No evidence of bribery, case outside US jurisdiction: Top biz leaders back closure of Adani case

Indian-American business leaders and policy voices on Friday welcomed the closure of the case against the Adani Group in the US, arguing that the matter was outside the jurisdiction of American law and lacked concrete evidence of wrongdoing. 

Speaking to IANS, they said the development would help restore momentum in India-US economic ties and boost investor confidence in Indian companies operating globally.

Dr. Mukesh Aghi, President and Chief Executive Officer of the US-India Strategic Partnership Forum, said the India-US relationship remains strategically and economically important, and resolving the case involving the Adani Group was necessary to ensure smoother access to international capital markets for Indian companies.

“When you look at the case, it was completely out of the jurisdiction of the US law. And so, we were surprised as to why this has been put on an Indian company,” he said.

"The other thing is there was no evidence of bribery. There were assumptions made and I think you can't move forward on assumption unless you have real evidence itself,” Aghi told IANS.

But more important is no investors, especially US investors, lost any money. So, we strongly feel that it was the right decision by the Justice Department and this will take the relationship back on track between the two countries, he added.

Echoing similar views, Ajay Jain Bhutoria, a Democrat who served in former US President Joe Biden’s White House in an advisory role, said the prosecutors were ultimately unable to sustain their allegations.

“I cannot say whether the case was politically motivated or not, since it was a judicial matter brought before the court. But the prosecutors were not able to sustain their allegations and did not have enough evidence to continue the case,” Bhutoria said.

“For years, the MAGA movement has pushed a narrow narrative that India and Indian American takes away American jobs through H-1B visas and others. Adani Group’s 10 billion dollars investment completely shatters that misconception,” he said.

This fundamentally shifts the perception of Indian corporate community in the US, proving that Indian capital could be one of the primary engine driving American domestic growth, Bhutoria added.