George Soros Says Adani Fraud Case Will Weaken Modi

George Soros Says Adani Fraud Case Will Weaken Modi. Photo: RMN News Service
George Soros Says Adani Fraud Case Will Weaken Modi. Photo: RMN News Service

George Soros Says Adani Fraud Case Will Weaken Modi

Although Soros expects the Indian parliament to take Modi’s response on the alleged financial crimes of Adani, Modi does not respect the parliamentary systems and refuses to answer any question raised in parliament.

By Rakesh Raman

A reputed billionaire philanthropist George Soros has stated that India’s prime minister (PM) Narendra Modi will be weakened by the ongoing financial fraud case of oligarch Gautam Adani, who is a close partner of Modi.

In his speech on February 16, Soros, 92, also hoped that the Adani fraud case – which is perhaps the biggest scam in the corporate world – will open the door to a democratic revival in the country.

Speaking at the Munich Security Conference, Soros said, “Modi and business tycoon Adani are close allies; their fate is intertwined. Adani Enterprises tried to raise funds in the stock market, but he failed.”

Soros added that Adani is accused of stock manipulation and his stock collapsed like a house of cards. “Modi is silent on the subject, but he will have to answer questions from foreign investors and in parliament,” Soros said.

As usual, instead of honestly addressing the issues raised by the world community about the autocracy and misgovernance of Modi, the Modi government baselessly dismissed the truthful comments from Soros as an attack on India.

Recently, a new BBC documentary, ‘India: The Modi Question,’ revealed Modi’s complicity in the Gujarat violence of 2002 when Modi was the chief minister (CM) of Gujarat. The documentary shows facts which ascertain that Modi was directly responsible for the Gujarat massacre that targeted Muslims in the state. 

Instead of commenting on the content of the documentary, the Modi government said shamelessly that the BBC film is an attack on the Indian state and raided the BBC offices in India to silence the British public broadcaster with frivolous tax evasion allegations.


Although Soros expects the Indian parliament to take Modi’s response on the alleged financial crimes of Adani, Modi does not respect the parliamentary systems and refuses to answer any question raised in parliament.

Recently, when the opposition leaders questioned Modi in the parliament on the Modi government’s complicity in the Adani fraud, Modi did not even touch the Adani issue. Rather, he delivered a long rhetoric to praise himself and baselessly accuse the opposition party Congress of corruption.

Soros expressed his concern over the unscrupulous relations between Modi and Adani after a recent investigative report of Hindenburg Research accused Adani of commiting one of the biggest corporate frauds in the world.

In the report released on January 24, Hindenburg said that the Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades. 

Although the Adani Group issued a vague rebuttal on January 26 to the Hindenburg report, the troubles of Adani and his companies have been mounting as investors and observers have little confidence in what Adani says.

It appears from his comments that Soros expects the opposition parties in India to get their act together to leverage the Adani case to defeat Modi in the 2024 Lok Sabha election. 

However, the leaders of opposition parties are so weak and scared that they do not challenge the despotic actions of Modi forcefully. The opposition parties’ response is limited to random tweets on Twitter.


Since courts and law-enforcement agencies also cannot dare to take even a single step that may displease Modi, he is behaving as an elected dictator. In their feeble voice, opposition parties allege that Modi is misusing public money to help his corporate friends, but Modi simply ignores such accusations.

It is also alleged that in quid pro quo deals, Adani has been helping Modi with his money to help the latter win elections unscrupulously. Therefore, Modi misuses his position as the PM of India to get business contracts for Adani not only in India but also in other parts of the world.

But it is almost impossible for opposition parties to defeat Modi. It is largely believed that Modi and his Bharatiya Janata Party (BJP) win elections fraudulently by selectively manipulating the electronic voting machines (EVMs). But the courts and election authorities arbitrarily reject opposition parties’ complaints against EVMs and their demand to hold elections on paper ballots.

Modi and BJP also spread hatred against Muslims to entice Hindus, as nearly 80% of voters in India belong to the Hindu religion. Earlier, in 2020, George Soros said that Modi is creating a Hindu nationalist state (Hindu Rashtra) to harm Muslims in the country. 

He added that Modi is imposing punitive measures on Kashmir, a semi-autonomous Muslim region, and threatening to deprive millions of Muslims of their citizenship through the draconian citizenship laws.

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Soros was speaking at the World Economic Forum in Davos, Switzerland. Regarding nationalism, he said that the biggest and most frightening setback has come in India where a democratically elected Modi is creating a Hindu nationalist state.

While the opposition parties of India are almost silent, Soros has effectively raised the Modi-Adani collusion case in the international arena. But the Indian courts, regulatory authorities, and law-enforcement agencies will not take any action against Modi’s friend Adani. And, like many other criminal cases, this case will also be brushed under the carpet.

By Rakesh Raman, who is a national award-winning journalist and social activist. He is the founder of the humanitarian organization RMN Foundation which is working in diverse areas to help the disadvantaged and distressed people in the society. He has also launched the “Power Play: Lok Sabha Election 2024 in India” editorial section to cover the news, events, and other developments related to the 2024 election.

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