Last week, the US DOJ charged Indian billionaire, Gautam Adani, on the counts of bribery and fraud for paying $265 million in bribes to Indian government officials to secure a solar energy project.
Recently, hundreds of protesters in New Delhi, predominantly from the opposition Congress party protested against Adani and accused Prime Minister Narendra Modi of protecting the tycoon, which is his close political ally.
In a report by AP News, demonstrators waved placards and chanted slogans such as "Modi and Adani are one" while demanding the immediate arrest of Adani. Police detained several protesters near Parliament. Meanwhile, opposition parties called for a deeper investigation into Adani's businesses but were met with disruptions in Parliament.
Prosecutors claim Adani's actions deceived investors and violated securities laws.
India Demands Adani's Arrest
Rahul Gandhi, one of the key members of the Congress party, criticized Prime Minister Modi for allegedly protecting Adani from scrutiny, per ABC News.
Gandhi claimed Modi was loyal to Adani rather than national interests and damaged the credibility of the government.
The Opposition bloc under the name INDIA has its argument that Adani lived its days under crony capitalism and favoritism under the Modi administration. Previously, there were accusations of stock manipulation and fraud thrown at the tycoon, but these was only denied later on. It remains under investigation by India's market regulator.
Now, concerns from opposition mount since Adani's businesses are a huge player in India's economy, from coal mining to renewable energy. His companies also operate major ports, airports, and infrastructure projects.
Opposition leaders are insisting on proper investigations, but the Modi government has maintained silence. As the controversy escalates, experts believe it will reveal serious implications for India's political and business image going forward. In fact, though the Adani Group has denied all the charges, the indictment had a big impact on his business empire, with shares going down to 20% and doubts beginning to form on whether the Indian government has a say in major businesses in the country.
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