Rahul Gandhi’s claims were based on a Financial Times report that indicated the Adani Group had imported coal at significantly higher prices than the market value.
According to the report, Adani seemingly doubled the price of coal when importing it from Indonesia to India, leading to a substantial financial gain at the expense of the public. This overpricing of coal had a direct and adverse impact on electricity rates in the country, forcing consumers to pay more for their power bills.
Rahul Gandhi went on to express his dismay over the lack of government action in response to these allegations, suggesting that Adani enjoys a level of protection from the government. He stated, “Adani has full protection of the government, everyone knows which power is behind him.” The opposition party has consistently raised questions about the financial dealings of billionaire Gautam Adani’s Group, particularly after the US research firm Hindenburg accused it of “irregularities” and stock price manipulation.
The Adani Group, in response to the Hindenburg report, vehemently refuted all the allegations and maintained their innocence, claiming they had done nothing wrong. However, the latest allegations by Rahul Gandhi regarding over-invoicing in coal imports and electricity rate manipulation have yet to receive a response from the Adani Group.
The opposition party has also been questioning the financial dealings of billionaire Gautam Adani’s Group after US research firm Hindenburg alleged ‘irregularities’ and charged it with stock price manipulation. The Adani Group has denied all the all the allegations made in the Hindenburg report and claimed there had been no wrongdoing on its part. There was no immediate response from the group on the fresh allegations.