US DOJ Oversteps Bounds in Adani Case: Mark Mobius’s Views
Mark Mobius, Chairman of Mobius Emerging Opportunities Fund, criticized the United States Department of Justice (DOJ) for initiating legal actions against Indian industrialist Gautam Adani.
He described the DOJ’s actions as an overreach of jurisdiction, pointing out that the alleged bribery charges lack substantial evidence and rely largely on hearsay.
Mobius believes that the US has no business prosecuting an Indian company for incidents occurring in India.
In a recent interview, Mobius noted that international corporate prosecutions by the US DOJ are likely to decline under the Trump administration. He stressed the importance of basing legal actions on tangible evidence rather than speculative claims.
Mobius also remarked on the resilience of Adani Group stocks, sharing that although he considered investing during their dip, the rapid recovery prevented him from doing so.
Adani Group’s Strategic Role and Recent Challenges
The Adani Group, comprising six listed companies, has become synonymous with India’s infrastructure and energy sectors. Its operations range from managing ports (Adani Ports) to leading renewable energy initiatives (Adani Green) and cement production (ACC and Ambuja). Mobius highlighted the Group’s infrastructure expertise, identifying this segment as particularly noteworthy amid global investment opportunities.
However, the Adani Group has faced relentless scrutiny, notably from the Hindenburg reports earlier this year. The reports, later exposed as an attempt to manipulate markets for financial gains, targeted Adani with unverified claims. Despite these challenges, the Group has shown resilience, underscoring its significance in India’s economic growth and strategic interests.
A Pattern of Political Targeting?
The recent DOJ indictment raises concerns about a deeper agenda. The US’s actions appear to be politically motivated, coinciding with the End Democrats administration’s tenure and a pattern of targeting nationalist icons like Adani. This raises questions about why the US deep state seems intent on undermining a figure central to India’s strategic and economic independence.
Adani’s acquisition of foreign ports and other investments in critical assets has safeguarded them from falling into foreign, particularly Chinese, hands. This nationalist approach aligns with India’s goal of economic self-reliance and securing the supply chain. The DOJ’s actions, however, disregard this context, threatening to strain US-India relations.
A Deep-State Agenda Against Nationalists?
The timing and nature of the DOJ’s actions raise serious questions. The Democratic administration’s last-minute move to indict Adani appears desperate, especially given its failure to discredit him through previous attempts like the Hindenburg report. These actions seem less about justice and more about targeting a nationalist figure who has prioritized India’s strategic interests over globalist agendas.
This isn’t just about Adani. It’s about the broader geopolitical games played by the US deep state, which has consistently treated rising nationalist powers as threats. By targeting Adani, the DOJ indirectly challenges India’s growing influence on the global stage.
Implications for Sovereignty and US-India Relations
The DOJ’s indictment not only undermines India’s sovereignty but also sets a dangerous precedent. If a foreign power can prosecute an Indian company for alleged actions within India, it poses a significant challenge to international norms. Such actions erode trust and could impact diplomatic ties.
The DOJ’s actions suggest that the US deep state feels entitled to wield its legal mechanisms to interfere in another nation’s internal affairs. This is a direct affront to India’s status as a sovereign power and raises critical questions about the balance of power in international relations.
India’s government must take a firm stand, ensuring that its companies are shielded from external overreach. Allowing such overreach without consequence could embolden further interventions. Protecting national interests and ensuring fair treatment on the global stage are paramount as India continues its rise as a major global power.
Meanwhile, the US needs to evaluate the long-term consequences of such interventions on its relationship with one of its most important allies in the Indo-Pacific region. This case serves as a reminder of the geopolitical dynamics at play in a rapidly evolving global order. As India asserts itself on the world stage, external forces will test its resolve.
The Adani case highlights the importance of safeguarding national sovereignty and supporting entities that contribute to India’s strategic growth. Moving forward, India must strengthen its defenses against such challenges, ensuring that its rise remains unimpeded by external interference.