Demonstration against Indian billionaire Gautam Adani, after his indictment in New York for his role in an alleged multi-billion dollar system of corruption and fraud, in New Delhi, November 21, 2024. ANUSHREE FADNAVIS / REUTERS Long unknown to general public outside the borders of India, Gautam Adani, 62, the man at the head of the world’s largest conglomerate, is once again in the spotlight. the news. After being accused, in 2023, of the “biggest scam in business history” by the investment company Hindenburg, the Indian industrialist, close friend of the Indian Prime Minister, Narendra Modi, is now in the sights of the American justice. The tycoon was indicted on Wednesday, November 20, by a federal court in New York for fraud and corruption, suspected of having paid more than 250 million dollars (238 million euros) in bribes to Indian officials to obtain juicy public contracts in solar energy. The group rejected the accusations, saying they were “baseless,” and vowed to challenge them in court. The opposition demands “the immediate arrest” of the billionaire and accuses Mr. Modi of “protecting” his ally. The Indian Prime Minister didn’t say a word, but the news is a massive blow. The two men have been working together for more than two decades. The duo is so united that the opposition gave them the nickname “Modani”. The success of one is inseparably linked to the other. And vice versa. Read also | Article reserved for our subscribers Indian billionaire Adani, close to Narendra Modi, is accused of having paid hundreds of millions of dollars in bribes by the United States justice system Read later Son of a textile trader , from a modest background, Gautam Adani has enjoyed a meteoric rise over the past three decades. He built, in the shadow of Narendra Modi, a gigantic family empire, whose market capitalization reached nearly 170 billion dollars, Tuesday, November 19, before the revelations of the American justice system. The group’s ramifications now extend to almost every continent. From energy to military drones, from ports to aerospace, from coal mining to agriculture, the tycoon has aligned himself with the government’s strategic priorities. Relative discretion The two men have a similar profile, they are not very good at studies but driven by excessive ambition. Their common history is sealed in Gujarat, in western India, their native land and political stronghold of Mr. Modi, who was head of government from 2001 to 2014. When the anti-Muslim pogroms of 2002, which caused 2 000 deaths, earned Narendra Modi general opprobrium, including that of business circles, worried about the impact of events on the economy, Mr. Adani refuses to turn your back on him. To erase the stain of the massacres, Mr. Modi launched the Vibrant Gujarat international forum, a major event, sponsored by the industrialist, aimed at attracting investors. You have 78.26% of this article left to read. The rest is reserved for subscribers.
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In India, the Adani empire, built in Modi’s shadow, is faltering
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