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The White House has acknowledged awareness of the allegations against Gautam Adani, the Indian billionaire and chairman of the Adani Group. Adani, his nephew Sagar Adani, and six others were indicted by US prosecutors in New York on Wednesday (November 20) in an alleged Rs 2,029 crore bribery case.

During a media briefing on Thursday, White House Press Secretary Karine Jean-Pierre confirmed that the Biden administration is aware of the charges against Gautam Adani. She emphasized that the strong foundation of the US-India relationship would help the United States navigate the ongoing crisis surrounding the bribery allegations against the Indian business magnate.

“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,” Pierre said. 

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“What I will say is on the US and India relationship, 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,” Pierre added. 

In response to the recent indictment of the Adani Group, the White House Press Secretary emphasized the strength of the India-US relationship, underscoring the commitment to addressing any issues that may arise through established diplomatic channels. 

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“What we believe and we are confident about is that we'll continue to navigate this issue as we have with other issues that may have come up as you just stated. And so the specifics of this, this is something that the SEC and DOJ can speak to directly, but again, we believe that…this relationship between the two nations has been built on a strong foundation,” Pierre said. 

What Are The Charges Against Gautam Adani

Gautam Adani and his associates, including executives from Adani Green Energy Ltd and Cyril Cabanes of Azure Power Global Ltd, have been charged with conspiring to commit securities and wire fraud, along with substantive securities fraud. According to the Department of Justice (DOJ), they orchestrated a scheme to secure funds from US investors and international financial institutions by making false and misleading statements.

Adani, his nephew Sagar Adani, and Vneet Jaain are also accused of deceiving US investors and financial institutions to secure more than USD 3 billion in loans and bonds. They allegedly concealed a bribery scheme and made false claims about their anti-corruption practices in financial disclosures.

The charges also allege that they deceived international investors, raising more than USD 3 billion (approximately Rs 24,900 crores) through fraudulent practices, as reported by news agency Reuters. 

Adani Group Dismisses Charges 

The Adani Group on Thursday rejected the allegations of bribery and securities fraud after its chairman Gautam Adani, his nephew Sagar Adani, and six others were indicted by US prosecutors in New York on Wednesday (November 20) in an alleged Rs 2,029 crore bribery case.

The group rejected the claims after increased market volatility, as Adani Enterprises' stock price significantly dropped 23 percent during Thursday's trading session.