AP’s NEW DELHI On Monday, hundreds of supporters of India’s main opposition party demonstrated against billionaire Gautam Adani, who was recently charged with fraud and bribery in the United States. They claimed that the government was shielding the Indian coal tycoon, whose company’s stock has plummeted since the charges were made last week.
Congress party activists protested in front of Parliament in New Delhi, calling for Adani’s immediate arrest since they believe he is linked to Prime Minister Narendra Modi. Signs stating that Modi and Adani are one and that the country is losing money because of Modi’s relationship were displayed by several. Police detained a number of them.
Opposition parties tried to bring up the Adani accusations in Parliament on Monday as well, but the meeting was adjourned due to disturbances. They demanded that a combined committee look into his businesses, which are involved in coal, renewable energy, infrastructure, and agricultural.
One of the wealthiest men in Asia, Adani, 62, gained notoriety last week when U.S. prosecutors in New York charged him and seven of his associates with conspiracy to commit securities fraud and wire fraud. The charges claimed that Adani had deceived investors in a large solar project in India by hiding the fact that it was being financed by bribes.
The indictment describes a purported plan to corrupt Indian government officials with roughly $265 million.
Police detain a Congress party supporter during a protest against Indian billionaire Gautam Adani and Indian Prime Minister Narendra Modi after Adani was indicted by U.S. prosecutors for bribery and fraud, in New Delhi, India, Monday, Nov. 25, 2024. (AP Photo/Shonal Ganguly)
Pictured by Shonal Ganguly/Associated Press
The Adani group has rejected the accusations as unfounded, and the government has not formally responded to them. The group’s CFO stated on Saturday that the indictment was related to a single contract with Adani Green, its renewable energy division, which accounted for 10% of its total revenue. He also stated that none of the group’s other businesses were charged with any misconduct.
The accusations are shameful for India, according to Ishita Sadha, a member of the Congress party’s youth wing. According to her, Modi is protecting Adani.
Rahul Gandhi of the Congress party claimed that the Modi government was shielding Adani and that the billionaire will not be detained or subject to an investigation after the indictment was made public last week. The credibility of the prime minister has been ruined. Everyone in the nation is aware that Adani and Modi are one. Gandhi assured reporters that the full network would be made public.
Investigations on Adani have been routinely demanded by the Congress party, which leads the largest opposition alliance known as INDIA. Since a U.S.-based short-selling business published a report last year accusing the billionaire’s enterprises of stock price manipulation and fraud, they have targeted the tycoon and his alleged ties to the government.
Although Adani refuted the allegations as well, the news led to the sale of his company’s stock and an ongoing inquiry by the nation’s market watchdog. The allegations were the biggest test yet for the troubled entrepreneur, according to market watchers, who say Adani had just recovered from the shock of the revelation when they were revealed. One day following the indictment, his company’s shares fell as much as 20%.
Adani has a profound impact on the Indian economy. His company runs multiple ports and airports, employs tens of thousands of people, and is the largest coal mine operator and infrastructure developer in the nation. Despite his history with fossil fuels, Adani hopes to dominate the global renewable energy market by 2030.
According to analysts, a major contributing element to his rapid ascent over the years has been his ability to match the goals of his group with those of the Modi administration. The group has refuted his detractors’ accusations of crony capitalism and special treatment from the government, notably in obtaining contracts.
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