What Foreign Media Says on Modi-Adani Corruption Scandal

What Foreign Media Says on Modi-Adani Corruption Scandal. Photo: RMN News Service
What Foreign Media Says on Modi-Adani Corruption Scandal. Photo: RMN News Service

What Foreign Media Says on Modi-Adani Corruption Scandal

As a result of extreme corruption in the Modi regime, nearly 1.4 billion Indians are suffering under unprecedented inflation, unemployment, lawlessness, communal violence, and religious animosity.

By Rakesh Raman

The Modani (portmanteau for Modi and Adani) corruption scandal is perhaps the biggest grand corruption crime in the history of mankind. In this case, it is alleged that an Indian oligarch Gautam Adani colluded with the prime minister (PM) of India Narendra Modi for about two decades to plunder India’s public assets. 

Since the Indian courts, law-enforcement agencies, and media houses cannot dare to investigate or report about the Modi-Adani collusion case honestly, some foreign publications have been covering the stories of this corruption scandal involving billions of dollars.

The excerpts from some of the foreign media reports along with their links are given below.

Hindenburg Report

Released on January 24, 2023, an investigative report of New York-based Hindenburg Research accused Adani of commiting one of the biggest corporate frauds in the world. In its report, the investment researcher Hindenburg said that the Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades. The report quotes stakeholders to establish Adani’s links with Modi. [ Report Link ]

OCCRP Investigation

The Organized Crime and Corruption Reporting Project (OCCRP) – which is a global network of investigative journalists – revealed new details on August 31, 2023 about Adani corruption and money laundering crimes. Besides writing a comprehensive report on its website, OCCRP obtained and shared exclusive documents with The Guardian and Financial Times newspapers to further expose the scandal. 

These documents – according to OCCRP – include files from different tax havens, bank records, and internal Adani Group emails that shed light on the financial crimes. The OCCRP report states that the Adani Group grew from under $8 billion in market capitalization in September 2013 — the year before Narendra Modi became prime minister (PM) of India — to $260 billion in 2022. 

As Modi managed to become the PM of India in 2014, the rare investigations into the irregularities of Adani Group yielded no results. In other words, despite the Supreme Court’s intervention, the Modi-Adani case was brushed under the carpet. [ Report Link ]

The Guardian Report

The Guardian reported on August 31, 2023 that a billionaire Indian family with close ties to the country’s prime minister, Narendra Modi, secretly invested hundreds of millions of dollars into the Indian stock market, buying its own shares. 

The Guardian report adds that since the Hindenburg report was published in January 2023 about Adani’s stock manipulation and accounting frauds, Modi has faced difficult questions about the nature of his partnership with Gautam Adani and allegations of preferential treatment of the Adani Group by his government. [ Report Link ]

BBC Report

In its article of September 1, 2023, BBC quoted the Organized Crime and Corruption Reporting Project (OCCRP) report to state that the Adani Group is facing a fresh controversy as it used “opaque” funds to bypass rules that prevent share price manipulation. 

The BBC report further says that the Adani Group invested millions of dollars in publicly traded stocks of its own companies through offshore structures (which amounts to massive money laundering crime). Gautam Adani – according to BBC – is perceived to be close to Indian PM Narendra Modi and faces allegations that he has benefited from his political ties with Modi. [ Report Link ]

Financial Times Report

The Financial Times reported on August 31, 2023 that the secret owners of Adani stock have been identified for the first time since the short-selling firm Hindenburg Research published its report in January 2023 to accuse the Adani Group of running the “largest con in corporate history”. The Financial Times report also explains Gautam Adani’s nexus with India’s prime minister (PM) Narendra Modi. [ Report Link ]

Financial Times Film

In July 2023, the Financial Times released a film “Gautam Adani: the billionaire vs the short seller” to reveal that in 2022 Adani was the third richest man in the world but a short report (Hindenburg report) in the beginning of 2023 saw the value of his listed companies fall by over $100bn. The film mentions Adani’s links with PM Modi’s plans. [ Film Link ]

Adani Watch Report

A March 2, 2023 report of Adani Watch publication reveals that Adani’s business empire is deeply connected with China, as an entity related to the Adani Group financially supported a company that violated sanctions imposed by the United Nations Security Council (UNSC) on trade with North Korea. According to the report, the sanctioned company was owned by sons of Chang Chung-Ling, an Adani Group associate who appeared in the Hindenburg report for his directorship of Adani entities. [ Report Link ]

More Stories

You can click here to read more Adani Group’s financial fraud stories written by international publications.

Since a fair and transparent investigation and prosecution is not possible in India where Modi is the PM, this Modani case must be tried at an international judicial forum such as the International Military Tribunal which was constituted at Nuremberg to prosecute Nazi war criminals for crimes against peace, war crimes, and crimes against humanity.

As a result of extreme corruption in the Modi regime, nearly 1.4 billion Indians are suffering under unprecedented inflation, unemployment, lawlessness, communal violence, and religious animosity.

Disclosure: In March 2023, my editing rights as an editor on Wikipedia were restricted under the pretext of copyright violations when I started adding content to Wikipedia about the alleged financial frauds of Adani Group companies. Since the chairman of the Adani Group, Gautam Adani, is a close partner of India’s prime minister Narendra Modi, the critical content about the Adani Group started disappearing from Wikipedia. [ You can click here for details. ]

I was not allowed to contribute Adani-related content to Wikipedia saying that there are copyright violations, although no original copyright holder of the content had complained against me and I was following all the Wikipedia rules for editors. 

In this case, Wikipedia itself claimed in February 2023 that the Adani Group content on Wikipedia is being manipulated unscrupulously. However, some dishonest Wikipedia editors ignored all my truthful arguments and deprived me of my editing rights under the garb of copyright rules. I operate with my identity Rrthakur22 on Wikipedia.

Wikipedia is full of mercenary editors who work with fake identities on behalf of certain people and organizations and remove critical content about them under different pretexts. Since Wikipedia works in a free-wheeling manner and mostly operated by naive or dishonest editors, there is no reliable mechanism where you can complain about arbitrary removal of your content.

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 been publishing The Integrity Bulletin news magazine since 2018 to cover local and international corruption issues to engage with different stakeholders who are trying to combat corruption in the world.

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