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Adani’s Empty Promises: Unraveling a Potential Investment Mirage
In the high-stakes world of international business and politics, promises can be as ephemeral as smoke—and sometimes just as deceptive. The case of Gautam Adani, an Indian billionaire facing serious fraud allegations, exemplifies how grand proclamations of economic transformation can mask potentially corrupt practices. What begins as a tantalizing tweet about massive U.S. investments quickly unravels under scrutiny, revealing a narrative of political maneuvering, dubious claims, and potential systematic deception.
Last November Gautam Adani, one of the world’s richest men, was charged with fraud and bribery by the US Department of Justice for an alleged scheme to bribe Indian Government officials and defraud U.S investors. Since the indictment numerous Republican representatives have expressed outrage at their own government for daring to hold Adani accountable. These representatives are MAGA diehards and their criticisms of the DOJ are predictable, weak – and sometimes bizarre. Their letters claim that George Soros is secretly controlling the Department of Justice. They also claim that the US has no jurisdiction to investigate bribery. The most outrageous claim, however, is that Adani is poised to bring thousands of jobs and billions in investment to the United States.
It goes without saying that “creating jobs and investment” is not a defense in a bribery trial. However, the idea that Adani is on the verge of a spending spree creating thousands of U.S. jobs might make some Americans think that dropping charges could be a good idea. Who doesn’t want to unleash a tidal wave of prosperity and employment? However, the evidence is pretty clear: Americans waiting to get hired by Adani will be waiting a long long time.
Adani is founder and Chairman of the Adani Group is a multinational conglomerate involved in everything from ports to energy production to infrastructure development. Much of Adani’s financial success comes from lucrative government contracts granted by India’s ruling party.
The Promised Investment
The massive U.S. investment plan has been most explicitly detailed in a single tweet by Gautam Adani himself – shortly after the election of Donald Trump. In his tweet Adani offered congratulations to the new American President and committed to leverage “global expertise and invest $10 billion in US energy security, aiming to create up to 15,000 jobs.” Beneath that commitment Adani added an A.I. generated image of an industrial utopia replete with busy ports, trainlines, tractors, multiple jet planes and the sun streaming through conjoined US and Indian flags.
Legal Challenges and Political Maneuvering
Seven days later, in New York, Adani and other executives were indicted on charges related to millions of dollars in alleged bribes, and all talk of new U.S. investment disappeared as Adani stock plunged. However, Adani and his American allies soon got to work hiring multiple American law firms and lining up lobbyist support. Soon after, MAGA-aligned Republican representatives were openly declaring that the charges were unfair. Following a State visit by Indian Prime Minister Narendra Modi to the White House, the Financial Times announced that the “investment plan” was potentially back on – as long as the charges against Adani are dropped.
Lack of Substantial Evidence
It’s easy to understand why Adani and his MAGA allies want people to believe that a wave of jobs and prosperity will magically appear if he’s not charged. However, if you take away a 40-word tweet, the evidence for a massive job creation plan gets very thin indeed. While Sudipta Bhattacharya holds the impressive title of CEO – Adani Group North America, it’s unclear whether the Group even has an actual office in the US. Mail is directed to an address in Jersey City. Adani’s one business that actually is registered in the United States, Adani Solar USA, has used a variety of addresses on government forms – including what appears to be a residential home in Dallas – for their lobbying registrations.
Hindenburg Research titled their 2023 Report on Adani, “The Largest Con In Corporate History”. The title speaks for itself, detailing a long history of allegations of money laundering, theft of taxpayer funds and corruption. The report quotes one insider with knowledge of Adani’s business practices saying, “[A]s an investor why would you invest with Adani Group? Because you know that the stock is inflated, you know that they cannot be trusted…. looking at the business, I mean it’s a house of cards, it´s all fueled on debt… I think that this is really how brazen this is happening. It´s like, almost like the Russia of the late 90s, that´s what´s happening.” Any American expecting Adani to magically create 15,000 jobs would do well to remember these words.
i Times of India, Feb 11, 2025 “Adani indictment: 6 Congressmen writes to Attorney General”
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