The White House has released its first official statement regarding the bribery and fraud allegations against Gautam Adani and the Adani Group in the United States. The U.S. administration acknowledged awareness of the case and expressed confidence in its ability to address the situation.
The allegations are connected to India’s largest solar power project, which projected profits of $2 billion for the Adani Group. It is claimed that eight members of the Adani Group offered bribes totaling $265 million (approximately Rs 2,120 crore) related to this project.
On November 22, White House Press Secretary Karine Jean-Pierre addressed the media, confirming that the U.S. government is aware of the accusations against Gautam Adani and his company. Jean-Pierre emphasized that U.S.-India relations remain stable, founded on “deep trust and extensive cooperation.”
Jean-Pierre noted that the U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) will oversee the investigation, with both agencies fully informed about the allegations.
In response to these claims, the Adani Group has categorically denied any wrongdoing, labeling the allegations as unfounded. The group stated its intention to explore all available legal avenues to defend its position. Despite this, the group acknowledged the allegations in a U.S. court as part of the legal proceedings.
Following these developments, Adani Group’s stocks in Mumbai saw a significant decline of 23%. Adani reiterated that the charges against the group’s directors are baseless and assured stakeholders of their commitment to defending their integrity in court.
The ongoing investigation by U.S. regulatory bodies is expected to clarify the legitimacy of these claims, with both governments closely monitoring the case while prioritizing the strength of U.S.-India relations.
