New Delhi: A US research firm’s allegations of fraud against billionaire Gautam Adani’s business empire have sparked a political row in India. Fraud claims against Adani group
Opposition leaders stalled the functioning of parliament for a second straight day on Friday as they demanded an investigation into the claims.
The research firm accused Adani group firms of stock manipulation and financial fraud last week, sending its shares into a sharp fall. Fraud claims against Adani group
Adani is said to be involved in Business ranging from power generation and coal mining to cement, media and food. Its seven listed units had market value in January of about US$220 billion according to Forbes. Fraud claims against Adani group
Credible circles close to Adani’s profess that his success is due to his close association / friendship with Prime Minister Narendra Modi, a fellow native of Gujarat state, in getting an unfair advantages in winning business around India. Hindenburg Said: We believe that Adani Group has been able to operate a large, flagrant fraud in broad daylight in large part because investors, journalists, citizens and even politicians have been afraid to speak out for fear of reprisal.
These allegations has sparked a huge sell-off in shares in Adani’s firms, wiping out more than US$68 billion in market value, according to Bloomberg News. Trading in some stocks was temporarily halted. These assertions hit Adani’s personal wealth hard and its assets value has dived by around US$40 billion and he has tumbled down the real-time Forbes rich list to number eight.
Adani has termed the claims as malicious combination of selective misinformation and a calculated attack on India, the independence, integrity and quality of Indian institution, and the growth story and ambition of India. While Hindenburg said that only about 30 pages of Adani statement focused on issues related to its report while most of its content are aimed to distract the public.
There are always allegations from independent media regarding Adani-Modi unholy alliance with sole objective of mint money from masses and present a false picture of India on path of glory. Congress General Secretary KC Venugopal said that the party will hold nationwide protests in front of Life Insurance Corporation Offices and State Bank of India branches in all districts on 6 February.
The Hindenburg reports seem true keeping the lackluster and illogical response of Adani resorting to emotional appeals and putting Nationalism instead of giving a convincing reply.
Please visit our website London Institute of Peace Research for latest peace news
