Congress leader Jairam Ramesh has once again spotlighted the alleged nexus between Prime Minister Narendra Modi and industrialist Gautam Adani, following a U.S. court indictment against Adani and seven others, including his nephew, Sagar Adani. The charges include fraud and bribery over a 12-gigawatt solar power deal with a U.S. firm, which has cast a shadow over Adani’s business empire and India’s political landscape.
In a biting statement, which came immediately after Kenya terminated a multimillion-dollar airport expansion and energy deals, Ramesh criticised Modi’s “long-standing relationship” with Adani, warning that it undermines India’s foreign policy and economic interests. “This is not just about one business group but about India’s global credibility,” he remarked. Ramesh also referred to recent controversies in Kenya and Bangladesh involving Adani-linked projects, labelling the unfolding scandals as a “foreign policy disaster.”
The indictment, coinciding with Adani Green Energy’s planned green bond launch in the U.S., alleged that bribes amounting to ₹2,029 crore were paid to secure contracts. Adani Green Energy later cancelled the bond sale amid plummeting stock prices and growing fears of legal repercussions.
Congress leader Rahul Gandhi intensified the attack during a press conference, accusing the Prime Minister of shielding Adani. “Modi and Adani are inseparable. They are untouchable together,” he claimed, demanding Adani’s arrest and an inquiry into SEBI Chairperson Madhabi Puri Buch’s role. Gandhi reiterated his call for a Joint Parliamentary Committee (JPC) probe, asserting that the indictment validates the party’s long-standing allegations of cronyism and corruption.
The fallout was immediate on Dalal Street, with Adani Group stocks nosediving amid speculation over possible arrests and expanded investigations. Opposition parties seized the moment, with the CPI(M) and CPI joining the Congress in demanding accountability.
Analysts suggest the growing international scrutiny around Adani could significantly impact India’s economic diplomacy, as nations like Kenya and Bangladesh reevaluate their partnerships with the conglomerate. The allegations have also amplified calls for transparency in India’s corporate and political nexus, with critics arguing that the government’s inaction risks eroding trust in its governance model.
The Adani Group has yet to issue an official statement addressing the U.S. indictment, though it has previously dismissed similar allegations as politically motivated. The BJP, too, remains silent on the matter, even as opposition parties ramp up their criticism ahead of upcoming elections.
With mounting legal challenges and political heat, the controversy surrounding Modi and Adani is far from over, promising to dominate public discourse in the weeks to come.