India’s Modi questioned over Adani Group’s use of ‘opaque funds’, ahead of G20 meeting

Opposition leader Rahul Gandhi spoke out after a report claimed the conglomerate, which has close ties to the PM’s ruling BJP, used offshore money to invest in its own stocks

The Adani Group, with interests across India, was rocked this year by allegations by the US-based Hindenburg Research accusing it of accounting fraud

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India’s Congress Party leader Rahul Gandhi holds a printout of a report on Gautam Adani in Mumbai on August 31. Photo: AFP

Published: 6:37pm, 1 Sep 2023Updated: 8:02pm, 1 Sep 2023

India’s main opposition Congress Party leader Rahul Gandhi attacked Prime Minister Narendra Modi late on Thursday after an investigative report said the Adani Group conglomerate, perceived to be close to the ruling Bharatiya Janata Party (BJP), used “opaque funds” to invest millions of dollars in the publicly-traded shares of its own companies through offshore structures.

Gandhi spoke out to the media on the day an alliance of opposition parties met to finalise a platform to challenge the BJP in next year’s general election. His criticism came days before New Delhi hosts a G20 summit, taking place on September 9-10.

The report was published on Thursday by the Organised Crime and Corruption Reporting Project (OCCRP), a global network of investigative journalists. The findings were reported by Britain’s Guardian and Financial Times newspapers.

The Adani Group has denied the journalists’ allegations, which point to two investors, from Dubai and Taiwan, allegedly buying and selling stocks on the firm’s behalf.

India’s Prime Minister Narendra Modi delivers a speech during a celebration of India’s Independence Day on August 15. Photo: Xinhua

Gandhi said more than US$1 billion dollars had left India and “circulated” around the world, including Mauritius, before being returned. “The first question is, whose money is it? Is it Adani’s money or someone else’s?”