The White House expressed confidence that the enduring strength of US-India relations will help both countries manage the ongoing bribery controversy involving Indian billionaire Gautam Adani. During a press briefing, White House Press Secretary Karine Jean-Pierre addressed the recent charges against Adani, the chairman of the Adani Group, and emphasized the robust foundation of bilateral ties.
Jean-Pierre acknowledged awareness of the allegations, which involve Adani and several associates in a multi-billion-dollar bribery and fraud scheme. However, she deferred further details to the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ), which are handling the specifics of the case. In support of US-India relations, Jean-Pierre reiterated that both nations’ cooperation on global issues stands on a “strong foundation” and expressed confidence in navigating the matter as they have with previous challenges.
In response to the charges, the Adani Group vehemently denied the allegations, calling them “baseless” and reaffirming its intent to pursue all available legal recourse. The accusations, made by the DOJ and SEC, claim that Adani paid over $250 million in bribes.
Meanwhile, opposition leader Rahul Gandhi called for Adani’s immediate arrest, claiming that Prime Minister Modi is protecting him. The BJP, in turn, dismissed the attack on Modi, asserting that the legal process would unfold independently.
The case has significantly impacted the stock value of Adani Group, which saw Rs. 2.2 lakh crores wiped from its market capitalisation following the indictment. This marks its sharpest decrease in market value since the Hindenburg crisis first erupted in early 2023.
