A report in the New York Times quoted people briefed on the matter as saying that criminal charges would be filed against Gupta.
The report quoted Gary Naftalis, a lawyer for 62-year-old Gupta, who said, "The facts demonstrate that Gupta is an innocent man and that he acted with honesty and integrity."
"The case against Gupta would extend the reach of the government's inquiry into America's most prestigious corporate boardrooms. The charges would also mean a stunning fall from grace of a trusted adviser to political leaders and chief executives of the worlds most celebrated companies," it said.
Gupta was the former director of Goldman Sachs and Procter.