London Daily

Focus on the big picture.
Friday, Jun 20, 2025

Fraud claims against Adani group spark political row in India

Fraud claims against Adani group spark political row in India

A US research firm's allegations of fraud against billionaire Gautam Adani's business empire have sparked a political row in India.
Opposition leaders stalled the functioning of parliament for a second straight day on Friday as they demanded an investigation into the claims.

The research firm accused Adani group firms of stock manipulation and financial fraud last week, sending its shares into a sharp fall.

The group has denied the allegations.

On Friday, morning sessions in both houses of India's parliament were adjourned as opposition leaders demanded an investigation.

They have called for a Joint Parliamentary Committee or a Supreme Court-monitored panel to be set up to investigate the allegations against the firm and the risk to Indian investors from the fall in Adani company shares.

The Adani group's companies have seen $108bn wiped off their market value over the past few days after US-based investment firm Hindenburg Research published a report accusing it of decades of "brazen" stock manipulation and accounting fraud.

The group has dismissed the allegations as malicious and untrue, calling them an "attack on India". But the response has failed to stop the fall in Adani shares.

Gautam Adani, the founder, has fallen out of the top 10 richest in the world. According to the Forbes real-time billionaires list, Mr Adani is now the 15th-richest person in the world, with a net worth of $74.7bn. He was third on the list last week.

The billionaire runs Adani Group, one of India's biggest companies. The flagship company, Adani Enterprises, has operations in a wide range of industries including commodities trading, airports, utilities and renewable energy.

Opposition lawmakers had disrupted parliamentary proceedings on Thursday as well, after their notices to suspend business to discuss the Adani issue were rejected by the government.

"There should also be day-to-day reporting of the investigation on the issue," Mallikarjun Kharge, chief of the main opposition Congress party, said.

The Congress has also accused the government of forcing the State Bank of India (SBI), a public-sector bank, and government-owned insurance company, Life Insurance Corporation of India (LIC), to invest in the firm, jeopardizing people's savings.

But on Friday, India's finance minister Nirmala Sitharaman, quoting earlier statements made by SBI and LIC, told a news channel that the exposure of the two companies to the Adani group was "well within the permissible limits".

She also said that India's financial market was "well-regulated" and that investor confidence would not be shaken.

The Congress has also announced plans to hold nationwide protests outside the offices of Adani Group companies, nationalised banks and public institutions on Monday.

Party leader KC Venugopal has accused the BJP-led government of "using common people's money to support their closest friends".

Adani is perceived as being close to Prime Minister Narendra Modi and has long faced allegations from opposition politicians that he has benefited from his political ties, which he denies.
Newsletter

Related Articles

0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
UK Home Secretary Apologizes Over Child Grooming Failures
Trump Organization Launches 5G Mobile Network and Golden Handset
Towcester Hosts 2025 English Greyhound Derby Amid Industry Scrutiny
Gary Oldman and David Beckham Knighted in King's Birthday Honours
Over 30,000 Lightning Strikes Recorded Across UK During Overnight Storms
Princess of Wales Returns to Public Duties at Trooping the Colour
Red Arrows Use Sustainable Fuel in Historic Trooping the Colour Flypast
Former Welsh First Minister Addresses Unionist Concerns Over Irish Language
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
France Bars Israeli Arms Companies from Paris Defense Expo
King Charles Leads Tribute to Air India Crash Victims at Trooping the Colour
Jack Pitchford Embarks on 200-Mile Walk to Support Stem Cell Charity
Surrey Hikers Take on Challenge of Climbing 11 Peaks in a Single Day
UK Deploys RAF Jets to Middle East Amid Israel-Iran Tensions
Two Skydivers Die in 'Tragic Accident' at Devon Airfield
Sainsbury's and Morrisons Accused of Displaying Prohibited Tobacco Ads
UK Launches National Inquiry into Grooming Gangs
Families Seek Closure After Air India Crash
Gold Emerges as Global Safe Haven Amid Uncertainty
Trump Reports $57 Million Earnings from Crypto Venture
Trump's Military Parade Sparks Concerns Over Authoritarianism
Nationwide 'No Kings' Protests Challenge Trump's Leadership
UK Deploys Jets to Middle East Amid Rising Tensions
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
Germany Holds First Veterans Celebration Since WWII
U.S. Health Secretary Dismisses CDC Vaccine Advisory Committee
Minnesota Lawmaker Melissa Hortman and Husband Killed in Targeted Attack; Senator John Hoffman and Wife Injured
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
×