DoJ case against Adani 'flimsy, baseless': Mahesh Jethmalani on US Attorney's resignation

New Delhi (The Uttam Hindu): The US Department of Justice's (DoJ) indictment of Adani Group officials in an alleged bribery case is "extremely flimsy", senior advocate Mahesh Jethmalani said on Friday, as Breon Peace, the US Attorney behind the case, announced his resignation.

According to reports, Brooklyn US Attorney Peace, who presented charges against Adani Group officials, has announced to step down on January 10 – just days away from Donald Trump’s inauguration as the next US President on January 20. Peace, who was appointed by outgoing US President Joe Biden in 2021, will be replaced by First Assistant US Attorney Carolyn Pokorny.

"The Adani case in US court was already a very diluted case. There was no evidence or basis to the indictment. The uproar by the Opposition over the issue in the Indian Parliament is baseless," Jethmalani was quoted as saying in media reports. Peace's resignation was on expected lines as he was likely to be asked by the next US administration under Trump to step down. Last week, Adani stocks gained following the news of FBI Director Chris Wray resigning from office early next year after the US President-elect replaced him with Kash Patel.

Despite the earlier hedge funds allegations, the Adani Group made a roaring comeback on the stock market and the US Justice Department indictment will fizzle away soon, according to industry experts. In November, the DoJ indicted Adani Group officials on allegations ranging from securities fraud to wire fraud. The Adani Group vehemently rejected the allegations as "malicious, mischievous and manipulative selections of publicly available information" to arrive at "predetermined conclusions for personal profiteering with wanton disregard for facts and the law".

The indictment by the US DoJ is nothing but a "wasted expense and once Trump assumes office, such wasteful exercises involving the government offices with overseas businesses will probably fade away," ace global investor Mark Mobius recently told IANS.