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Adani’s fall reignites scrutiny of billionaire’s close ties with Modi



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Indian billionaire Gautam Adani’s rapid downfall has sparked renewed scrutiny on the tycoon’s close ties with India’s Prime Minister Narendra Modi.Punit Paranjpe | Afp | Getty ImagesModi and Adani probably share the closest relationship a politician can have with a business person.Ashok SwainUppsala UniversityHindenburg’s report has further sharpened the focus on the billionaire mogul’s close ties with Modi.”Adani has pulled off this gargantuan feat with the help of enablers in government and a cottage industry of international companies that facilitate these activities. These issues of corruption permeate multiple layers of government,” the report alleged.In a rebuttal that ran over 400 pages, the Adani Group rejected those allegations calling it a “calculated attack on India.” The company did not respond to CNBC’s request for comment. The Prime Minister’s office did not respond to a request for comment.’Crony capitalism’India has always struggled with “crony capitalism,” but the cozy relationship between Modi and Adani has “taken it to a different level,” according to Ashok Swain, …

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