The White House has addressed allegations against Indian billionaire Gautam Adani. US prosecutors indicted him in New York for his alleged involvement in a massive bribery and fraud scheme.
Details of the Accusations
Prosecutors accused Gautam Adani and seven others, including his nephew Sagar Adani, of paying $265 million in bribes. These payments reportedly secured contracts for India’s largest solar power project, expected to yield $2 billion in profits over 20 years.
In response, the Adani Group denied the accusations, calling them “baseless.” However, Indian government officials have remained silent on the matter so far.
White House Comments
During a press briefing, White House Press Secretary Karine Jean-Pierre addressed the situation. She confirmed the administration is aware of the charges. Jean-Pierre stated, “Obviously, we’re aware of these allegations, and I would have to refer you to the SEC (Securities and Exchange Commission) and DOJ (Department of Justice) about the specifics of those allegations against the Adani Group.”
Despite the controversy, she emphasized the strong ties between India and the United States. She remarked, “We believe that it stands on an extremely strong foundation anchored in ties between our people and cooperation across a full range of global issues.”
She also expressed confidence in handling the situation. Jean-Pierre added, “We’ll continue to navigate this issue as we have with other issues. The relationship between the two nations has been built on a strong foundation.”
Adani Group Rejects Allegations
Meanwhile, the Adani Group strongly refuted the charges. In a statement, the company declared, “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied. All possible legal recourse will be sought.”
Following the indictment, Adani Group’s shares plunged by over 23% in Mumbai. This sharp drop reflected growing investor unease.
Political Reactions in India
The allegations have sparked political turmoil in India. Congress leader Rahul Gandhi demanded Gautam Adani’s immediate arrest. He accused Prime Minister Narendra Modi of shielding the industrialist. Gandhi alleged, “We demand that Adani be immediately arrested. But we know that won’t happen as Modi is protecting him. Modi can’t act even if he wants to, because he is controlled by Adani.”
On the other hand, the BJP dismissed Gandhi’s accusations. Party spokesperson Sambit Patra said Gandhi’s remarks were part of his ongoing campaign against Modi. Patra pointed out that none of the states mentioned in the US indictment are BJP-ruled. He stated, “Law will take its own course.”
Impacts of Allegations
The allegations against Gautam Adani have intensified political debates and unsettled the stock market. As the case unfolds, it could impact India’s corporate image and political dynamics. The international scrutiny further highlights the growing focus on accountability in global business practices.