The Adani group has repeatedly dismissed the SEC’s allegations as baseless, adding that it will seek all possible legal recourse. (file photo)

When the Justice Department indicted India’s richest man in the final weeks of the Biden administration, prosecutors described an “elaborate” bribery scheme involving “corruption and fraud at the expense of US investors.”

Now, according to several people with knowledge of the case, the Justice Department is planning to drop the charges altogether.

The reversal came after the Indian billionaire, Gautam Adani, hired a new legal team led by Robert J.…