India’s opposition protests against billionaire facing US bribery and fraud charges

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NEW DELHI (AP) — Hundreds of supporters of India’s main opposition party protested Monday against billionaire Gautam Adani, recently indicted by the United States on fraud and bribery charges, accusing the government of protecting an Indian coal tycoon whose company shares have lost stock. It has declined since the accusations last week.

Activists belonging to the Congress party demonstrated near Parliament in New Delhi to demand the immediate arrest of Adani, who is seen as close to Prime Minister Narendra Modi. Some held banners reading “Modi and Adani are one” and “Modi’s friendship costs the nation.” The police arrested many of them.

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Also on Monday, opposition parties chanted “Adani” repeatedly as Parliament opened. They called for the formation of a joint committee to investigate his companies, which include agriculture, renewable energy, coal and infrastructure. But the parliamentary session was postponed due to the unrest.

Adani, 62, one of Asia’s richest men, was thrust into the spotlight last week when US prosecutors in New York charged him and seven of his associates with securities fraud, conspiracy to commit securities and wire fraud, alleging that Adani defrauded investors in a massive operation. Solar project in India by concealing that it was facilitated by bribes.

The indictment outlines an alleged scheme to pay approximately $265 million in bribes to government officials in India.

The government did not officially comment on the accusations, which the Adani group denied, describing them as unfounded. On Saturday, the group’s chief financial officer said the indictment relates to a single contract for Adani Green, its renewable energy arm, which makes up 10% of its business, adding that none of the group’s other companies have been accused of wrongdoing.

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After the chargesheet was unveiled last week, the Congress Party’s Rahul Gandhi said the Modi government was protecting Adani and that the billionaire would not be arrested or investigated. The Prime Minister’s credibility has been destroyed. The entire country knows that they (Adani and Modi) are one and the same. “We will expose the entire network,” Gandhi told reporters.

The main opposition bloc, India, led by the Congress Party, has repeatedly called for investigations into Adani’s case. They have criticized the businessman and his perceived ties to the government since a US-based short-selling firm issued a report last year accusing the billionaire’s companies of stock price manipulation and fraud.

Adani also denied the allegations, but the report led to a sale of shares in his companies and an ongoing investigation by the country’s market regulator. Market analysts say Adani was on the verge of recovering from the shock of the report when the charges were announced, making it the biggest test yet for the embattled billionaire. One day after the indictment, his companies’ shares fell by as much as 20%.

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Adani’s footprint in the Indian economy is deep. His group is the country’s largest coal mine operator and largest infrastructure developer, operating several ports and airports, and employing tens of thousands of people. Despite its roots in fossil fuels, Adani has ambitions to become the world’s largest player in renewable energy by 2030.

Analysts say a key factor in his meteoric rise over the years has been his skill in aligning his group’s priorities with those of the Modi government. His critics accuse him of crony capitalism and receiving preferential treatment from the government, including winning contracts, which the group denies.

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