The US Department of Justice is dropping its fraud charges against the Indian billionaire Gautam Adani, the richest man in Asia, after he hired a new legal team led by Donald Trump’s personal lawyer, according to new reports.

In an undisclosed April meeting at the justice department, Trump’s personal lawyer, Robert J Giuffra Jr, said that Adani would invest $10bn in the US economy and create 15,000 jobs if prosecutors dropped the charges against him, according to the New York Times and Bloomberg.

Guiffra also reportedly had a presentation of 100 slides that explained why prosecutors lacked evidence and jurisdiction over the case, according to the Times.

Prosecutors said that the potential investment would not sway the outcome of the case, but the offer received favorable response from one senior justice department official, the outlets reported.

Adani was accused of conspiring to pay $250m in bribes to Indian government officials and misleading American and international investors with false statements. He and two other executives of an Indian renewable energy company were indicted in New York and charged with multiple counts of fraud in November 2024.

At the time, the justice department said that in addition to paying $250m in bribes, Adani also schemed “to lie to investors and banks to raise billions of dollars, and to obstruct justice”.

“These offenses were allegedly committed by senior executives and directors to obtain and finance massive state energy supply contracts through corruption and fraud at the expense of US investors,” said Lisa Miller, the deputy assistant attorney general at the time.

Adani is considered one of the wealthiest and most powerful men in the world as the founder of Adani Group, a conglomerate that operated India’s ports, built coal-fired power stations and opened coalmines in the country. According to the Bloomberg Billionaires Index, he is the richest man in Asia, with an estimated net worth of $104bn.

He holds close ties to the country’s nationalist prime minister, Narendra Modi, whose party members granted the Adani group contracts that allowed the group to monopolize and expand. This resulted in allegations of favoritism and “crony capitalism”, which the Adani Group has denied. Journalists who tried to investigate the company were often harassed and charged.

Giuffra is the co-chair of Sullivan & Cromwell, a powerful New York law firm. Shortly before Trump started his second term, Giuffra agreed to represent Trump in the appeals of two personal cases against him, including the Stormy Daniels hush-money case.

The justice department and Sullivan & Cromwell did not immediately reply to a request for comment.