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Adani and Modi | The Full Story of Fraud Allegations | Dhruv Rathee

Dhruv Rathee・19 minutes read

The Adani Group faces multiple allegations of manipulation, tax evasion, and collusion with the Indian government, prompting scrutiny and calls for investigations and a Joint Parliamentary Committee. These allegations include acquiring land at lower prices, misusing forest land, and involvement in risky financial ventures like privatising airports and coal imports, with claims of significant debt and close ties to PM Modi.

Insights

  • Wikipedia accused the Adani Group of manipulating pages using fake accounts and undeclared paid editors, raising questions about the group's online reputation management practices and transparency.
  • Adani Group's extensive foreign projects and alleged close ties to Prime Minister Modi have fueled accusations of tax evasion, with claims of evading taxes amounting to ₹10 billion, highlighting concerns about financial transparency and accountability within the group.

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Recent questions

  • What are the allegations against the Adani Group?

    The Adani Group faces allegations of manipulating Wikipedia pages, involvement in land scams, misutilization of forest land, and financial risks in airport privatization.

  • What is the controversy surrounding Adani's involvement in airport privatization?

    Adani's involvement in airport privatization raised concerns about financial risks and compromised services.

  • What is the significance of the allegations against Adani's coal-related decisions?

    Allegations against Adani's coal-related decisions suggest collusion with the Indian government.

  • How did the Adani Group's foreign projects contribute to the controversy?

    Adani's foreign projects raised suspicions of close ties to PM Modi and tax evasion.

  • What led to the calls for investigations and a Joint Parliamentary Committee regarding the Adani Group?

    Adani Group's total debt and concerns about loan write-offs prompted calls for investigations and a Joint Parliamentary Committee.

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Summary

00:00

Allegations against Adani Group spark controversy

  • The Hindenburg Report was published over a month ago, leading to ongoing allegations against the Adani Group.
  • Wikipedia accused the Adani Group of manipulating pages using fake accounts and undeclared paid editors.
  • Rahul Gandhi and Mahua Moitra questioned PM Modi about his alleged relationship with Adani in Parliament.
  • A photo of PM Modi with Adani caused uproar, leading to the removal of Rahul Gandhi's remarks from Parliament records.
  • Allegations against Adani include a land scam where they acquired land at significantly lower prices than other companies.
  • The misutilization of forest land by Adani, benefiting from incorrect classification by the Gujarat government.
  • Adani's involvement in the privatisation of airports raised concerns about financial risks and compromised services.
  • Adani's acquisition of Mumbai Airport's stake raised suspicions of collusion and pressure from the Indian government.
  • Opposition leaders alleged a coal scam involving PM Modi working for Adani's benefit during foreign tours.
  • Subramanian Swamy highlighted a timeline of events suggesting collusion between the Indian government and Adani in coal-related decisions.

14:24

Adani Group's Controversial Rise and Debt Crisis

  • Domestic coal in India costs ₹1,700-₹2,000 per tonne, while Adani imports coal at ₹17,000-₹20,000 per tonne, showing a tenfold cost difference.
  • An audiobook on KUKU FM, "India's Biggest Scams," delves into detailed accounts of alleged scams like the 2G spectrum scam and the commonwealth scam, offering insights into their nature and why they are considered scams.
  • In May 2019, India, Japan, and Sri Lanka signed a Memorandum of Cooperation for the East Container Terminal at the Columbo Port, later changed to the West Container Terminal in March 2021 as a joint public-private partnership with Adani Ports and SEZ.
  • Adani has secured various foreign projects in countries like Sri Lanka, Bangladesh, and Israel, including contracts related to ports, defense, and electricity, with allegations of close ties to Prime Minister Modi and tax evasion.
  • Adani Group faced accusations of tax evasion, with claims of evading taxes amounting to ₹10 billion, using shell companies to transfer funds to tax havens, and inflated import values, though charges were dropped in 2017.
  • Adani Group's total debt reached ₹2.2 trillion in September 2022, with significant amounts owed to Indian banks like SBI, PNB, and Bank of Baroda, raising concerns about loan write-offs and NPAs, prompting calls for investigations and a Joint Parliamentary Committee.
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