SEC alleges a fraud and bribery scheme involving $265 million.
NEW YORK (TIP): U.S. Securities and Exchange Commission has asked a U.S. court for permission to personally email summons to Indian billionaire Gautam Adani and group executive Sagar Adani over alleged fraud and a $265 million bribery scheme, filings show.
The SEC said that India has previously refused two requests to serve the summons.
In the most high-profile legal case in the U.S. involving an Indian conglomerate, the SEC has been trying to send summons to Adani group founder Gautam Adani and his nephew Sagar since last year.
Adani group has called the allegations “baseless” and said that it would seek “all possible legal recourse” to defend itself. It did not immediately respond to Reuters’ request for comment on the latest SEC filing, dated January 21.
In the response to the New York court, the U.S. markets regulator said it “does not expect service to be completed” through the current route and should be allowed to directly email the summons to the Adani group executives.
India’s law ministry also did not immediately respond to a Reuters’ request seeking comment on the latest filing. It has previously described the issue as a legal issue between private firms and the United States.
ALLEGED SCHEME TO BRIBE INDIAN OFFICIALS
The indictment, which was unsealed in November 2024, accused Adani group executives of being part of a scheme to pay bribes to Indian officials for buying electricity produced by Adani Green Energy, a unit of the Adani group.
The SEC complaint says the executives also misled U.S. investors by providing information about the company’s anti-graft practices.
The two rejections by India to serve the summons, the SEC filing said, were based on procedural reasons, such as signature and seal requirements, none of which it said is needed in summons sent to individuals in another country under the international treaties of the Hague Convention.
In its second rejection in December last year, the court filing added that India’s law ministry appeared to raise doubts about the SEC’s authority to request service of summons. “These responses demonstrate that further attempts through the Hague Convention are unlikely to succeed,” the SEC filing said.
(Agencies)
“Over the last few years, as the Adani juggernaut struck deals in the neighborhood, apparently with help from the topmost echelons in Delhi, the government shook off the controversies and saw this as a no-brainer in a tough region where it has to rival China for influence and money power. The deals were controversial. Their review in Dhaka and Colombo after dramatic changes of government in both capitals, with the US indictment of Gautam Adani and others in his companies on charges of bribery strengthening public and political sentiment against them, should make it clear they were never cool.”
By Nirupama Subramanian
For several decades of the 20th century, American diplomacy in its neighborhood was identified with a US multinational called the United Fruit Company (UFC). How the UFC influenced the economies of Central America and even orchestrated a coup with the CIA in Guatemala to protect its interests is a story of ‘banana republics’ too well-known to recount here. India now has its own version of this story, with a twist in the tale.
Over the last few years, as the Adani juggernaut struck deals in the neighborhood, apparently with help from the topmost echelons in Delhi, the government shook off the controversies and saw this as a no-brainer in a tough region where it has to rival China for influence and money power. The deals were controversial. Their review in Dhaka and Colombo after dramatic changes of government in both capitals, with the US indictment of Gautam Adani and others in his companies on charges of bribery strengthening public and political sentiment against them, should make it clear they were never cool.
In Bangladesh, Adani Power Jharkhand Ltd, which sends electricity to that country from a coal-fired thermal plant in the specially created Special Economic Zone (SEZ) in Godda (Jharkhand), has been in the eye of a storm since December 2022. Seven years earlier, during his June 2015 visit to Dhaka, PM Narendra Modi pushed to “widen the cooperation” between the two countries in the power sector. According to the joint statement from the visit, Modi, lauding the efforts of Sheikh Hasina, then Bangladesh PM, to achieve a higher installed power capacity, “conveyed that India can be a major partner in achieving this goal and many Indian corporates have the capacity to cooperate with Bangladesh in this endeavor”. He requested Hasina to facilitate “the entry of Indian companies in the power generation, transmission and distribution sector of Bangladesh”.
Gautam Adani was in the PM’s delegation. In August 2015, Adani Power Limited signed a Memorandum of Understanding (MoU) with Bangladesh Power Development Board (BPDB) for exporting 1,600 megawatts of electricity. In 2017, the deal was finalized and signed in Bangladesh under the Quick Enhancement of Electricity and Energy Supply (Special Provisions) Act, 2010, enabling Dhaka to bypass the requirement of floating tenders.
In India, Jharkhand silenced local protest to ‘secure consent’ from landowners across several villages in Godda district. Two months ahead of the 2019 elections, the Central Government fast-tracked approval for the SEZ, which would enable Rs 14,000 crore to export the electricity generated at the plant. When Hasina visited India in August 2022, Adani called on her at Delhi, tweeting later that the plant would begin the transmission of 1,500 MW from Bijoy Dibosh, December 16, Bangladesh’s liberation anniversary.
With the terms of the agreement shrouded in secrecy, the Adani-BPDB agreement was hardly known until a Washington Post report revealed that Bangladesh would purchase Adani electricity at an exorbitant price. Outrage at the one-sided agreement fed into the public anger against Hasina. Ahead of the 2024 elections, some media reports projected Hasina’s agreement to the deal as quid pro quo for the Modi government’s continued support. Inevitably, it was one of the first bilateral deals to come under the scanner after Hasina’s ouster.
In Sri Lanka, Adani made a trip to Colombo in October 2021 to meet then President Gotabaya Rajapaksa soon after Adani Ports signed a deal to develop and run Colombo Port’s West Container Terminal. By then, Sri Lanka’s economic woes had surfaced, and the President was being advised by insiders, including his brother Basil, to reach out to India for assistance. Gotabaya recorded the Adani visit as a meeting with “an old Indian friend”. The head of the Ceylon Electricity Board announced that the visiting Indian tycoon was interested in green energy investments. Adani was flown to the north-western Mannar district in a Sri Lanka Air Force plane to inspect a wind farm.
Six months later, in March 2022, Sri Lanka’s The Sunday Times was the first to report that the country had signed an MoU to set up two renewable energy projects in Mannar district and at Pooneryn in Killinochi district. The terms of the agreement, signed between the Lankan Government and the Adani Group on March 12, were not made public. The MoU was signed at a time when the Sri Lankan economy was in meltdown, the streets were filled with protesters and India was helping Colombo with credit lines and other financial assistance to tide over a full-blown crisis. In a down-and-out country, news of the Adani deal added to the public sentiment that India’s assistance came with a price tag. Later in 2022, that sentiment got a new wind when the Ceylon Electricity Board chairman revealed that he was ordered by President Rajapaksa to sign off on the unsolicited project because “he [Rajapaksa] was under pressure from Modi”. Rajapaksa denied the statement attributed to him. The official retracted the statement and resigned, but the matter was hardly forgotten.
In 2023, more outrage followed the Sri Lankan Government’s announcement that it would convert the project into a ‘government to government’ agreement to get around the rule of competitive bids for such projects. Earlier this year, then President Ranil Wickremesinghe’s government announced a 20-year $440-million agreement with the Adani Group for the proposed wind farms. However, environmentalists and local residents have petitioned the Supreme Court against the project, citing a lack of transparency in awarding the project and high tariff rates.
Prior to his election, President Anura Kumara Dissanayake had declared that he would scrap the project. At the last court hearing on October 15, he requested that the hearings be put off until after the parliamentary elections, when his government could review the deal. The next hearing is reported to be in March 2025. Meanwhile, last week’s damaging indictment may hurt Adani’s Colombo port project too. The US Development Finance Corporation, which had announced in 2023 an investment of $550 million in the West Container Terminal, has said that it is still “conducting due diligence” of the project.
For India, the damage is more than just reputational. Instead of strutting in lockstep with a businessman, Delhi mandarins should have seen the risks of nurturing an Indian ‘United Fruit Company’ to the country’s national interest, especially its strategic objectives in the neighborhood. Instead, they shrugged their shoulders and called it a win-win. Many in India believe that the Modi government can do a deal with Trump that will let Adani off the hook. Maybe, though what it will cost India is not clear. The reckoning, as it unfolds in the neighborhood, will be even more difficult.
(The author is National Editor (Strategic Affairs). She writes on India’s foreign policy and national security issues)
Gautam Adani’s conglomerate could find it harder to get funding following a U.S. arrest warrant for its billionaire founder, with some banks considering halting fresh credit to the Indian group due to an alleged $265 million bribery scheme.
Some global banks are considering temporarily halting fresh credit to the Adani Group after the U.S. indictment but maintaining existing loans, sources told Reuters.
Ratings agency S&P warned in a statement that the group will need regular access to equity and debt markets given its large growth plans, but it might find fewer takers.
“We believe domestic, as well as some international banks and bond market investors, look at Adani entities as a group, and could set group limits on their exposure,” it said.
However, S&P added that the rated entities have “no immediate and lumpy” debt maturities.
Senior executives at two of Adani’s global lenders said that they have had multiple calls within their respective banks to discuss exposure to the group and what the impact of the indictment would be on its financial position.
Research firm CreditSights highlighted refinancing for the conglomerate’s green energy business, which is at the centre of the allegations, as its biggest near-term concern.
Bonds issued by the Adani Group dropped sharply for a second day on Friday and although the shares of some Adani firms clawed back some of Thursday’s losses, the overall market value of all 10 stocks has dropped by $27.9 billion over two sessions.
Adani Green Energy, which is at the centre of the U.S. allegations, has lost nearly $7 billion of its value.
U.S. authorities have charged Adani and seven other people with agreeing to pay bribes to Indian government officials to obtain contracts that could yield $2 billion of profit over 20 years as well as to develop India’s largest solar power project.
Adani Group has said the accusations as well as those levelled by the U.S. Securities and Exchange Commission in a parallel civil case are “baseless and denied” and that it will seek “all possible legal recourse”.
Some analysts said the fallout was unlikely to be limited to the Adani group of companies.
“India’s renewable energy sector, a critical pillar for global climate goals, may face reduced international investment as a result of this controversy,” said Nimish Maheshwari, an independent analyst who publishes on Smartkarma.
“Investors may demand greater transparency and due diligence, slowing down the pace of project financing.”
The Securities and Exchange Board of India, the country’s market regulator, is making preliminary checks to see if disclosures made by Adani entities were inadequate and if they breached local market regulations, a SEBI official told Reuters.
SEBI did not respond to a request for comment.
The regulator has completed a separate investigation into the group, but not yet issued orders, after Hindenburg Research in January 2023 alleged improper use of tax havens and stock manipulation, which the group has denied.
Falls in Adani dollar bond prices on Friday included a 2.5c drop on the dollar for 2029 Adani Ports and Special Economic Zone bonds. At 87.8c, they are down more than 5c over the two sessions.
Longer-dated maturities have fallen around 5c in two days and trade just below 80c.
Adani Transmission and Adani Electricity Mumbai bond prices had similar declines.
Investors are also watching to see if more Adani deals could be scuttled after Kenya cancelled a procurement process worth nearly $2 billion that had been widely expected to award control of the country’s main airport to the group.
It also nixed a 30-year, $736-million public-private partnership deal that an Adani Group firm signed with the energy ministry last month to construct power transmission lines.
Adani Green also cancelled a scheduled $600 million U.S. bond sale.
U.S. prosecutors say Adani, his nephew Sagar Adani and others bribed Indian officials to gain business advantages in renewable energy projects in India that benefited Adani Green and a company called Azure Power, which was listed on the New York Stock Exchange until late 2023. Source: Reuters
NEW YORK (TIP): Following the Gautam Adani’s indictment in the U.S. over an alleged multi-billion-dollar fraud scheme, a New York judge has issued a warrant for Mr . Adani’s arrest, media reports said. According to ABC News, quoting court records, the arrest warrant will be given to foreign law enforcement authorities.
Earlier, the U.S. Securities and Exchange Commission (SEC) has charged billionaire Gautam Adani, founder and chairman of the Adani Group, with allegedly defrauding American investors and bribing officials. The SEC alleged that the bribery scheme was orchestrated to enable renewable energy companies Adani Green and Azure Power to capitalize on a multi-billion-dollar solar energy project awarded by the Indian government.
Adanis knew of U.S. probe when they sold ‘bribe-linked assets’ to TotalEnergies, say prosecutors
In September 2024, TotalEnergies paid $444 million into a joint venture with Adani Green Energy for a 50% stake in 1.15 gigawatts of solar installations at the Khavda solar park. File. In September 2024, TotalEnergies paid $444 million into a joint venture with Adani Green Energy for a 50% stake in 1.15 gigawatts of solar installations at the Khavda solar park. File | Photo Credit: Reuters
“Gautam and Sagar Adani knew their renewable energy company was under U.S. investigation for suspected bribery when they sold part of India’s largest solar park to France’s TotalEnergies,” prosecutors alleged in legal documents reviewed by Reuters.
TotalEnergies did not immediately respond to a request for comment on Friday (November 22, 2024) on whether it knew the Adanis were being probed by U.S. authorities over an alleged bribery and fraud scheme when it bought the Khavda solar stake.
U.S. prosecutors on Thursday (November 23, 2024) charged eight people — including Gautam Adani, his nephew Sagar Adani, and the former CEO of Adani Green Energy Limited — with promising and then making improper payments to officials between July 2021 and 2024 to ensure the solar project’s success.
In September 2024, TotalEnergies paid $444 million into a joint venture with Adani Green Energy for a 50% stake in 1.15 gigawatts of solar installations at the Khavda solar park — the project at the heart of the bribery charges.
The French oil and gas company is not named in the criminal case. The Adani Group has called the allegations baseless. It did not immediately respond to an email seeking comments about this story.
According to the U.S. indictment, FBI special agents served Adani Green Energy Executive Director Sagar Adani with a search warrant and grand jury subpoena in March 2023 – more than a year before the sale to TotalEnergies. These documents identified Adani Green Energy, its former CEO Vneet Jaain, and chairman Gautam Adani as under investigation for alleged bribery to obtain business advantages for the firm. TotalEnergies bought a 20% stake in Adani Green Energy in January 2021 — after the company won what was then the world’s largest solar order, and just months before the alleged payments to officials began.
Sangkaran Ratnam, TotalEnergies’ country chair for India and the French firm’s nominee to the board of directors of Adani Green Energy, did not respond to a request for comment on whether he had been aware of the investigation at the time TotalEnergies bought the stake in the Khavda assets.
Action by US authorities calls into question India’s capital market regulation
From weak regulatory oversight to the blurring of lines between corporate and political interests across political parties, this scandal has laid bare challenges that India can no longer afford to ignore if it wants to maintain its position as an attractive investment destination and be seen as an economic powerhouse.
By Sucheta Dalal
The Adani Group, one of India’s most influential and high-profile conglomerates, finds itself in the crosshairs of an international controversy. In a damning indictment, the US Department of Justice (Eastern District, New York) and the Securities and Exchange Commission (SEC) have, in a joint action, filed civil and criminal charges, accusing the group of bribery, fraud, obstruction of justice and violations under the stringent Foreign Corrupt Practices Act (FCPA). This scandal has laid bare challenges that India can no longer afford to ignore if it wants to maintain its position as an attractive investment destination and be seen as an economic powerhouse.
The alleged bribery scheme centers on a $6-billion contract awarded to Adani Green Energy Ltd by Solar Energy Corporation of India (SECI) in 2020. This was touted as a game-changer for India’s renewable energy ambitions. However, the indictment claims that the project faced viability issues due to a lack of interest among state electricity utilities to buy the expensive power it generated. The group allegedly resorted to bribing officials of various state electricity utilities (Andhra Pradesh, Odisha, Tamil Nadu, Chhattisgarh and Jammu & Kashmir) to buy power from the SECI. In doing so, it violated the declarations made under the FCPA and indulged in a series of misrepresentations to cover its tracks and also attempted to derail the investigation.
The 54-page indictment by the US Justice Department details how and why the FCPA is applicable in this case and directly links Gautam Adani, his nephew Sagar Adani and key officials of the group in the payment of over Rs 2,000 crore as bribes in India. Arrest warrants against Gautam and Sagar have also been handed over to foreign law enforcement agencies. A statement from the White House that it is aware of the action signifies the seriousness of the matter.
Although the Adani Group has denied the allegations, terming them baseless, it is less credible this time because of the revelations in the indictment by the Justice Department. The scandal has sent shockwaves across global markets and the impact on the group has been on multiple levels. It has also raised critical questions about how Indian businesses are run, the role of our market regulator and the extent to which political clout shapes economic outcomes.
Stock prices of all Adani Group companies fell, while some key group energy stocks crashed by 10-22 per cent and fell further on November 21, when the broader market went up ferociously. The impact on business has also been significant. Another immediate fallout was that Adani Green Energy Ltd had to postpone a $600-million bond offering. GQG Partners, an investment management company listed in Australia, which made significant investments in the group even after the Hindenburg Research disclosures, informed the stock exchange that it was reviewing the situation with regard to its portfolios after the US action.
The next-level impact will be seen in the group’s global businesses, which have attracted controversy in many countries. Kenyan President William Ruto was the first to respond by cancelling airport and energy deals of over $2.5 billion. The airport project was the subject of enormous controversy, public protests, senate hearings and litigation. We are likely to see similar action in other jurisdictions where Adani projects have attracted protests or controversy.
In 2022, there were allegations that the Indian government pressured Sri Lanka over handing a renewable energy project to the Adani Group. The Adani power project which supplies 10 per cent of the electricity to Bangladesh is already mired in controversy, and the group has been cutting power supply in a bid to recover payments. The Bangladesh High Court has ordered a high-level probe into the power deal with the group. The group has also been facing massive public protests over its coal mines in Australia.
Given the group’s enormous and open influence over the NDA government and proximity to the Prime Minister himself, this case will not be viewed as just another instance of corporate wrongdoing. As the legal process unfolds, it will not only test the group but also India’s broader corporate governance and regulatory framework. Under US laws, the charges themselves can be settled by negotiating a payment, without admitting or denying guilt, but it will be a hard bargain with many geopolitical implications in view of the global spread of the Adani empire and influence over India’s ruling establishment.
The US action calls into question our capital market regulation. It is embarrassing that the Securities and Exchange Board of India (SEBI) has drawn a blank in its investigations despite enormous public scrutiny and an unprecedented Supreme Court-appointed committee. It is also hard to believe that despite being a member of the International Organization of Securities Commissions and having a bilateral agreement with the US SEC under an MoU on cooperation, consultation and technical assistance dating back to 1998, SEBI reportedly sought information from the US only after the SEC and the Justice Department went public with their action.
Logically, the US action ought to open a broad, multi-agency investigation in India over diverse charges levelled against it over its corporate acquisitions across sectors and states. A failure to do so will lead to long-term reputational damage to India’s flawed business ecosystem. Going forward, companies seeking global capital are bound to face greater scrutiny and higher skepticism.
From weak regulatory oversight to the blurring of lines between corporate and political interests across political parties, this scandal has laid bare challenges that India can no longer afford to ignore if it wants to maintain its position as an attractive investment destination and be seen as an economic powerhouse.
(Sucheta Dalal is an Indian business journalist and author)
In recent years, the Adani Group, helmed by billionaire Gautam Adani, has repeatedly found itself at the center of allegations involving corruption, regulatory violations, and financial misconduct. Once hailed as a symbol of India’s economic resurgence, the group is now under the scanner for alleged business malpractice and crony capitalism. The implications of these accusations are far-reaching, casting a shadow on India’s governance and tarnishing its global reputation.
For years, critics and independent watchdogs have accused the Adani Group of circumventing business norms. The conglomerate, which spans infrastructure, power, mining, and logistics, has often been accused of exploiting regulatory loopholes and leveraging its political connections to gain an unfair advantage. Allegations have ranged from tax evasion to environmental violations, and more recently, to bribery for securing contracts.
The tipping point came in January 2023, when the U.S.-based financial research firm Hindenburg Research published a damning report accusing the Adani Group of stock manipulation, accounting fraud, and operating through shell companies in tax havens. The report, which sent Adani Group shares into a freefall, claimed the conglomerate had inflated its stock values to raise funds and sustain its operations. Hindenburg’s findings raised alarms about corporate governance and transparency within one of India’s largest business houses.
The latest blow to the Adani Group’s credibility comes from the U.S. Securities and Exchange Commission (SEC). The SEC has reportedly indicted Adani and his associates for allegedly using funds raised from American investors to bribe Indian state governments for lucrative contracts. This marks a significant development, as it places the Adani Group under U.S. jurisdiction due to the involvement of American shareholders.
The allegations highlight not just the misuse of foreign investments but also the complicity of Indian state governments in enabling such practices. The SEC’s indictment underscores the global dimensions of the Adani controversy, suggesting that the conglomerate’s operations have far-reaching implications beyond Indian borders.
In India, the revelations have led to a growing demand for a thorough investigation into the Adani Group. Opposition parties, activists, and civil society organizations have called on the Modi government to probe the allegations, arguing that the credibility of India’s regulatory framework is at stake. However, the government’s response has been conspicuously muted.
Prime Minister Narendra Modi’s perceived closeness to Gautam Adani has added fuel to the fire. Critics argue that Adani’s rapid rise to become India’s richest man coincided with Modi’s ascent to national power. Reports suggest that Adani’s financial support was instrumental in Modi’s political campaigns, both as Chief Minister of Gujarat and later as Prime Minister. This symbiotic relationship has led to widespread allegations of crony capitalism, with Modi accused of shielding Adani from scrutiny.
The Securities and Exchange Board of India (SEBI), the country’s financial regulator, has also come under fire for its handling of the Adani case. SEBI Chairperson Madhabi Puri Buch has faced accusations of financial irregularities and favoritism, further eroding public confidence in the institution. Critics argue that SEBI’s inability to act decisively against the Adani Group reflects broader systemic issues, where regulatory agencies are compromised by political interference.
The Adani controversy is not an isolated case. Over the years, the Modi government has been accused of protecting individuals and entities close to the ruling party. From allegations of corruption involving party leaders to irregularities in awarding contracts, the pattern of shielding wrongdoers has become a recurring theme. These actions undermine Modi’s claims of providing a “clean administration” and have led to a growing perception that the government prioritizes loyalty over accountability.
The fallout from the Adani controversy extends beyond India’s borders. The SEC’s involvement has brought international attention to India’s regulatory lapses and political favoritism. For Indians abroad, particularly in countries like the United States, the scandal has become a source of embarrassment. Diaspora communities now face uncomfortable questions about the state of governance and corruption in their homeland, tarnishing India’s image as an emerging global power.
The Adani controversy underscores the urgent need for institutional reforms in India. Regulatory agencies like SEBI must be empowered to operate independently, free from political interference. Transparency and accountability must be prioritized to restore public trust in governance.
The Modi government must also address the growing perception of cronyism. Failure to do so risks not only its political credibility but also the nation’s economic stability. A government that claims to be committed to the welfare of its citizens cannot afford to turn a blind eye to allegations of corruption, especially when they implicate some of the country’s most powerful individuals and institutions.
The allegations against the Adani Group are more than just a corporate scandal; they are a test of India’s democracy and its ability to uphold the rule of law. The government’s unwillingness to act decisively sends a troubling message: that wealth and political connections can place individuals above accountability.
As the global spotlight continues to shine on the Adani controversy, India must confront the uncomfortable truths about its governance and regulatory systems. For a nation aspiring to be a global leader, the price of inaction is too high. It is time for India to clean house, not just for its own sake, but to restore its standing on the world stage.
On Modi’s accusation of “Chori ka Maal” (black money) being provided by Ambani and Adani to the Congress Party
In the midst of the ongoing political landscape in India, Prime Minister Narendra Modi made a significant accusation during an election rally in Telangana on May 8, alleging a possible nexus between the Congress party and major Indian businessmen Mukesh Ambani and Gautam Adani. Modi stated that the Congress party, which had been vocal in its criticism of the Modi government for allegedly benefitting Ambani and Adani, had gone silent on the issue. He implied that the silence was due to an understanding or deal between the Congress party and the two businessmen, hinting at possible truckloads of “dark money” being supplied by the businessmen to the Congress party.
Such statements carry significant weight, as the Prime Minister is the head of the government and a key political figure in India. His allegations against the Congress party, Ambani, and Adani have sparked a debate on the accountability and evidence surrounding such claims.
Prime Minister Modi’s remarks suggest that the Congress party’s sudden silence on the Ambani-Adani issue is due to an undisclosed agreement between them. His suggestion that the Congress party may be receiving “tempoloads” (truckloads) of money from the businessmen implies a major breach of ethical conduct and potential criminal activity, particularly when the general elections are underway. .
If the Prime Minister possesses evidence supporting his allegations, he should present it to the relevant authorities and initiate a proper investigation. The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) are responsible for handling cases involving corruption and money laundering, respectively. Modi’s public accusations also place an onus on him to follow through with his statements by providing any evidence he may have.
If Modi’s allegations are indeed credible, it would be essential to investigate the claims for the sake of transparency and maintaining public trust in the country’s institutions. The nation deserves to know the truth behind such serious accusations.
Should the Prime Minister fail to provide evidence to back up his claims, the situation could take a different turn. Accusations without evidence could be seen as an attempt to defame the Congress party, as well as Ambani and Adani, damaging their reputations and creating unnecessary political tension.
On the other hand, if Modi does present substantial evidence and it leads to legal action against the Congress party, Ambani, and Adani, it would signify a major shift in the Indian political and economic landscape. Such a revelation would have profound implications for the relationships between the government, the opposition, and major corporate entities.
The nation deserves clarity on these serious accusations, which have the potential to impact the political, economic, and ethical landscape of the country. The Prime Minister must present the evidence to the appropriate agencies or face the possibility of legal consequences for making unsubstantiated claims. As the political landscape evolves, the nation watches closely, eager to see how this situation unfolds.
Gautam Adani, Chairperson of the Adani Group of companies has overtaken Reliance Industries Chairman Mukesh Ambani on the Bloomberg Billionaire’s Index (BBI), to become India’s and Asia’s richest man. While Adani has seen his worth climb into the top 12 on the world rankings, Ambani is just one rung below at 13. Both have moved up spots since last year.
Earlier in December 2023, the billionaire had climbed to the 15th spot, reaching within close distance of Ambani who was then at 14.
With a net worth of $97.6 billion, the Adani Group founder is now the world’s 12th richest person and the richest Indian and Asian on the list. He has gained $7.67 billion from the last list position and amassed $13.3 billion year-to-date (YTD). Earlier last year, Adani saw his net worth slide many spots amid the Hindenberg allegations.
In January 2023, Hindenburg Research, a New York-based short seller, accused the Adani Group of prolonged stock manipulation and accounting irregularities. These claims were refuted by the Adani Group. After these allegations, declines in the stock prices of Adani Group companies resulted in a staggering decrease of almost 60 percent in Adani’s fortune, plummeting by up to $69 billion.
NEW YORK (TIP): US authorities on Friday, June 23, said that they are investigating the representations made by the Adani Group to its American investors, in response to a report by the short seller Hindenburg Research, accusing the conglomerate of stock manipulation and accounting fraud. According to a report by Bloomberg, the US Attorney’s Office in Brooklyn, New York, has sent inquiries to institutional investors who hold significant stakes in the Adani Group, focusing on the information provided by the conglomerate to those investors.
The Securities and Exchange Commission (SEC) is also conducting a similar investigation, according to sources familiar with the matter. The inquiries by US authorities come at a time when Indian Prime Minister Narendra Modi is on a state visit to US.
On Friday, Adani Group’s market capitalization fell as much as Rs 55,000 crore, its biggest single-day drop in m-cap in four months.
The Indian Panorama, on June 9, published an Open letter addressed to US Congress to investigate investment by the US companies in Adani Group. The letter said, inter alia, that the investment by the US companies was in violation of US laws and was harming the interests of America. Hence, an investigation was necessary.
Ref.:Unknown US companies and individuals providing services or products including raising capital in violation of The U.S. Financial Crimes Enforcement Network (FinCEN) standards and dealing with a Ghost company working for Russia in violation of US sanctions against Russia.
The undersigned wants to draw the attention of the Honorable Committee that unknown US companies and individuals are providing services or products including raising capital to two Indian business entities that has become a threat to US Financial System and Security of our country. It is my humble request to the Honorable members of the committees to investigate these unknown US companies and individuals that have provided or are providing services or products or capital to the two Indian corporations in gross violation of various US Laws.
Adani Group is raising money in USA for the last 4 years in violation of US Laws:
Adani Group of companies is owned by Gautam Adani with personal relations with India’s PM Modi dating back to the late 1990’s. It won’t be an exaggeration if Gautam Adani is called “The Poster Boy of Gangster Capitalism of India.” Adani’s status as a recipient of favors from Narendra Modi of BJP has been the subject of continuous criticism in India since Modi was Chief Minister of the State of Gujarat for 13 years from 2001 to 2014. The favors gathered speed after Modi took over as PM of India in 2014. Prior to Modi entering Gujarat politics in 1998, Adani was a key ally of Gujarat BJP leaders for years. BJP has been ruling Gujarat since 1995 to the present and it is a well-known fact that Adani helped Modi to become CM of Gujarat in 2001 and later PM of India in 2014. Harvard’s ranking of states and districts in Human Development Index; Gujarat has the lowest rank at 28 out of 28. India’s ranking under PM Modi in the United Nations HDI has fallen to 132 of 191 countries in 2022.
Forbes, Jul 17, 2014: Adani has, over the years, leased 7,350 hectares–much of which he got from 2005 onward–from the (Modi) government in Mundra. He got the 30-year, renewable leases for as little as one U.S. cent a square meter (the rate maxed out at 45 cents a square meter). He in turn has sublet this land to other companies, including state-owned Indian Oil Co., for as much as $11 per square meter. Between 2005 and 2007 at least 1,200 hectares of grazing land was taken away from villagers. See Link # 12 & 8 Adani News
The Adani Group was established in 1988 and became publicly traded in 1994. But its real rise happened under Modi’s reign in Gujarat. From 2002 to March 2013 the group’s revenue rose from $765 million to $8.8 billion while net profits climbed even faster. Gautam Adani’s meteoric success started under CM Modi of Gujarat in 2001 and became an exceptional international story after Modi became PM of India in 2014. From an importer of primary polymers for small-scale industries, Adani grew to become the biggest private operator of ports, Airports, and largest producer of electricity, under the preferential patronage of PM Modi. In addition, the Adani group has substantial interests in a variety of sectors: defense, coal mining, oil and gas exploration, gas distribution, transmission and distribution of electricity, civil construction and infrastructure, multi-modal logistics, international trade, education, real estate, edible oils, and food storage. His companies currently trade in over 30 commodities with at least 28 countries. At the same time, Adani ports are notorious for drug hauls for billions of dollars in India. See Link # 13 & 14 Adani.
The fact that Adani Group is tightly controlled by family members with very dubious records is well known in India and in countries where they are operating. The corporate structure is totally opaque with dozens of shell companies in various tax havens since the inception of Adani Group. The money is hard to track. Most have flowed into trusts, which don’t report financial results, making it impossible to tell where it ended up. In other instances, recipients simply report in filings that the funds came from a “related party,” offering no other details. And public disclosure in Mauritius, the Cayman Islands and UAE is scant. Moreover in 2018, the provision of dealing with an ‘opaque structure’ and requiring a Foreign Portfolio Investment (FPI) to disclose every ultimate natural person at the end of the chain of every owner of economic interest with the FPI was done away with by Modi government to benefit Adani.” This rickety structure has become a debt-ridden house of cards with rapid diversification after 2014 when Modi become PM of India.
Louis Vuitton. Tesla. Amazon, Apple, Microsoft; the businesses behind the richest people in the world need no introduction. But last year, Gautam Adani, a state -created Billionaire, a name that does not command the same global recognition joined this rarefied list by becoming the 2nd richest person in the world in Sep 2022, with a net worth of $154 billion, up from $70 Million in 1998. The overall market capitalization of the 10 Adani Group stocks stood at its peak of $232 billion on Jan. 24, 2023, the day New York based Hindenburg Research released its report.
Hindenburg accused that Adani group has “engaged in a brazen stock price manipulation, stock parking, accounting fraud, round tripping of cash, Import-Export scams, money laundering through 38 offshore shell companies etc. over the course of decades.” The report describes a galaxy of shell entities based in the Caribbean, Mauritius and the United Arab Emirates controlled by the Adani family. Further it accused that Gautam Adani’s elder brother Vinod Adani has played a pivotal part in perpetuating what it alleged is “the largest con in corporate history.” See Link # 1 Adani News
Then on Jan 29th, 2023, Adani group in its 413-page written rebuttal, denounced Hindenburg’s report as “baseless” and “malicious,” and accused the firm of having an “ulterior motive” for publishing the “missive.” It said Hindenburg’s actions represent a “calculated attack on India, the independence, integrity, and quality of Indian institutions, and the growth story and ambition of India.” See Link # 2 Adani News
Same day on Jan 29, 2023, Hindenburg Research replied, “Fraud Cannot Be Obfuscated By Nationalism Or A Bloated Response That Ignores Every Key Allegation We Raised. See Link # 3 Adani News
What Hindenburg exposed was well known to Indian journalists for a long time, but they were forced to keep quiet about Adani’s meteoric rise because of fear of reprisal and heavy legal cost for defending themselves in million dollars lawsuits filed by Adani. On top of that, the world’s top reputed Mutual Fund Managers including a few Indian Managers also knew about Adani and for that reason they never invested in the Adani Group of companies. According to Fisdom Research, as of December 2022, mutual fund industry has a negligible exposure of 0.64 per cent to Adani group companies. Of which 0.18 per cent was through the passive route, where the fund manager had no option but to invest in stocks. See Link # 7 Adani News
Tim Buckley, an analyst in Sydney, Australia, who has followed Adani’s business for more than a decade said, “The big issue is that Adani has spent the last four years in raising debt on Wall Street. If you raise money in America, you have to play by America’s rules.”
Surprisingly even after Hindenburg Report, Rajiv Jain came up with a rosy presentation to the investors in his Fund GQG Partners, based in Florida by investing $1.9 Billion by calling Adani stocks “could be multibaggers” over five years. Can Rajiv Jain deny the existence of Shell Companies of Adani Bros that invested in Adani Group? Can Rajiv Jain deny the fact that money used by these Shell Companies (1) Could be money stolen from Indian public with the help of politicians OR (2) Could be Drug Money OR (3) illegal Arms Sale Money to Rouge Regimes or terrorist groups OR (4) Chinese Mafia Money OR (5) Russian Mafia Money OR (6) Middle East Royal Family member’s money siphoned off from their own Kingdoms. OR (7) Give detailed response/answers to 88 questions raised by Hindenburg Research.
On top of that Rajiv Jain is peddling lies in the USA based on Modi aka Indian Media reports that Indian Supreme Court has given a clean chit to Adani. Bloomberg columnist Andy Mukherjee wrote that SC panel’s job was not to return a finding on allegations against Adani by Hindenburg.
Saaransh Maurya, a 22-year-old assistant manager, has filed an affidavit in Supreme Court on behalf of SEBI (Securities and Exchange Board of India). Reacting to it, Shiv Senna (UBT) MP Priyanka Chaturvedi wrote, “Must be either super experienced…or naive enough.” Meanwhile, columnist Andy Mukherjee said, “Young enough to be hero of a John Grisham…novel.” See Link # 10 Adani News
According to “The Morning Context, “if you remove these [offshore] funds, the effective [public] shareholding in Adani Enterprises comes down to only 10%.” In Adani Transmission, the “effective public float is about 7-8%.” This is in violation of SEBI’s own rules that listed companies are required to maintain a minimum public holding (or free float) of 25%. This allows a company to raise money from the market. [Note that stock exchanges froze the promoter shareholding of Patanjali Foods after the company failed to meet the 25% public shareholding.] But the Supreme Court’s expert committee report says that these provisions requiring FPI to disclose “ultimate natural person” were done away with in 2018.
Adani, Jeffrey Skilling, Bernie Madoff, Ken Lay, Bernie Ebbers, Scott Sullivan, Robert Maxwell…. There’s an endless parade of swindlers who can pry apart accounting standards and financial regulations wide enough to drive a gigantic con through. They appear every 3 to 5 years. All of them have been prosecuted and locked up in Jails except Biggest Conman in Corporate history Gautam Adani. He is being defended by PM Modi’s Cabinet Ministers, BJP MP’s, Party officials, RSS & entire Media owned by friends of Modi as well as Adani; for being the biggest financial criminal in the corporate history of India; surpassing the other state created thug billionaires of India since 1947.
What the Committee needs to understand is that Adani Group has not invented anything, nor built anything, nor come up with an original business idea like Amazon. It is built on only fraudulent agenda of massively looting public wealth of India with the help of politicians. This wealth was result of the sacrifices made by millions of poor Indians who donated their hard-earned assets to build a better nation. Adani is a threat to the financial system and security of America and must be stopped from operating in America. The US companies or individuals that have helped Adani or are helping him to raise funds and investments in America must be prosecuted. These financially well qualified entities or individuals don’t have a benefit of doubt that they were not aware of Adani’s background and history. People like Rajiv Jain that are promoting Adani in America are a danger to the moral and ethical fiber of our society. Rajiv Jain has no moral & ethical values the proof is his investment in Fraudster Adani Group that may have been created by looting Indian public wealth with the help of criminal politicians installed with the looted money. Since Rajiv Jain is more concerned about “Returns on his Fund’s Investments” than Ethics & Morality, tomorrow he can promote investments in Gambling or Prostitution or Drug or Arms Cartels that can give him better returns than Adani.
2.Gatik Ship Management: A Ghost company backed by Russian’s received services from Unknown US companies or individuals in Violation of US Sanctions against Russia:
Gatik’s Main Business: Crude Oil Shipments on the Russia-India Route. Gatik purchased services related to their shipping business from American Companies despite US sanctions against Russia. These US companies must be investigated and prosecuted for working against America. See Link # 1 Gatik News
As India does not recognize US sanctions imposed on Russia, it became the biggest buyer of Russian crude oil. Before the Ukraine war, Russia supplied less than 1 per cent of India’s crude. It now accounts for about 30 per cent, according to official trade statistics. India benefited from millions of barrels of Russian oil, sold at a heavy discount than to other buyers. During the first quarter of 2023, the oil bought by India cost $48.03 per barrel — $10 less than the average paid by other countries, according to Kyiv School of Economics research based on Russian oil sale records. India is leading the group of ‘laundromat countries’ that buy heavily discounted Russian crude oil, refine it, and sell the processed products to European countries, thus sidestepping European & US sanctions against Russia.
Gatik which means “speed” in Sanskrit, was born out of nowhere to become the biggest transporter of Russian oil. Gatik has the postal address of a rundown Neptune Magnet Mall in Mumbai and has become one of the biggest international oil shipping giants in over the past 18 months. It owned only 2 chemical tankers in 2021 and by April 2023 it had a fleet of 58 vessels with over 50 crude oil tankers with an estimated value of over $1.6 billion. Great Eastern Shipping founded in 1948, India’s biggest private ship-owner by fleet size, has 67 ships comprising just 8 crude tankers.
Gatik also shares their Mall office/address with little known Mumbai-registered company Buena Vista Shipping that has an office in Dubai also. Nautical Job boards show the company is recruiting heavily for a variety of roles on the ships in the past year, including chief cooks and oilers. There is no information available about Gatik’s relationship with Buena Vista Shipping and who funded the rapid expansion of Gatik’s fleet is a great mystery for the international oil market.
According to the Indian Register of Shipping data most of Gatik’s ships are managed by Indian firms including Gaurik Ship Management, Geras Ship Management, Caishan Ship Management, Galena Ship Management, Zidan Ship Management and Plutos Ship Management. As per shipping database Equasis, these companies handle safety and environmental-related issues of the vessels while commercial operations are managed by Gatik.
The origins and ownership all the business associated with Gatik are a mystery and no details about the companies could be found on the Indian corporate affairs ministry’s website. But shipbrokers, analysts and commodity traders suspect a link with its biggest client: Rosneft, the Kremlin-controlled and Russia’s biggest crude oil producer. Because Rosneft is selling the cargos on a “Cost Insurance and Freight” basis meaning it is responsible for the delivery of the crude to the destination port in India-rather than the “Free on Board” basis before the Ukraine war, where the buyer was organizing the shipping. See Link # 3 Gatik News
According to Vessels Value’s Rebecca Galanopoulos out of almost 14,000 live tankers owned by 1,361 companies, 1341 own fewer than 10 live tankers; only 20 companies, including Gatik, own 50 or more. All but two of Gatik’s vessels are registered to single-vessel companies registered in the Marshall Islands and the ownership of those companies is not public. Gatik’s ultimate beneficial owner/owners are unknown. It does not even have a functioning website. It is almost exclusively servicing Russian oil and thus could be an ultimate example of Russian oil companies who would want to get into shipping to evade western sanctions since the Ukraine war.
Gatik had majority of the Ships flagged to St. Kitts & Navis till April 2023. Now it is flagged to Gabon and Mongolia. Most Gatik’s ships do not hold insurance from any of the recognized large mutual providers from European countries. Gatik’s 34 vessels have used the protection and indemnity insurance from the American Club, which belongs to the International Group of PHYPERLINK “https://www.igpandi.org/about/”&HYPERLINK “https://www.igpandi.org/about/”I Clubs that insures most of the global tanker fleet. Lloyd’s Register and the American Bureau of Shipping (ABS) had provided safety certification that they have withdrawn recently and now an Indian agency is providing safety certification for most of Gatik’s vessels. See Link # 1 Gatik News
The Honorable Committee must investigate US insurers that were providing insurance to Gatik’s vessels despite sanctions against Russia. The US companies that were providing Safety Certification along with other US companies that was providing any services or goods or technology to Gatik must also be investigated for violating US sanctions against Russia.
Respectfully Submitted
Devendra Makkar
Encls.: Links to News Articles on Adani & Gatik
References to the News Articles about Adani Group of Companies:
Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History
ADANI RESPONSE TO HINDENBURG RESEARCH: (413 PAGES)
JAN. 29, 2023
Hindenburg’s actions represent a “calculated attack on India, the independence, integrity, and quality of Indian institutions, and the growth story and ambition of India.”
Hindenburg Research replied, “Fraud Cannot Be Obfuscated By Nationalism Or A Bloated Response That Ignores Every Key Allegation We Raised.
JAN. 29, 2023
In terms of substance, Adani’s ‘413 page’ response only included about 30 pages focused on issues related to our report. The remainder of the response consisted of 330 pages of court records, along with 53 pages of high-level financials, general information, and details on irrelevant corporate initiatives, such as how it encourages female entrepreneurship and the production of safe vegetables.
Adani Failed To Specifically Answer 62 of Our 88 Questions.
Of The Questions It Did Answer, The Group Largely Confirmed Or Attempted to Sidestep Our Findings
View: Adani (SC) probe will only produce heat, not light
A toothless expert panel looking over the shoulder of a regulator that has its suspicions but no evidence, and no hope of generating any without the help of other sleuthing agencies, means only one thing: No matter how long it goes on, the Adani probe will only produce heat, not light.
Indian Billionaire Gautam Adani Finds A Savior In The Modi Govt
Adani has, over the years, leased 7,350 hectares–much of which he got from 2005 onward–from the government in Mundra. He got the 30-year, renewable leases for as little as one U.S. cent a square meter (the rate maxed out at 45 cents a square meter). He in turn has sublet this land to other companies, including state-owned Indian Oil Co., for as much as $11 a square meter. Between 2005 and 2007 at least 1,200 hectares of grazing land was taken away from villagers.
Mundra Port: Nearly three tons of heroin seized at Gujarat port
21 September 2021
Indian anti-smuggling intelligence officials have seized nearly three tons of heroin – reportedly worth around $2.7bn (£1.9bn) – in a major operation at a port in Gujarat state.
References to the News Articles about Gatik Ship Management
Upstart Indian Shipper Helps Get Russian Oil to Market
Russia has successfully managed to keep the country’s oil moving to markets of the world, defying the fears that sanctions levied last month would result in a plunge in the country’s exports. Gatik Ship Management, which took control of 25 tankers after the invasion of Ukraine, now shuttles Russian crude along new trade routes.
Lloyd’s Register in turn excludes the Indian tanker owner Gatik Ship Management
June 2, 2023, By: Adeline Descamps
After the ABS classification society, the P&I American Club and the Saint-Kitts-et-Nevis register, the Lloyd’s Register in turn withdraws its services from Gatik Ship Management.
The Indian shipowner has become one of the most active transporters of Russian crude to India by means of a clandestine fleet.
Financial Services Committee Committee on Finance (US Senate)
2221 Rayburn House Office Building 219 Dirksen Senate Office Building
Washington, DC 20515 Washington, D.C. 20510
A small Ahmedabad-based chartered accountancy firm, whose appointment was questioned by a US short seller in its scathing report against the conglomerate run by billionaire Gautam Adani, has resigned due to “pre-occupation”, Adani Total Gas Ltd said. Hindenburg Research in its January 24 report that levelled allegations of fraud, stock manipulation and money laundering against the Adani group, had also raised the issue of the size and capability of the firms auditing the conglomerate. Adani group has repeatedly denied all allegations.
New Delhi (TIP)- The Adani Group plans to prepay a $500 million bridge loan due next month after some banks balked at refinancing the debt following a short seller attack that sent the group’s assets tumbling.
Barclays Plc, Standard Chartered Plc and Deutsche Bank AG are among banks that lent Adani $4.5 billion to finance the purchase of Holcim Ltd. cement assets last year. A portion of that loan is due March 9.
The lenders were in talks to refinance the loan up to a week before the critical report from Hindenburg Research was published, according to people familiar with the matter. Those talks stalled after the report alleging fraud led to a massive selloff, the people said, asking not to be identified discussing a private matter.
An Adani spokesperson said the conglomerate had been in talks with the banks to refinance part of the loan but the group plans to prepay it. The spokesperson said discussions with the banks have not stalled. Representatives for Barclays and Deutsche Bank declined to comment. A representative for Standard Chartered wasn’t immediately available. This marks the second time in a week that the group has taken steps to prepay debt as it fights to regain investor confidence and stem the stock rout. Billionaire Gautam Adani and his family have prepaid $1.11 billion worth of borrowings backed by shares, the group said.
Adani faced a margin call of more than $500 million on that loan, prompting the Indian tycoon to repay the whole debt, Financial Times reported Wednesday. The Adani Group said it didn’t receive a formal request for a margin call and that the loan was repaid early “per our prepayment planning,” the paper reported.
Global banks are ramping up their scrutiny of the group following the Hindenburg report. Citigroup Inc.’s wealth arm has stopped accepting Adani securities as collateral for margin loans, following a similar move by Credit Suisse Group AG. The corporate empire of Adani, once the world’s second-richest person, has been thrown into a tailspin after the Hindenburg report on alleged malpractices. Ten Adani group companies including Adani Total Gas Ltd., Adani Enterprises Ltd. and Adani Transmission Ltd. at one point erased $117 billion from their combined market value in the selloff.
MFs had doubts over Adani debt: Report
Shares of the Adani Group have been on a rebound for the past two days but the voting pattern of mutual funds in resolution of its listed companies shows their unease over at least three issues that were red-flagged in the Hindenburg Research report.
Mutual funds are large block investors and recent SEBI directions have made them more active participants in governance. One of these directions in 2021 made it compulsory for the MFs to vote on all corporate resolutions. No longer can MF representatives, especially from state-owned companies, afford to not turn up for Board meetings. The disclosures by the MFs about their voting patterns have shown that many of them had reservations on three issues: related party transactions among Adani companies (there were over 6,000 in 21-22 alone), taking on substantial debt and appointment of Adani family members in key positions. Disclosures by mutual funds show many of them had reservations on related party transactions among Adani firms, taking on substantial debt and appointment of Adani family members in key positions.
New Delhi (TIP)- Prime Minister Narendra Modi launched a fresh broadside against the opposition on Thursday, February 9, saying their “keechad” (dirt) of allegations will only help the lotus bloom more and asserting he alone outweighs all who had to take turns to shout slogans to oppose him.
Thumping his chest, Modi declared that he lives for the country and wants to do something for the country, which has rattled the opposition parties and they are playing political games just to save themselves.
“Desh dekh raha hai, ek akela kitno ko bhari padh raha hai (the country is watching how one person has outweighed so many),” he said as the opposition members kept shouting “Modi-Adani, bhai-bhai”.
Unperturbed by the jeering, Modi finished his 90-minute speech in reply to a debate on a motion thanking the President for her address to a joint sitting of Parliament, and listed various achievements of his government. With members of the treasury benches chanting “Modi-Modi”, he pointed at the opposition MPs who had gathered in the well of the House in a bid to shout him down and said, “Naare bolne ke liye bhi unko badal karna padhta hai (they have to take turns even to shout slogans).”
“Ek conviction ke karan chala hoon, desh ke liye jeeta hoon, desh ke liye kuch karne ke liye nikla hoon (I live for the country and have embarked with the conviction to serve the nation),” he said, adding that his political opponents are playing games as they do not have the courage to take him on.
The opposition, he said, is resorting to this means to save themselves. Replying to the Congress charge that the Bharatiya Janata Party was ignoring Jawaharlal Nehru’s efforts in nation-building after Independence, Modi retorted that if the first prime minister was so great, why have his scions never used his surname.
As he rose to speak, opposition MPs, some holding placards, rushed into the well shouting slogans against the prime minister and seeking a joint parliamentary committee probe into allegations levelled by the US short-seller Hindenburg Research against tycoon Gautam Adani.
Hitting back, Modi said, “Jitna keechad uchaloge, kamal utna hee zyada khilega (the more dirt you fling, the bigger the lotus – also the election symbol of the BJP -will bloom).”
“Keechad unke pass tha, mere pass gulal. Jo jis ke pass tha, usne diya uchal,” Modi quoted Manik Verma’s poem in response to the allegations opposition parties levelled on him and his government.
Roughly translated, it means they had dirt and I had gulal, whosoever had whatever they flung in the air.
Opposition parties used the debate on the motion to attack the government for the Adani group’s phenomenal rise during the last few years. In his reply, Modi accused the Congress of adopting only “tokenism” in solving problems the country faced and said it was bothered only about its political ambitions and not the welfare of the nation. “We don’t believe in tokenism. We have chosen the path of hardwork in taking the country forward,” he said, adding technology was being used as an aid in this mission.
He accused the Congress of trampling on the rights of states and regional parties by dismissing elected governments on 90 occasions by “misusing” Article 356 of the Constitution. “Who are the people?” he asked and responded that Indira Gandhi alone had used the article 50 times to dismiss governments.
“This country is not anyone’s fiefdom. Our policies reflect national and regional aspirations,” he said. “But these people who are now sitting (with the Congress), I want to expose them today.”
He then narrated how elected governments of the Left in Kerala, NT Rama Rao in Andhra Pradesh, Sharad Pawar in Maharashtra and M G Ramachandran in Tamil Nadu were dismissed by the Congress. And today these parties are sitting along with the Congress, he said.
“NT Rama Rao’s government was dismissed when he was in the US for medical treatment,” he said, adding M G Ramachandran must be turning in his grave seeing his DMK align with the Congress.
He also alleged that the Congress had committed sins in the past and is now trying to mislead the country.
The prime minister warned states against resorting to populist measures for political gains, saying it would be “anarth-niti” (disastrous policy). With many parties in states promising freebies and reverting to heavy cash outflow schemes like old pension in run-up to elections, he cited examples of near bankruptcy in neighbouring countries to say that they should not play with the financial health and economic policies. “Do not do any such sin which leaves the burden on the next generation.”
Taking exception to the expunction of certain remarks from his speech made in the Rajya Sabha on Wednesday, February 8, Leader of the Opposition in the Rajya Sabha Mallikarjun Kharge on Thursday, February 9, shot off a letter to Chairman Jagdeep Dhankhar, saying that it will be an “inversion of the system of governance” if Opposition MPs are to investigate, gather evidence and then raise issues in Parliament.
Dhankhar expunged Kharge’s remarks linking Prime Minister Narendra Modi with industrialist Gautam Adani and his charge that the PM remains silent on hate speech by BJP leaders.
Referring to Dhankhar’s direction to authenticate the charges with evidence, Kharge said Parliament was a platform to fix the accountability of the Executive and criticism of policies and decisions of the government should not be construed as allegations against any member of the House.
Kharge wrote that criticism of the government was natural in a parliamentary democracy. Arguing that there was no personal charge in any of his remarks, Kharge said an MP was required to authenticate only if any document was laid by the MP on the table of the House.
There was no convention of authentication of points made in a speech in Parliament, Kharge said. Any direction or rule of the House could not subvert the constitutional guarantee of freedom of speech laid down for an MP through Article 105. “The member, after due diligence, draws the attention of the House to such issues and it is incumbent upon the government to investigate the matter and take appropriate action in consonance with the law of the land,” the Congress MP wrote.
Prime Minister Narendra Modi and Gautam AdaniThe handshake with Gautam Adani need not prevent PM Modi from doing his duty to the nation.
Since 2014 under PM Modi, it has become a fashion and accepted norm in India that if you are a criminal and you belong to RSS family of organizations; you can hide behind “Fake Nationalism” or behind a false cry of “Hinduism is in Eminent Danger”. Under this magic formula, your every crime will go away and you can become a Central or State Minister or Chief Minister or member of legislative bodies in the center or state, or a State Governor. If you do not belong to RSS family of organizations and you are a rapist, murderer, bomb maker , terrorist, money launderer, drug dealer, mine mafia, arms dealer etc. by joining any of the RSS family of organizations; you can become sin aka crime free and now you are called Sanskari aka person of Good Character!
Disgustingly Adani Group founded by Gautam Adani, it’s CFO Jugeshinder Singh has gone one step ahead of the above time tested Magic Formula used by criminals supported by RSS family of organizations; has found a new way to cover his Boss Gautam Adani’s crimes. He has draped his boss, his family members and Adani Group’s crimes behind the National Flag of India. No one from RSS family of organizations and their Godi Media has raised any objections or has said a word that it is an insult to every Indian, Indian National Flag and Mother India. Can the PM Modi’s Government or RSS family of organization’s top officials explain if the Indian National Flag is Adani Group’s Corporate Logo?
This happened when Gautam Adani aka Adani Group though its CFO Jugeshinder Singh in a video for Media, defended himself against the accusations — leveled by US-based short sellers Hindenburg Research — that it had “engaged in a brazen stock price manipulation, stock parking, accounting fraud, round tripping of cash, Import-Export scams, money laundering through 38 offshore shell companies etc. over the course of decades,” the choice of décor was more persuasive than the denial of frauds.
Nationalism is not to be abused.
CFO Singh stood in front of a giant Indian flag that made him look more like a very high level government official than an embattled company executive. His message was clear: If you are a “foreign entity” coming after Gautam Adani or Adani Group, you’re coming after India.
No, sir; it’s not an attack on India.
CFO Singh while defending Gautam Adani aka Adani Group also said, “It does not surprise me. In Jallianwala Bagh, only one Englishman gave an order, Indians fired on other Indians. So am I surprised by the behavior of some fellow Indians? No.”
Shamelessly CFO Singh has equated frauds committed by Gautam Adani aka Adani Group exposed by Hindenburg Research with the martyrs fighting for Indian independence from the British. At the same time, he is giving an open warning to every Indian if they believe in Hindenburg Research report and question Gautam Adani or Adani Group, they will be called traitors aka anti-Nationals.
Then on Jan 29th, 2023 Adani group in its 413-page written rebuttal, denounced Hindenburg’s report as “baseless” and “malicious,” and accused the firm of having an “ulterior motive” for publishing the “missive.” “This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors.”
It said Hindenburg’s actions represent a “calculated attack on India, the independence, integrity, and quality of Indian institutions, and the growth story and ambition of India.”
Same day on Jan 29, 2023, Hindenburg Research replied, “Fraud cannot be obfuscated by Nationalism or a bloated response that ignores every key allegation we raised.
Adani has stoked a nationalist narrative, claiming pour report amounted to a “calculated attack on India.” In short, the Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself.
We disagree. To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future. We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation.
Hindenburg investigation speaks of Adani Group’s shell companies.
We also believe that fraud is fraud, even when it’s perpetrated by one of the wealthiest individuals in the world.
In terms of substance, Adani’s ‘413 page’ response only included about 30 pages focused on issues related to our report.
The remainder of the response consisted of 330 pages of court records, along with 53 pages of high-level financials, general information, and details on irrelevant corporate initiatives, such as how it encourages female entrepreneurship and the production of safe vegetables.
Within one week of the Hindenburg Research report, Adani Group companies have lost $108 Billion in Market Cap, one of the biggest wipeouts in India’s history. Gautam Adani himself lost $48 Billion in personal wealth and now ranks 16TH in the Index of World’s Richest from 3rd rank on Jan. 23, 2023. On Feb. 1, 2023 Credit Suisse stopped accepting Bonds of Adani Group collateral for margin loans to private banking clients. Citigroup Inc’s (C.N) wealth arm also stopped accepting securities of Gautam Adani’s group of firms as collateral for margin loans.
Hindenburg report speaks of fraud by Adani GroupHindenburg
Adani Enterprises Ltd (AEL) late on Feb. 2, 2023 decided to withdraw its Rs 20,000 crore ($2.5 Billion) follow-on public offering (FPO), India’s biggest such issue after claiming over subscription on Feb. 1, 2023 and announced that investors money will be returned. Sajjan Jindal and Sunil Mittal subscribed the Adani FPO in a last-minute push from their personal funds and do not involve listed businesses that they head like JSW Steel Ltd. and Bharti Airtel Ltd. FPO offering price band was Rs 3,112-3,276 per share while it was trading below Rs 3,000.00 in the market. The closing price of Gautam Adani’s Flagship company closed at Rs 1,565.25 at BSE on Feb. 2, 2023 that is 52 weeks low from its high of Rs 4,190.00
The decision to withdraw the FPO issue came right after Forbes flash news that “there’s evidence of wrongdoing that the Adani Group likely bought into its own $2.5 Billion Share sale. It must be noted that despite the FPO being oversubscribed, its retail portion was subscribed only 0.12 times (12%) with investors bidding for only 2.74 million shares as against the quota of 22.9 million shares. The non-institutional investor category was over-subscribed 3.32 times while that of qualified institutional buyers (QIB) was also oversubscribed 126%.
Post Hindenburg Report , Value of LIC investment in Adani Group shares have fallen from ₹77,000 CR to ₹53,000 CR- loss of ₹23,500 CR. Also, LIC shares have lost ₹22,442 CR. SBI share’s “market cap” has declined by a whopping ₹ 54,618 CR. The Loan Exposure of SBI and other Banks to Adani Group is ₹ 81,200 CR. SBI alone has $2.6 billion or Rs 21,000 crore of loans to Adani Group.
Indians wish they opened their eyes for the sake of India and the Indians.
On Feb. 2, 2023, India’s parliament was adjourned for the day after pandemonium broke out when the upper house chair rejected opposition lawmakers’ demand for a debate on Billionaire Gautam Adani’s dispute with a US short seller Hindenburg Research. They were demanding an investigation into accusations of “brazen stock manipulation and accounting fraud” made against Adani Group by the Hindenburg Research. Later Mallikarjun Kharge, president of the Indian National Congress party and leader of the opposition, told reporters, “We want either a joint parliamentary committee … or a committee headed by the chief justice of the Supreme Court to investigate this matter and release the day-to-day report.”
It is a well-known fact that current Indian PM Narendra Modi and Gautam Adani are close friends for over 2 decades and both have helped each other in their respective professions. Adani from Diamond sorter became the 3rd richest person in the world. That position he held till the Hindenburg Research made disclosures of serious frauds by Adani Group. Despite having no apparent experience or expertise; he is in every field of India; right from ports, airports, military hardware, railways, mining, cement, power, real estate, fresh & processed food etc. mostly due to government favors.
Modi from menial RSS worker became its Pracharak aka “Messenger of RSS’s misguided Hindutva and Hindu Rashtra Philosophy” to became the face along with L K Advani in the Rath Yatra for Ram Mandir, later to become the CM of Gujarat in 2001. So many independent Indian and foreign bodies hold CM Modi responsible for ethnic cleansing of Muslims in Gujarat riots in 2002. There was “widespread rape of Muslim women” and killing of Muslims. “Muslim businesses, including businesses partially owned by Muslims and their properties were systematically targeted and destroyed. “This was followed by calls for an economic boycott of Muslim owned businesses, denial of jobs, rentals & forcible sale of their properties in Hindu localities.” As per official figures 1,044 dead, 223 missing, and 2,500 injured. Of the dead, 790 were Muslim and 254 Hindu. The Concerned Citizens Tribunal Report estimated that as many as 1,926 Muslims may have been killed. Over 140,000 people were displaced in the violence, of which 100,000 were Muslims. “Conditions in refugee camps were extremely poor for Muslims” and initially compensation offered by the Modi’s Gujarat government was “discriminatory”: Rs 200,000 for Hindu victims, and Rs 100,000 for Muslims. This was later modified “at the request of the Central government in Delhi”. Still Modi remain Chief Minister of Gujarat till 2014 to become the Prime Minister of India by invoking fake nationalism. misguided Hindutva and his support to make India a Hindu Rashtra.
The loyalty to Gautam Adani should not deter the Prime Minister of India from doing his duty to the nation.
If PM Modi’s government has an iota of shame, care for international reputation of India, and even 0.1% faith in Democratic norms and love for India as per the Hinduism they swear by; Adani Group’s founders, family members, top executives and enforcement agencies’ top officials must be investigated. If they are found guilty, they must be given exemplary punishment to deter future financial crimes like this by anyone, including persons belonging to richest club or bureaucrats or politicians of India. In the meantime Adani Group’s Chief Financial Officer Jugeshinder Singh must be arrested immediately for insulting Indian National Flag, Indians and Mother India. Singh should be arrested on non-bailable warrants and must do minimum 6 months rigorous imprisonment with regular criminals with no privileges for being a rich or highly educated man or a foreign national. Being a highly educated and ex-Indian citizen, he was fully aware of the rules and protocols about using the Indian National Flag by a common citizen. He cannot hide behind the fact by saying that he is an Australian citizen and gave up his Indian citizenship to give lectures on Indian Nationalism!
Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History
Published on January 24, 2023
HINDENBURG’s REPLY TO ADANI’s RESPONSE:
JAN. 29, 2023
Fraud Cannot Be Obfuscated by Nationalism Or A Bloated Response That Ignores Every Key Allegation We Raised
(The special report has been compiled by Dave Makkar for The Indian Panorama. Mr. Makkar is a social activist based in New Jersey)
The Indian Panorama welcomes readers’ comments which will be published in the next weekly editions.
NEW YORK (TIP): It may be the biggest scandal in corporate history in India in recent times. The Hindenburg report on Adani conglomerate has created shockwaves in the financial world. Nobody can wish away or wash away the findings of the Hindenburg investigation. It is not the first time that Hindenburg has investigated a corporate .
Earlier, in 2020, Hindenburg published a report detailing malfeasance at the electric vehicle firm Nikola Corp. Hindenburg said Nikola had engaged in an “intricate fraud,” including an instance in which the company faked a video that appeared to show one of its electric trucks driving down a highway. In actuality, the company “simply filmed it rolling down the hill.” Nikola founder Trevor Milton was later found guilty of securities fraud after Hindenburg’s allegations prompted an investigation
A New York Post report of January 25 quoted Hindenburg Research Group as alleging that Gautam Adani, Asia’s richest man, is pulling “the largest con in corporate history” through his India-based conglomerate Adani Group”
Hindenburg — whose previous targets have included electric truck makers Nikola and Lordstown Motors — revealed in a research note late Tuesday it had taken a short position in Adani Group and alleged that Adani’s rise in wealth was fueled by a variety of illegal misdeeds, The New York Post said.
“We have uncovered evidence of brazen accounting fraud, stock manipulation and money laundering at Adani, taking place over the course of decades,” Hindenburg claimed in the note.
Adani, 60, amassed a fortune estimated by Forbes at $125.5 billion before the Hindenburg report — overseeing a sprawling network of companies with holdings across several industries, including control of major ports and airports, energy, real estate and cement.
“Adani has pulled off this gargantuan feat with the help of enablers in government and a cottage industry of international companies that facilitate these activities,” the firm added.
He began Wednesday, January 25, trailing only French luxury goods magnate Bernard Arnault and Tesla CEO Elon Musk in overall wealth, according to Forbes. But Adani lost an estimated $6.5 billion during the day after the Hindenburg report, dropping him to fourth behind Amazon founder Jeff Bezos.
The firm noted that Adani Group has “previously been the focus of 4 major government fraud investigations” alleging money laundering, corruption and theft of taxpayer money.
Hindenburg said it conducted a two-year investigation of the Adani business empire — with research that included dozens of interviews, including some with former company executives, as well as an analysis of internal documents and due diligence visits at company-controlled sites.
The report alleged that Adani, several family members and other company executives oversee a network of offshore shell companies located in tax havens across Mauritius, the United Arab Emirates and the Caribbean.
Hindenburg alleged that some of the shell companies appeared to be hastily cobbled together, with websites “featuring only stock photos, naming no actual employees and listing the same set of nonsensical services.”
Hindenburg alleged that many of the shell companies are reportedly operated by Adani’s older brother, Vinod, or his “close associates.”
“The Vinod-Adani shells seem to serve several functions, including (1) stock parking / stock manipulation (2) and laundering money through Adani’s private companies onto the listed companies’ balance sheets in order to maintain the appearance of financial health and solvency,” Hindenburg said.
Hindenburg included a list of 88 questions about company operations that “we hope the Adani Group will be pleased to answer.” “Even if you ignore the findings of our investigation and take the financials of Adani Group at face value, its 7 key listed companies have 85% downside purely on a fundamental basis owing to sky-high valuations,” Hindenburg said.
The short seller stressed that its report “represents our opinion and investigative commentary” and urged readers to draw their own conclusions about Adani Group.
Adani Group has dismissed the report as baseless. Adani Group CFO Jugeshindar Singh said the company was “shocked” by Hindenburg’s allegations and issued a firm denial.
“The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts,” Singh said.
“The timing of the report’s publication clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation,” Singh added.
Billionaire investor Bill Ackman was all praise for U.S. short-seller Hindenburg Research’s report on Indian conglomerate Adani Group, calling it “highly credible” and “extremely well researched.”
Billionaire investor Bill Ackman was all praise for U.S. short-seller Hindenburg Research’s report on Indian conglomerate Adani Group, calling it “highly credible” and “extremely well researched.”
Hindenburg’s report on Wednesday accused the conglomerate of improper use of offshore tax havens and stated it held short positions in the company via its U.S.-traded bonds and non-Indian-traded derivative instruments.
Adani group loses $48 billion since January 25; FPO takes a hit in light of Hindenburg report
Adani Enterprises Ltd began a record $2.45 billion (₹20,000 crore) secondary share sale for retail investors on Friday, as a heavy selloff in Adani group companies intensified after an attack by a U.S.-based short seller.
Seven listed companies of the Adani conglomerate — controlled by one of the world’s richest men Gautam Adani — have lost a combined $48 billion in market capitalization since Wednesday, January 25, and saw falls in its U.S. bonds after Hindenburg Research flagged concerns in a report about debt levels and the use of tax havens.
Adani Enterprises aims to use the share sale proceeds for capital expenditure and to pay debt. The anchor portion of the sale saw participation from investors including the Abu Dhabi Investment Authority on Wednesday.
Bidding for the Adani Enterprises share sale for retail investors started on Friday and will close on January 31. The firm has set a floor price of ₹3,112 ($38.22) a share and a cap of ₹3,276. But on Friday the stock slumped to as low as ₹2,721.65, well below the lower end of the price offering.
Adani group stocks took a beating, falling up to 20% after Hindenburg Research’s damaging allegations. The group’s flagship Adani Enterprises, which launched the ₹20,000 crore FPO on Friday, tanked 18.52%. Adani Ports plunged 16%, Adani Power by 5%, Adani Green Energy by 19.99%, and Adani Total Gas by 20%.
In two days, the Adani group firms have lost a whopping ₹4,17,824.79 crore from their market valuation. The market valuation of Adani Total Gas plummeted ₹1,04,580.93 crore while that of Adani Transmission by ₹83,265.95 crore. Adani Enterprises market capitalization fell by ₹77,588.47 crore, Adani Green Energy lost ₹67,962.91 crore and Adani Ports by ₹35,048.25 crore.
The market valuation of Ambuja Cements declined by ₹23,311.47 crore, Adani Power by ₹10,317.31 crore, ACC by ₹8,490.8 crore and Adani Wilmar by ₹7,258.7 crore. The rout took shares of Adani Enterprises, the group’s flagship company, well below the offer price of its secondary sale, which had initially been offered at a discount.
In its report, Hindenburg said key listed Adani Group companies had “substantial debt”, putting the conglomerate on a “precarious financial footing”, and that “sky-high valuations” had pushed the share prices of seven listed Adani companies as much as 85% beyond actual value.
Billionaire U.S. investor Bill Ackman said on Thursday, January 26, that he found the Hindenburg report “highly credible and extremely well researched”.
Hindenburg said it held short positions in Adani through its U.S.-traded bonds and non-Indian-traded derivative instruments, meaning it is betting that their price would fall.
The Hindenburg report has encouraged political parties in India to demand a thorough investigation into the working and practices of the Adani Group.
Congress has demanded a ‘serious investigation’ by RBI and SEBI into allegations levelled against the Adani Group. In a strongly worded statement, Congress general secretary in-charge of communication Jairam Ramesh asserted that exposure of financial institutions like the Life Insurance Company of India (LIC) and the State Bank of India (SBI) to the Adani Group would have implications for the country’s financial stability and crores of depositors “whose savings are stewarded by these pillars of the financial system”.
“Normally a political party should not be reacting to a research report on an individual company or business group prepared by a hedge fund. But the forensic analysis by Hindenburg Research of the Adani Group demands a response from the Congress party,” Ramesh said, adding, ”This is because the Adani Group is no ordinary conglomerate: it is closely identified with Prime Minister Narendra Modi since the time he was Chief Minister”.
The ports-to-power conglomerate, however, had said the charge against the Adani Group was “malicious, unsubstantiated, one-sided, and was timed to ruin the public listing of its shares”.
“The allegations require serious investigation by those who are responsible for the stability and security of the Indian financial system, viz. the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI),” Ramesh said.
“The allegations of financial malfeasance would be bad enough, but what is worse is that the Modi government may have exposed India’s financial system to systemic risks through the liberal investments in the Adani Group made by strategic state entities like LIC, SBI and other public sector banks,” he added.
The Congress leader said as much as 8% of LIC’s equity assets under management, amounting to a sum of ₹74,000 crore, are invested in the Adani Group of companies, while public sector banks have lent to the Adani Group twice as much as the private banks, with 40% lending being done by SBI. “Indians are increasingly aware of how the rise of Modi’s cronies has exacerbated the problem of inequality, but need to understand how this has been financed by their own hard-earned savings. Will the RBI ensure that risks to financial stability are investigated and contained? Are these not clear-cut cases of “phone banking”?” asked Ramesh.
Asking if there is a quid pro quo between the Modi government and the Adani Group, the Congress leader alleged, “In perhaps, the most egregious case of crony capitalism, the previous operator of Mumbai’s Chhatrapati Shivaji Maharaj International Airport, India’s second busiest airport, was raided by the Enforcement Directorate (ED) and the Central Board of Investigation (CBI) after it rejected an offer by the Adani Group”.
“The operator agreed to sell the airport to Adani a month later and it is a mystery what happened to the ED and CBI cases thereafter,” Ramesh added.
Lok Sabha member Manish Tewari said on Twitter that if the Hindenburg report was even partially correct, “it merits both a Joint Parliamentary Committee-much like the 1992 JPC & a Supreme Court Monitored investigation to get to the bottom of the matter. The Budget Session of Parliament begins 31st Jan 2023”.
Congress Rajya Sabha member Randeep Surjewala tweeted, ”Exposure of #LIC in Adani Group is ₹77,000 CR. LIC has today lost ₹23,500 CR in invest value in Adani Group i.e. at ₹53,000 CR against ₹77,000 CR. LIC is money of People of India. In any other country, heads would have rolled including that of FM# HindenburgReport.”
Adani Group’s chairman Gautam Adani is now the world’s third-richest person after overtaking France’s Bernard Arnault according to Bloomberg Billionaires Index.
With a total net worth of $137.4 billion, 60-year-old Adani has surpassed the wealth of Louis Vuitton chairman Arnault and is now just behind business magnate Elon Musk and Jeff Bezos in the ranking.
In the latest Bloomberg Billionaires Index, Reliance Industries Chairman Mukesh Ambani is at number 11 with a net worth of $91.9 billion. This is the first time an Asian person has broken into the top three of the Bloomberg Billionaires Index.
The index is a daily ranking of the world’s richest people. Details about the calculations are provided in the net worth analysis on each billionaire’s profile page. The figures are updated at the close of every trading day in New York.
The net worth of Elon Musk and Jeff Bezos are currently at $251 billion and $153 billion, respectively.
Adani is a first-generation entrepreneur and the Adani Group comprises seven publicly listed entities with businesses spanning energy, ports and logistics, mining and resources, gas, defence and aerospace and airports.
Right now, India’s global reputation as a viable Democracy and a Secular nation is under scrutiny as it has descended into a major milestone of steep descent into darkness of bigotry and Islamophobia. Modi that is known to invoke values of pluralism abroad, has remained silent as Indian democracy is humiliated with international backlash. It looks like Modi has successfully externalized his domestic agenda of targeting minorities, especially the 205 million Muslims with impunity and hate speeches, and with official sanctions. Prime example is Anurag Thakur who was elevated from a Junior Minister to Independent Minister after he made a remark in Jan 2020 targeting Muslims for protesting against Citizenship (Amendment) Act, “Desh ke gaddaron ko, goli maaro saalon ko (Shoot the traitors of the country)”
By Dave Makkar
For the first time in the 75 years history of Independent India, the government headed by BJP’s Modi is on the biggest diplomatic firefighting mission of apology to 15 Majority-Muslim nations and 57-member Organization of Islamic Cooperation (OIC) and the Gulf Cooperation Council (GCC) over the derogatory remarks made on Prophet Mohammed by leaders of the ruling BJP. This time it was not just Indian Muslims speaking out and protesting on the streets all across India but on June 5, 2022 the governments of Qatar, Kuwait, Oman, Iran, Saudi Arabia, Jordan, Libya, Turkey, Maldives, Iraq, Indonesia, United Arab Emirates, Bahrain, Pakistan and Malaysia issued stinging statements condemning the comments. Some countries are demanding written apologies besides calling the Indian Ambassadors to register their protest. In some countries, there were massive street protests, and in Qatar, “Boycott India” campaign was also trending on social media.
Dinner to be hosted by Deputy Emir of Qatar for India’s VP Venkaiah Naidu was cancelled. VP Naidu was on a 3-day state visit to Qatar. Qatari Minister of State for Foreign Affairs Al Muraikhi warned in a statement that “insulting remarks would lead to incitement of religious hatred and offend more than 2 billion Muslims around the world.”
In response to this diplomatic row, the Indian embassy in Doha released a statement insisting that the comments were made by “fringe elements” and “do not, in any manner, reflect the views of the Government of India”.
The 57-member OIC . condemned the remarks and said it came in a “context of intensifying hatred and abuse toward Islam in India and systematic practices against Muslims.” OIC also urged the United Nations to take necessary measures to ensure that the rights of minorities are protected in India. The Spokesperson for UN Secretary-General Antonio Guterres has called for a halt to any sort of violence, especially the one based on perceived religious differences and hatred, amidst protests in India over the controversial remarks against the Prophet by two now-suspended BJP leaders.
This gigantic diplomatic backlash comes on the heels of US Secretary of State Antony Blinken naming India while releasing the State Department’s International Religious Freedom Report (USCIRF) on June 2, 2022. Blinken said: “in India, the world’s largest democracy and home to a great diversity of faiths, we have seen rising attacks on people and places of worship.” Rashad Hussain, the Ambassador-at-Large for IRF called out the Indian government officials, who he said are “ignoring or even supporting rising attacks on people and places of worship.” The report also mentioned several Hindu extremist leaders; like Yati Narasinghanand, Maa Annapurna Bharti, Swami Paramatmananda, and BJP’s UP CM Yogi Adityanath, a close ally of PM Modi.
USCIRF has recommended U.S. Government to designate India as a “country of particular concern,” or CPC, for engaging in and tolerating systematic, ongoing, and egregious religious freedom violations, as defined by the International Religious Freedom Act (IRFA); Impose targeted sanctions on individuals and entities responsible for severe violations of religious freedom by freezing those individuals’ or entities’ assets and/or barring their entry into the United States.
“Desh ke gaddaron ko, goli maaro saalon ko (Shoot the traitors of the country)”: Anurag Thakur, Sports Minister of India.
Right now, India’s global reputation as a viable Democracy and a Secular nation is under scrutiny as it has descended into a major milestone of steep descent into darkness of bigotry and Islamophobia. Modi that is known to invoke values of pluralism abroad, has remained silent as Indian democracy is humiliated with international backlash. It looks like Modi has successfully externalized his domestic agenda of targeting minorities, especially the 205 million Muslims with impunity and hate speeches, and with official sanctions. Prime example is Anurag Thakur who was elevated from a Junior Minister to Independent Minister after he made a remark in Jan 2020 targeting Muslims for protesting against Citizenship (Amendment) Act, “Desh ke gaddaron ko, goli maaro saalon ko (Shoot the traitors of the country)”
After assuming power in 2014, Modi has been allowing rather encouraging without punishment; Islamophobic remarks by members of his government, his Party BJP, state governments under BJP, Hindu organizations, Media & educational institutions. In all the BJP ruled states Muslims & Christians are openly being denied basic human rights, right to justice as well as right to worship. Muslims, especially male and female student leaders & activists are maliciously prosecuted under the directions from BJP ruled states or Modi’s central government. They are beaten & lynched in broad daylight. Muslim Houses are demolished in (Israeli style) Collective Punishment for valid protests termed as riots or turned into riots by BJP or RSS or other Hindu organizations or as unauthorized structures even if they are there for 30-40 years & some have government documents. Hindu owned houses with similar or worst status in the same vicinity are left untouched. On social media, female Muslim journalists, activist and social workers have been ferociously trolled and issued threats of the worst kind, including rape. Muslim women have been put up for sale in fake auctions. Islamophobic memes and hashtags, taunting and tainting Muslims in India has become the norm.
Also, since 2014, Islamic structures including Mosques are being targeted under the excuse that they were built 5-9 centuries ago after demolishing Hindu Temples. UNESCO World Heritage Sites like Taj Mahal, Jama Masjid, Qutub Minar etc. are being disputed as built on Hindu temples. BJP ruled Karnataka that is referred as “Silicon Valley of India” has gone one step further and started doing surveys of Christian Churches also to establish if they were built after demolishing Hindu temples. Whereas “The 1991 Act says that a mosque, temple, church or any place of public worship in existence on August 15, 1947, will retain the same religious character that it had on that day – irrespective of its history – and cannot be changed by the courts or the government”.
Fringe elements? Home Minister Amit Shah, Prime Minister Narendra Modi, Chief Minister of UP Yogi Adityanath.
Modi’s government has maintained a studied silence or at the most has always blamed “fringe elements” for such actions. They do not hesitate even to include their own National Spokesperson currently Chairman of Tourism Department, “Sambit Patra as Fringe Element”. All this appears to have emboldened ordinary Hindus to beat Muslims in public, go online and tarnish Muslims with impunity. They publicly cry about being the victim and think they are entitled to revenge for what happened from 7th to 17th century. This itself constitutes a grave danger to the protection of human rights and may lead to further prejudice and marginalization, which will create a cycle of violence and hate against Indian Muslims including public lynching.
Role of Indian Media in spreading Islamophobia in India:
The Godi Media of India
Prime Time debates in India since 2014 have become a platform to encourage Hindu hate mongers to speak ill about other religions. The anchors encourage hatemongering and allow BJP or RSS or other Hindu organizations spokesperson to speak rubbish that is corrupting the moral and social fiber of the society and can incite violence against believers of other religions.
These media houses are called as Modi’s Godi(lapdog), bikau (saleable), dalal(agent) and bharkau(inflammatory) Media This is how a major section of India’s mainstream media is labelled by most Indians, especially Muslims, Christians and low-caste Hindus, opposition parties, as well as ½ a dozen national media — all because of their brazen support for the ruling party BJP, its ideological parent RSS and the government.
Their journalists and anchors routinely engage in spreading hatred towards the country’s 205 million Muslim population and Islam, thus nourishing Islamophobia. They also demonstrate a clear bias against the country’s low-caste Hindus, the poor, and less privileged and weaker sections of society. They openly favor the rich and powerful that owns or finance their channels. Shamelessly they promote Hindutva & Hindu Rashtra– an ideology that seeks to establish the hegemony of Hindus and the Hindu way of life — spearheaded by Rashtriya Swayamsevak Sangh (RSS), its ruling political front Bharatiya Janata Party (BJP). Any criticism of the BJP is narrated as “anti-nationalist” and any individual challenging or demanding answers from the party is labelled “anti-Indian”.
Here is Media ranking in descending order in spreading Islamophobia in India:
Republic TV- co-founded and majority-owner Arnab Goswami is the channel’s editor and news anchor. Known for opinionated reporting in favor of BJP & RSS and their Hindutva-Hindu Rashtra agenda including uncritically reproducing government narratives, avoiding criticism of BJP/RSS figures, and presenting their political opponents in a negative light. He shamelessly shows his bias. He is the King; “No one can beat him in spreading hatred against Muslims and fake news”. On top of that no one can match him in shouting contest.
CNN News 18 owned by Poster Boy of Gangster Capitalism, billionaire Mukesh Ambani. A supporter & 2nd top financier of Modi, RSS, Hindu Rashtra; owns 65 channels: English, Hindi and 14 regional language news, business, entertainment, music, movies, youth, Kids, factual entertainment and shopping channels. Its star news anchor Amish Devgan is a Clone of Republic TV’s Arnab in shouting and arrogance, and routinely indulges in Muslim bashing and spreading fake news.
Aaj Tak – Owned by Arun Purie’s India Today Group, Aaj Tak has three of the worst Islamophobic anchors in the Indian media — Anjana Om Kashyap, Rohit Sardana and Sweta Singh. They are notorious for their vitriolic attacks against Muslims and spreading communal hatred. They routinely indulge in Muslim bashing, while show deferential surrender to anything the BJP does.
India Today (English) Also owned by Purie’s India Today Group with main anchors Rajdeep Sardesai and Rahul Kanwal. Rajdeep is mildly anti-BJP and a bit critical of Modi. Rahul Kanwal in 2020 became a full-time supporter of Modi, BJP & RSS and its ideology after a punishment for being openly critical of Modi.
Wion (World is One News) – operated by Essel Group, owns nearly two dozen Zee channels (some of them merged with Sony TV in Feb. 2022). Its chairman Subhash Chandra was a BJP supported Rajya Sabha MP till June 11, 2022. He has been promoting its Hindutva aka Hindu Rashtra agenda and anti-Muslim tirades. His star prime time news anchor Sudhir Chaudhary was jailed for demanding bribes for not publishing news; is also the editor-in-chief. He is the Hindi version of Republic TV’s Arnab as he openly supports the BJP, RSS and Modi.
Times Now- owned by Pro BJP/RSS Sahu Jain family of Times of India News paper’s Group. Rahul Shivshankar Editor in Chief, Navika Kumar Gp Editor; openly support BJP and RSS by promoting its Hindutva aka Hindu Rashtra and anti-Muslim agenda
India TV – Founder Rajat Sharma and his wife Ritu Dhawan. Rajat was a member of ABVP (Student Wing of RSS) & very close friend of late Arun Jaitley, the most corrupt Modi’s BJP Finance Minister in the history of India. He openly supports BJP and RSS by promoting its Hindutva aka Hindu Rashtra and anti-Muslim agenda.
ABP News – Owned Pro BJP Aveek Sarkar of Anandabazar Patrika Group. It used to be neutral, but it turned pro-BJP a couple of years ago. after the Modi government objected to criticism of the BJP and Baba Ramdev by its star journalists Punya Prasoon Vajpayee and Abhisar Sharma. Both were fired and Rubika Liyaquat joined to replace them to became the commander-in-chief of its news anchors. A Muslim, with angry rhetoric against Muslim leaders and do not allow any criticism of Modi or BJP or RSS or their policies.
Republic Bharat — This sister channel of Republic TV is funded by the BJP and RSS. Its anchor Sucherita Kukreti, a female version of Arnab Goswami in shouting and spitting the venom of hatred against Muslims.
Sudarshan News — Its chairman, Suresh Chavhanke, knowingly disseminates anti-Muslim content and manufactures fake news with communal overtones, which has earned him titles such as “bigot” and “dangerous”. He was a long-term RSS volunteer and associated with ABVP. And prefers that the news programs over his channel be viewed as opinionated campaigns.
News Nation – Deepak Chaurasia, the consulting editor of this channel, which is owned by News Nation Network, is known as a “puppet” of Modi. He always makes fun of all the political parties except the BJP and its allies. He is notorious for his over-the-top coverage of news issues and for being uncritical of the BJP government.
News24 (India) – Owner B.A.G. Films and Media, promoters are Anurradha Prasad, sister of BJP Union Minister R S Prasad, along with her husband, Pro BJP Congress politician Rajeev Shukla.
Ethnic Indian media in USA
Unfortunately, 97% of the Ethnic Indian media in USA are like their counterparts in India. Their anchors are no less than Arnab Goswami or Amish Devgan or Sudhir Chowdhary or Navika Kumar or Anjana Om Kashyap etc. when it comes to spreading Islamophobia and fake news while promoting BJP & RSS’s Hindutva & Hindu Rashtra agenda in USA.
A glance over the few important Islamophobic incidents in last 31/2 years that has led to the unprecedented international outcry against India for the Islamophobic comments made by ruling party BJP’s 2 senior leaders about Prophet Muhammad.
June 2018, Michelin-starred chef Atul Kochar was fired from JW Marriott Marquis, Dubai after he tweeted that followers of Islam had “terrorized” Hindus for 2,000 years.
Sep. 2018 in a public meeting, India’s Home (Interior) Minister Amit Shah compared the illegal Bangladeshi Muslims migrants with “Termites”.
April 2019 Home (Interior) Minister Amit Shah in an election rally again said, “Infiltrators are like termites in the soil of Bengal.” “A Bharatiya Janata Party (BJP) government will pick up infiltrators one by one and throw them into the Bay of Bengal,” referring to illegal Muslim immigrants from neighboring Bangladesh.
April 2019, BJP’s Communal & a Criminal Hindu Priest CM Adityanath Yogi of UP the most populous state of India, spoke about a “green virus” in an election speech in reference to Muslim voters who he said were being wooed by opposition parties. In another election speech he referred Muslims as the “Taliban”
April 2019, BJP MLA Mayankeshwar Singh from UP’s Siddharthnagar in an election speech threatened Muslims with bodily harm for effectively just existing. “If Hindus in Hindustan wake up the beard will be pulled and made into a choti (a tightened braid). If you have to live in Hindustan you have to say ‘Radhe’ (chant Hindu God’s name), else, like those who went to Pakistan during the partition, you can go too… you have no use here,”
Dec 2019, PM Modi made a Islamophobic remark targeting Muslims protesting over Citizenship (Amendment) Act (CAA); “those indulging in arson “can be identified by their clothes”.
Feb. 2020, Modi’s Junior Minister Anurag Thakur while leading a pro CAA and National Register of Citizens (NRC) rally called a slogan, “Desh ke gaddaron ko, goli maaro saalo ko (Shoot the traitors of the country)” targeting the ongoing Muslim women’s 24X7 sit in protest against CAA & NRC at Shaheen Bagh, Delhi. After Thakur’s rally, the city saw deadly communal riots which left 53 dead and 700 injured – majority of them Muslims. Shaheen Bagh protest (Dec 15, 2019 to March 24, 2020) was a peaceful sit-in protest in Delhi lead by women only. Anurag Thakur was rewarded and elevated to a Minister with independent charge in July 2021.
Nov. 9, 2019, Travesty of justice in Babri Masjid vs Ram Janma Bhumi; in a unanimous verdict the Supreme Court of India under CJ Ranjan Gogoi who was retiring on Nov. 17, 2019; awarded the land of disputed Babri Masjid to Hindus. However, the court added that the demolition of the Babri mosque was against the rule of law but do not propose any prosecution for those responsible for the demolition; basically acquitting all the 49 accused high ranking leaders of instigating the mob. Babri Masjid was built in 1528-29 and demolished by the Hindu mob under the top leadership of BJP, RSS, VHP & other militant Hindu organization in 1992. It led to riots in different parts of India that killed nearly 2,000 people. All the Hindu organizations led by BJP had started instigating the Hindus from 1989 to demolish the Mosque by making them believe that the land is the “Birthplace of Lord Ram”. On the other hand, Hindu scriptures say that “Kan Kan mei Vyape hein Ram” meaning “Lord Rama permeates every atom of this universe”. Ever since the Modi-led BJP came to power in 2014, India has seen deepening social and religious divisions. The demand for Ram Janam Bhumi became louder and clearer. Chief Justice Ranjan Gogoi was rewarded by Modi regime in March 2020 by making him Rajya Sabha (Upper House of Parliament) member after awarding a verdict in favor of Hindus in Dec 2019.
April 2020, BJP MP Tejasvi Surya landed in a row for a tweet he had posted in 2015 with an “objectionable and disrespectful” comment about Arab Women. “95 percent Arab women never had orgasms in last few hundred years: Tarek Fatah.” Prominent businesspeople, lawyers and commentators in Dubai and Kuwait condemned his remarks. He deleted the tweet.
April 2020, When Indians living in Dubai began posting anti-Tablighi Jamaat congregation in Delhi as a supper spreader of Covid, Princess Hend Al Qassimi warned that “anyone that is openly racist and discriminatory in the UAE will be fined and made to leave”. Under Modi’s Home Minister Amit Shah, attendees of Tablighi Jamaat congregation in Delhi were accused of spreading the Covid-19 virus. Criminal cases were registered against several attendees including foreign nationals in the courts across India. in August 2020, the Bombay HC quashed three FIRs against 35 petitioners – 29 of them foreign nationals. The court observed: “A political government tries to find the scapegoat when there is pandemic or calamity and the circumstances show that there is probability that these foreigners were chosen to make them scapegoats. Some of the charge sheeted Muslims neither attended the Delhi congregation nor were they inclined to the Tablighi ideology, as evidenced in the case of eight charge sheeted individuals, whose case was dismissed by the Delhi’s Saket district court on 25 August 2020. The SC CJ Sharad Bobde observed “evasiveness” in that the Government of India’s affidavit filed in response to petitions challenging the discriminatory and communal coverage of the Tablighi Jamaat incident by some sections of the media. He termed it as “unnecessary, nonsensical” averments. On 16 December 2020, Chief Metropolitan Magistrate of a Delhi Court, Arun Kumar Garg, acquitted the 36 foreign nationals from 14 countries of all the charges levelled against them.
August 2021, BJP leader and Supreme Court lawyer Ashwini Upadhyay made anti Muslim slogans including calling for Muslims to be murdered, in a rally in favor of the uniform civil code, at Jantar Mantar, Delhi.
Sep. 2021, BJP’s UP CM Adityanath Yogi in a public rally said that prior to his government’s formation in 2017, the ration (subsidized food grains) meant for the poor would get ‘digested’ by those who utter “Abba Jaan” as a communal reference to Muslims. In several parts of India, Muslims use the phrase “Abba Jaan” to refer to their fathers or as an endearment.
Oct. 2021, Uttarakhand BJP president Mandan Kaushik told the media, “Our party line is clear that no [religious] conversion [from Hinduism] will be tolerated.”
November 2021,BJP Leader Ashwini Upadhyay was featured on a panel on the imaginary bogey of ‘thook jihad (spit jihad).’ where he said, these thook (spitting) jihadis are either being taught all this by their parents or at their madrassas (schools).” He even suggested that Muslim men may be mixing other body fluids in the food they prepare for sale to Hindus.
December 2021, Upadhyay was a notable BJP presence at the now-notorious Dharma Sansad which took place at Haridwar. Known Islamophobic Militant Hindu Priest Yati Narsinghanand called Muslims “demons”, threatened to “eliminate” them and said he is striving to create an India “free of Islam”.
Swami Prabodhanand Giri said the country now belongs to Hindus. “This is why, like in Myanmar, the police here, the politicians here, the army and every Hindu must pick up weapons, and we will have to conduct this cleanliness drive,” he said while referring to Muslims. “There is no solution apart from this.”
Maa Annapurna Bharti, alias Pooja Shakun Pandey, “Nothing is possible without weapons. If you want to eliminate their population then kill them. Even if 100 of us are ready to kill 20 lakhs of them (Muslims), then we will be victorious, and go to jail.”
Suresh Chavhanke, owner of Militant Hindu channel “Sudarhan News”, administered an oath to turn India into a Hindu-first country. “We make a resolution until our last breath: We will make India a Hindu nation, and keep it a Hindu-only nation,” he said. “We will fight and die if required, we will kill as well.” He then tweeted a video of the oath to his half a million followers.
The event concluded with an oath-taking which called for the “protection” of the Hindu religion against all those who might pose a threat to it ‘by any means necessary.
Feb. 2022, BJP MLA from UP’s Dumariganj, in a video said, “Since I became an MLA, they (the Muslims) have stopped wearing skull caps. If you vote for me again, they will start wearing tilaks.” Again on February 15, 2022 panel on India TV, he interrupted a Muslim panelist to hurl religious slurs and abuses against him, threatening to feed pig’s milk (derogatory for Muslims) to the panelist, whom he described as a “b*****d dog and an illegitimate child of Hindus”. He was seen in another video threatening Muslims and accused all Hindus who did not vote for him of being Muslims. He said, “Any Hindu who doesn’t vote for me has Miyan (Muslim) blood in his veins. He’s a traitor. He is a b*****d son of Jaichand. He’s a sinner son of his father…I am warning you this time…traitors of Hindu religion will be destroyed.” Further he goes on to threaten Muslims by saying, “Listen Muslims, if any Hindu is insulted and if you look at any Hindu girl, then I’ll get you beaten so much and cut so much…that…”. The latter part of his warning drowns out amidst ‘Jai Shri Ram’ chants.
April 2022, Bihar BJP MLA Haribhushan Thakur Bachaul said that Muslims should be set ablaze just as Hindus burn Ravana effigies during the festival of Dussehra. Earlier in Feb 2022, he had also said that Muslims living in India should be stripped of “Voting Rights” and treated as second-class citizens.
May 2022, 3 BJP MLA’s K.G. Bopaiah, Appachuranjan and Suja Kushalappa from BJP ruled Karnataka state Assembly were present at the “Arms training camp’ organized by the anti-Islam militant Hindu “Bajrang Dal”. A viral video on social media showed youths, appearing to be minors, in possession of airguns, trishuls(Tridents) and other weapons.
May 2022 in BJP ruled MP, a 65-year-old Hindu with cognitive disabilities Bhawarlal Jain, was beaten to death by a BJP worker Dinesh Kushwaha suspecting him to be a Muslim.
NEW DELHI, INDIA – JANUARY 21: BJP candidate from New Delhi Constituency Nupur Sharma arrives at Jamnagar House to file her nominations for the upcoming Delhi Assembly Elections 2015 on January 21, 2015 in New Delhi, India. Polling in Delhi will be held on February 7 and the counting of votes will take place on February 10. (Photo by Saumya Khandelwal/Hindustan Times via Getty Images)
May 27, 2022, BJP National Spokesperson & SC Lawyer Nupur Sharma’s made derogatory and insulting comments against Prophet Mohammad during a debate on Times Now with Anchor Navika Kumar on the dispute over the Gyanvapi mosque. Pro BJP Navika Kumar allowed Sharma to make insulting remarks about the prophet and his marriage. The party’s Delhi media head, Naveen Kumar Jindal, subsequently tweeted another offensive comment about Prophet Muhammad, the most revered figure in Islam. This has incensed Indian Muslims and a week later outraged more than a dozen Islamic nations.
Hindus claim that the Gyanvapi Mosque in the Hindu holy city of Varanasi is built on the ruins of a grand 16th Century Hindu shrine – destroyed in 1669 by Mughal emperor Aurangzeb – and some are now seeking a court’s permission to pray within the mosque complex.
May 27, 2022, Former Karnataka Deputy CM and at present BJP MLA Eshwarappa issued a statement to media that 36,000 temples were destroyed to build mosques over them. He stated that all of them would be reclaimed by Hindus legally.
June 5, 2022, repeat offender for Islamophobic comments including calling for genocide & derogatory comments against the Father of the Nation, Mahatama Gandhi; Maa Annapurna Bharti alias Shakun Pandey inked a letter “with her blood” to India’s President Kovind, asking him to take action against Friday Muslim prayers, which she claims are an “anti-Hindu congregation”. She said, “Friday is not a day for prayers. Instead, it is a day for terrorism. The Friday congregations by Muslims are not for worship but for the genocide of non-Muslims, loot, arson and sexual harassment. Hence, the Akhil Bharat Hindu Mahasabha demands that on Fridays, the entry of Muslims in small mosques should be restricted only to 10 Muslims while 25 Muslims should be allowed in bigger ones.
If all the above Islamophobic actions were done by the “Fringe Elements” then who is promoting and supporting “Islamophobia” in India? The answer is not difficult to find. It is India’s internationally known Hinduwadi and domestically known as Hindu Heart Throb aka Hindu Hriday Samrat aka Hindu King aka Prime Minister Narendra Modi…!! Under parliamentary system fashioned after the Westminster system the prime minister is the presiding and actual head of the government and head/owner of all the departments and executive power. The head of the state, the president in India, holds a largely ceremonial position, although often with reserve powers. In case of current President Kovind, it is a well-known fact that he only speaks the language of PM Modi.
Poster Boys of Gangster Capitalism of India. L to R: Rattan Tata, Mukesh Ambani, and Gautam Adani
The next question is who is financing Islamophobia and Modi that is representing each and every Hindu organization that wants to make India a “Hindu Rashtra” ? The answer is the gangster capitalist of India that is supporting Modi. The current top 3 Poster Boys of Gangster Capitalism of India are Gautam Adani, Mukesh Ambani, and Rattan Tata. Their net worth under Modi’s 8 years rule has gone up by 175% to 350% and now they own all the major industries, including defense and service sector of India.
“Modi’s eminence is due to the surrounding flatness of India”.
Unfortunately, here the flatness means; illiterate, communal & criminal Modi’s high reputation is only because of the terribly low morals, ethics, honesty and talents left in India these days. Since 2014, India under Modi has become a sad story. Over 60% Indians are gladly willing to pay Islamophobic Tax, even if it begets them unemployment, poverty, hunger and even starvation! No one can save a nation in death wish mode.
(Compiled by Devendra Makkar from various internet sources & writings of prominent journalists)
Signup to our Newsletter!
Don’t miss out on all the happenings around the world
In the midst of the ongoing political landscape in India, Prime Minister Narendra Modi made a significant accusation during an election rally in Telangana on May 8, alleging a possible nexus between the Congress party and major Indian businessmen Mukesh Ambani and Gautam Adani. Modi stated that the Congress party, which had been vocal in its criticism of the Modi government for allegedly benefitting Ambani and Adani, had gone silent on the issue. He implied that the silence was due to an understanding or deal between the Congress party and the two businessmen, hinting at possible truckloads of “dark money” being supplied by the businessmen to the Congress party.
