Tycoon associated with prime minister heads a business empire that has surged in value
, which said it spent two years on its investigation, claimed that the Adani Group had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”. Among its allegations were that a relative of Adani used offshore entities to launder money into the group’s listed companies, contributing to their “sky-high valuations” after a surge in stock prices over the past three years.
“Given the size and impact and scale of their investments, this is something that everyone will have their eye on now,” said Amit Tandon, managing director of Institutional Investor Advisory Services, a Mumbai-based proxy advisory firm. The questions over Adani’s personal integrity resonate all the more because of his longstanding association with Prime Minister Narendra Modi, who hails from the same state of Gujarat.
The tycoon’s ties to Modi have been subject to fierce scrutiny from critics, who accuse the Adani Group of using its powerful position to secure sweetheart deals. In 2019, for example, the group bought all of a batch of six airports being privatised by the government, after rule changes allowed a company with no prior experience to swiftly become one of India’s largest airport groups. One opposition leader called it an “act of brazen cronyism”.
Adani, 60, acknowledges that aligning business interests to government policy has given him a “tailwind”. But he denies impropriety. Asked in a television interview this month by India Today’s Rajat Sharma about his rapport with Modi, he said that one “cannot take personal help from Modi ji”, using an honorific for the prime minister. In response to a question about bids, he said that “not one business has been secured without bidding”.
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