raised unusual questions about how and why federal officials decided to terminate the prosecution. Judge Garaufis noted that McCotter appeared to have reached the dismissal decision largely through discussions with Adani’s defense lawyers without significant participation by many of the prosecutors and investigators who had originally developed the case. Garaufis described the circumstances surrounding the dismissal as ‘concerning’ and the process as ‘highly unusual.’

Particularly sensitive was Adani’s previously announced promise to invest approximately $10 billion in the United States. His attorneys acknowledged that during discussions with the government, they had suggested the investment might potentially form part of a resolution of the legal dispute. It is not surprising Mr. Adani’s lawyers made such an offer to U.S. officials, since bribery and payoffs are how charges can be arranged to be dismissed in India. 

When wealthy foreign businessmen can obtain favorable treatment from the U.S. Department of Justice because national interests are involved, it creates the appearance that politics is more important than justice, and the possibility it really is.

Washington increasingly views India as an indispensable economic and strategic partner, while questions concerning corruption, rule of law, and corporate influence often complicate that partnership. The Adani prosecution may be over, but the controversy surrounding the reasons for its disappearance is unlikely to end with the judge’s dismissal order.

*Disclosures

Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur.

The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.

The gain figures are based on Palantir Technologies’ IPO in September 2020 and its share price as of August 4, 2026 close, using adjusted closing data from Yahoo Finance.

Please read the offering circular at invest.modemobile.com. This is a paid advertisement for Mode Mobile’s Regulation A Offering.

*Mode cumulative revenue includes full year revenue of businesses acquired in 2025.