Hundreds of followers of India’s principal opposition party took to the streets on Monday to voice their discontent regarding billionaire Gautam Adani, who was recently indicted in the United States for purported fraud and bribery. Demonstrators accused the Indian government of shielding the coal magnate, as shares of his companies have plummeted following the recent allegations made against him.
Members of the Congress party gathered outside Parliament in New Delhi, calling for the swift arrest of Adani, whom many associate closely with Prime Minister Narendra Modi. Protesters brandished signs that read “Modi and Adani are one” and “Modi’s friendship is costing the nation.” Police detained several protesters amid rising tensions.
As Parliament convened on the same day, opposition members repeatedly shouted “Adani” in an effort to demand a comprehensive investigation into his business ventures, which span sectors including agriculture, renewable energy, coal, and infrastructure. However, the session was interrupted, resulting in an early adjournment.
Gautam Adani, 62, ranks among Asia’s wealthiest individuals and gained significant attention last week after U.S. prosecutors in New York charged him, along with seven of his associates, with securities fraud and conspiracy to commit both securities and wire fraud. The charges allege that he misled investors in a large solar initiative in India by hiding the involvement of bribery in its facilitation.
The indictment details an alleged scheme in which approximately $265 million in bribes were purportedly paid to various Indian government officials. So far, the Indian government has not provided an official response to the accusations, which the Adani group has dismissed as unfounded. The group’s Chief Financial Officer emphasized that the indictment was linked to a single contract under Adani Green, its renewable energy division, which represents only 10% of their business, claiming no other sectors have faced such accusations.
Following the unsealing of the indictment, Congress leader Rahul Gandhi criticized the Modi administration for allegedly protecting Adani from arrest and scrutiny. Describing the prime minister’s credibility as damaged, he asserted that the connection between Adani and Modi is widely recognized, vowing to unveil the entire network behind them.
The opposition coalition known as INDIA, primarily led by the Congress party, has persistently demanded investigations into Adani’s dealings. They have raised concerns about his perceived ties to the ruling government ever since a report published by a U.S.-based short-selling firm last year accused his companies of manipulation and fraudulent activities involving stock prices.
Adani has refuted these allegations as well. However, the revelation of this report led to a significant drop in his companies’ stock prices, sparking an ongoing investigation by India’s market regulator. Market analysts observe that Adani was beginning to recover from the fallout of the initial report when the new charges were disclosed, presenting one of the biggest challenges yet for the embattled billionaire. Following the indictment, shares of his companies fell by as much as 20%.
Adani’s presence within India’s economic landscape is expansive. His conglomerate stands as the largest coal mine operator and infrastructure developer in the country, managing several ports and airports and providing jobs to tens of thousands. Even with his substantial investments in fossil fuels, Adani has set his sights on becoming the globe’s foremost leader in renewable energy by the year 2030.
Analysts suggest that a crucial aspect of Adani’s rapid ascent has been his ability to synchronize his group’s goals with those of the Modi administration. Critics have accused him of engaging in crony capitalism and receiving preferential treatment from the government in securing contracts, claims that Adani’s group continues to deny.