The Guardian recently has shared documents alleging financial fraud by Adani Group – Are these allegations true?

Recently, the Guardian Australia published a story stating that the Indian conglomerate the Adani Group inflated invoices and fraudulently siphoned 15bn rupee (US$235m) of borrowed money into offshore bank accounts. The published story mentions a Show Cause Notice by Directorate of Revenue Intelligence (DRI). Interestingly, this notice dates back May 15, 2014, three years after the said transaction was carried out in the year 2011.

While, the Adani group have already rebutted the charges three years ago and have co-operated with the investigating agencies, it is interesting to note that these allegations revive just at the time when the mining giant bids for Australian Coal loan to build Carmichael coal mines one of the world’s largest in Australia.

gautam adani australia project Financial Fraud Allegations on Adani by Guardian: True or Just Accusations?

The Anti-Coal Lobby in Australia Have Been Unsuccessfully Making Allegations Against Adani Group

This is not the first time that there are serious allegations on Adani Group by the anti-coal lobbies. Earlier too the Conservationists accused them of polluting the Calley Valley wetlands close to Abbott point near Bowen by spreading fake rumours and news. However, when an investigation was carried out, truth came out in the open revealing the fact that the black pond the anti-Adani conservationists were referring to was not from the coal leaching but due to the rainwater flooding the saltpans.

Further, the Adani group is treated mostly as a corporate villain in Australia due to the Carmichael coal mines project. This is the reason why all the anti-coal lobby in Australia have been projecting Adani as an anti-environment coal driven power company. While showcasing the company in a negative light, they have been omitting the fact that it was this very company that built world’s largest solar power plant (launched in September 2016) in Tamil Nadu, India along with India’s largest solar module manufacturing facility.

gautam adani project Financial Fraud Allegations on Adani by Guardian: True or Just Accusations?

In order to stop the project, the anti-coal lobby have been trying all sort of methods and allegations to derail the ambitious Carmichael coal project won by Adani. Giving it a controversial angle, the anti-Adani group is trying hard to stop the Indian conglomerate from building one of the world’s largest coal mines in India. Recently, the IT staff of Adani Mining company also reported attempts to hack their job portal.

Indigenous academic Marcia Langton during Australian mining industry’s annual lecture even mentioned how cashed up green movement extremists and funded media people have been campaigning against the Adani project by misrepresenting the public. Nevertheless, with time, it is becoming a known fact that it is the anti-Adani brigade which has been cooking up stories to stop the company by creating several hurdles.

Adani Group Vs the Opposition

Meanwhile, without giving this controversy a miss, the main opposition party in India has called for an immediate supreme court-monitored probe by CBI against the alleged financial fraud by the Adani group. This is making the observants a bit curious. After all, Gautam Adani, the Chairman and founder of Adani Group is known for his closeness with Narendra Modi, the Prime Minister of India. Besides, the notice by DRI was released on May 15,2014, the day before the Lok Sabha election results in India.

Is the opposition too has vested interests in supporting the Australian Anti-coal lobby now that it is catalyzing their Anti-Adani movement? Well, seems so. However, despite multiple allegations and challenges by activists in the court as well as on street, the company is committed towards the project.

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