The Adani Mass bribery saga appears to have added a new chapter as the United States attorney for the Eastern District of New York, Breon S. Peace, said that he will resign from office on January 10, 2025.
Adani Accuser To Quit
Breon S. Peace is the attorney who is responsible for indicting Adani Group chairman Gautam Adani along with his associates, Sagar Adani and Vneet Jaain.
This resignation comes to pass as US President-elect Donald Trump, who won the November 5 US presidential election is all set to return to the White House. Trump will be inaugurated for his second term in the Oval Office on January 20. Peace will quit his office 10 days before Trump's big day.
Donald Trump will take office for his second term in 2025. | PIC: AFP
This comes to pass, as Trump, who has been manoeuvring his future administration has nominated some controversial names to his cabinet. Previously, he had also claimed that he would fire the entire team, along with special prosecutor Jack Smith, who brought charges against him.
Smith, then was quick enough to drop the cases against Donald Trump.
Adani's Indictment
It was in November 2024 that the US Federal Court issued an indictment in which Adani was accused of indulging in mass bribery. In this Adani and Co. were accused of bribing officials in 5 Indian states for a better deal in renewable energy projects.
In the bargain, the US authorities accused Adani of beguiling US investors and global financial institutions.
The conglomerate's officials were accused on 5 different counts.
It was in November 2024 that the US Federal Court issued an indictment in which Adani was accused of indulging in mass bribery. | Image: Wikipedia (Representative)
The Aftermath
This lead to a furore in the public domain. And, the equity markets were no different, as Adani shares collapsed in the following days. All major Adani companies, especially Adani Energy and Adani Green saw a mass exodus of investors from the company shares. It also kicked off a political storm, with many demanding action against Adani.
