Indian billionaire Gautam Adani, chairman of the Adani Group, has been indicted in New York over allegations of bribery and fraud. According to U.S. prosecutors, Adani, along with seven others, including his nephew Sagar Adani, is accused of orchestrating a scheme to pay $265 million in bribes to Indian government officials. This alleged act aimed to secure contracts for India’s largest solar power project, projected to generate $2 billion in profits over two decades.

During a media briefing on Thursday, November 21, White House press secretary Karine Jean-Pierre acknowledged the charges, emphasizing that the allegations are being monitored closely. She referred questions about the specifics of the case to the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ). Jean-Pierre reaffirmed the strong relationship between the U.S. and India, expressing confidence in the government’s ability to navigate the situation.

This indictment comes amidst heightened scrutiny of the Adani Group following the Hindenburg report earlier this year, which raised concerns over financial misconduct. Adding to the drama, UAE royals have reportedly invested $400 million in Adani’s ventures, signaling their continued support despite the allegations.