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Adani is the second richest man in Asia. (file photo)
LIC invested $3.9 billion i.e. about Rs 33 thousand crore in Gautam Adani’s Adani Group. Congress has accused the government of misusing the hard-earned money of 30 crore customers i.e. their insurance premiums. Congress demands that the Public Accounts Committee (PAC) of Parliament should conduct a thorough investigation.
TMC MP Mahua Moitra has posted the report of The Washington Post on social media, according to which, when Gautam Adani was deeply in debt earlier this year and was facing bribery charges in America, the Central Government and LIC invested in Adani Group. There has been no response on this yet from the government or Adani Group.
Ramesh said that this scam is very big. This includes many things…
- Misuse of government agencies: Enforcement Directorate (ED), Central Bureau of Investigation (CBI) and Income Tax Department were used to put pressure on other private companies. He was forced to sell his assets cheaply to Adani Group.
- Wrongful privatization of assets: Important things like airports, ports were sold only to benefit Adani Group. It was rigged.
- Help in foreign deals: Using Indian diplomacy, Adani got contracts in neighboring countries. Like in Bangladesh or Sri Lanka.
- Coal inflation game: Adani Group imported expensive coal through shale companies. This was a network of money laundering. Due to this, the prices of electricity from Adani Power Plant in Gujarat increased.
- Electricity deals before elections: Before the elections in Madhya Pradesh, Rajasthan and Maharashtra, Adani was given contracts for electricity supply at higher prices. And recently in Bihar, where elections are due, land for a power plant was allotted at just Rs 1 per acre.
Controversy related to Gautam Adani…
First controversy: Hindenburg Research accused of money laundering : It is from January 2023. Gautam Adani’s flagship company Adani Enterprises announced a follow-on public offer of Rs 20,000 crore. This offer was to open on January 27, 2023, but just before that, on January 24, 2023, Hindenburg Research released a report, in which Adani Group was accused of money laundering and share manipulation.
By January 25, the market value of the group’s shares reduced by about $ 12 billion (about Rs 1 lakh crore). However, Adani denied allegations of any wrongdoing. In such a situation, Adani Group also canceled its follow-on public offer of Rs 20,000 crore. The Supreme Court formed a 6-member committee to investigate the case and SEBI also investigated the case.
After the court’s decision, Adani Group Chairman Gautam Adani had said, ‘The court’s decision shows that truth has won. Satyamev Jayate. I am grateful to those who stood with us. Our contribution to India’s growth story will continue. Jai Hind.’
Second controversy: Allegation of selling low-grade coal as high-grade In the same year, the Financial Times, citing a report by the Organized Crime and Corruption Reporting Project, had claimed that in January 2014, Adani Group had purchased ‘low-grade’ coal from an Indonesian company at a reported price of $28 (about Rs 2360) per tonne.
The report alleges that this shipment was sold to Tamil Nadu Generation and Distribution Company (TANGEDCO) as high quality coal at an average price of $91.91 (about Rs 7750) per tonne.
Adani Group was earlier accused of rigging the coal import bill.
- Financial Times in one of its reports alleged that Adani Group imported coal from Indonesia at a lower rate and showed higher prices by rigging the bills. Due to this, the group sold the electricity generated from coal to the customers at a higher price.
- The Financial Times examined 30 coal shipments Adani Group imported from Indonesia to India over 32 months between 2019 and 2021. The import records of all these shipments found prices higher than the export declarations. The amount was increased by about ₹582 crore.
Adani is the second richest man in Asia Gautam Adani is the second richest person in Asia. According to Forbes, his net worth is Rs 6.22 lakh crore. He is at number 27 in the list of the world’s richest people. Adani Group’s empire extends to coal trading, mining, logistics, power generation, cement industry and distribution.
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