Hundreds of supporters of India's main opposition party took to the streets in New Delhi to protest against billionaire Gautam Adani, who was recently indicted in the U.S. for alleged fraud and bribery. The protesters accused the government of protecting Adani, a prominent figure in the Indian coal industry.
Activists from the Congress party gathered near Parliament, demanding the immediate arrest of Adani, who is perceived to have close ties to Prime Minister Narendra Modi. Some protesters held placards criticizing the relationship between Modi and Adani, with slogans like “Modi and Adani are one” and “Modi's friendship is costing the nation.”
Opposition parties also sought to address the Adani allegations in Parliament, calling for a joint committee to investigate his various companies, which operate in sectors such as agriculture, renewable energy, coal, and infrastructure.
Adani, one of Asia's wealthiest individuals, and seven associates were charged by U.S. prosecutors in New York with securities fraud and conspiracy. The indictment alleges that Adani misled investors in a large solar project in India by concealing the involvement of bribes to government officials.
The Adani group has denied the charges, stating that they are baseless. The group's CFO clarified that the indictment was related to a specific contract of Adani Green, the renewable energy arm, and did not implicate other companies within the group.
The opposition has been vocal in its criticism of the government's handling of the Adani case, with accusations of protectionism and crony capitalism. The Congress party's Rahul Gandhi has accused the Modi government of shielding Adani from investigation and arrest.
Adani's businesses span various sectors and play a significant role in India's economy. Despite facing scrutiny and allegations, Adani has outlined ambitious plans to expand his renewable energy portfolio and become a global leader in the sector by 2030.
Market analysts note that the recent charges against Adani have had a significant impact on his companies' stock prices, with shares plunging following the indictment. Adani's influence in India's economic landscape and his relationship with the government continue to be subjects of debate and scrutiny.
