A sitting minister in Singapore, Eswaran, has recently been sent to jail to serve a one-year term on corruption charges involving acceptance of a golf set, tickets to attend an expensive show, etc. Can you imagine this happening in NaMo’s “washing machine” government?
In any other country, the government in power would have fallen due to the crimes committed by one individual who is supported by those in power. Everyone knows that Gautam Adani’s ‘rags to riches’ story started during the tenure of Mr. Narendra Modi as Chief Minister. Concessions after concessions were given. Freebies given to him were called incentives.
For publishing an article critical of him, Mr. Paranjoy Guha Thakurta was forced to leave Economic and Political Weekly as its editor. Cases were filed against him, and a gag order was passed preventing him from publishing anything about Adani.
Adani Watch has published many stories within the country as well as abroad about the violations of Adani’s company. His brother Vinod Adani gave up his Indian citizenship.
Jatin Mehta cheated Indian banks and the government and ran away from the country. His son, Suraj Mehta, married Krupa Adani, daughter of Vinod Adani. Jatin Mehta is now a citizen of Saint Kitts and Nevis, a small Caribbean country. Vinod Adani is now a citizen of Cyprus. The companies of both have been accused of investing in Gautam Adani’s Indian companies using shell companies. No action has been taken against Jatin Mehta for defrauding banks using his company Winsome Diamonds.
Hindenburg Research, a US investment research firm, published a research report on January 24, 2023, titled Adani Group: How the World’s Third Richest Man Is Pulling the Largest Con in Corporate History. It is said that after a two-year investigation, they are presenting evidence that Rs. 17.8 trillion (218 billion USD) Indian conglomerate Adani Group has engaged in brazen stock manipulation.
It said that seven key listed companies of Adani assessed a net worth of roughly 120 billion USD through stock price appreciation, which had spiked 819% in three years.
Among many other details, the report highlighted that the group’s top ranks and eight of the twenty-two key leaders are Adani family members. The group has faced four major government fraud investigations, which have alleged money laundering, theft of taxpayer funds, and corruption amounting to 17 billion USD. It also said Adani family members allegedly cooperated to create shell entities in havens like Mauritius, the UAE, and Caribbean Islands. Gautam Adani’s elder brother, Rajesh Adani, was accused by the Directorate of Revenue Intelligence (DRI) of playing a central role in diamond trading around 2004–2005. Rajesh was arrested at least twice.
Gautam Adani’s brother-in-law, Samir Vora, was accused by DRI of being a ringleader of the same diamond trading scam, said the report.
The report said it has identified 38 shell companies of Vinod Adani. Among many more details, the report stated, “RTI requests we filed with SEBI confirmed that the offshore funds are the subjects of an ongoing investigation, more than a year and a half after concerns were initially raised by media and members of Parliament.” (For full details see here.)
Now comes in Madhabi Puri Buch, chairman of SEBI, who was to investigate the truth about the allegations. The SEBI chief is appointed after a rigorous investigation normally. But in this case, Hindenburg, in its second report released in 2024, said Madhabi Puri Buch and her husband Dhaval Buch (a senior advisor at Blackstone, a US investment firm that has been accused of manipulations) had investments in an offshore firm reportedly involved in the Adani case. She refused, but Hindenburg gave a reply and further details. Further news has come that Madhabi Buch was working with Shaurya Doval, son of Ajit Doval, national security advisor, in a firm called Greater Pacific Capital before entering SEBI. Between 2011 and 2013, she was working in ICICI as well as GPC. How this was possible is not explained. Another issue which has come to light is that after ICICI and working in SEBI, she was drawing a huge salary from ICICI, which is now stated as a pension, but the pension is higher than the salary. How is that possible?
In a rare incident, the employees have lodged complaints and agitated against chairman Madhabi, but she still remains at the helm of affairs.
For some people, there are no laws or rules. Especially Gautam Adani, who has high connections; every law and every rule could be violated. Who will save our country?
PS: As per news reports Ms Madhabi did not appear before the Public Accounts Committee of the Parliament on 24.10.24 citing personal reasons. Report also says BJP MPs in the PAC are opposed to calling her to PAC. Is it not height of immorality? Few people are above Parliament in this Country?
Thomas Franco is the former General Secretary of the All India Bank Officers’ Confederation and a Steering Committee Member at the Global Labour University.
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