The Buck Stops With Rahul

When the news first broke, it felt like a storm was on the horizon. Gautam Adani, one of India’s wealthiest men, was accused by US prosecutors of masterminding a $265 million bribery scheme to win solar power contracts. Now, let me make something crystal clear from the outset: **this case isn’t about Prime Minister Modi or India.** It's about a corporation accused of fraud, and we need to be careful not to conflate the two.

Sure, an Indian government entity has been mentioned in the allegations, but let’s not make this an indictment of the entire country or its leadership. The target here is the Adani Group, accused of paying bribes to officials in Andhra Pradesh and other states to secure overpriced contracts. If these claims hold up, those deals could bring in over $2 billion in profit over the next two decades. That’s big money.

The market’s reaction? Well, it was nothing short of a bloodbath. Adani Group stocks plummeted—₹2.3 lakh crore wiped off the market value in a single day. I’ve spoken to a few investors since, and the panic is palpable. Adani Enterprises alone fell by 23%, and other stocks like Adani Green and Adani Energy Solutions saw drops as steep as 20%. Some of these investors weren’t fully aware of the risks. They got swept up in the hype about the $2 billion solar deal or trusted a neighbour’s tip. Now, many are watching their hard-earned savings evaporate.

And yet, the Adani Group continues to deny all charges. They’ve insisted they’re law-abiding and transparent, reminding everyone that these are just allegations and that they are innocent until proven guilty. Fair enough. But let’s not kid ourselves—these are serious questions, and they deserve attention.

The US investigation, which kicked off in 2022, claims the Adani Group raised $2 billion in loans, making misleading statements about their anti-bribery policies. If the charges stand, the impact won’t just be financial. Adani could face restrictions on raising funds internationally, and this could have wider ramifications for India’s corporate image on the global stage.

Now, here’s where it gets tricky. Rahul Gandhi is quick to criticize the Adani Group, but what about his own party’s leaders? Why isn’t he holding them accountable? After all, none of the four Indian states mentioned in the US court documents were under BJP rule at the time in question. In fact, during the relevant period, Bhupesh Baghel’s Congress government ran Chhattisgarh, YSR Congress ruled Andhra Pradesh, the DMK governed Tamil Nadu, and Odisha was under the Biju Janata Dal.

So, why did Bhupesh Baghel’s Congress government in Chhattisgarh accept ₹25,000 crore in investments from an Adani company? Why did the Ashok Gehlot government in Rajasthan approve ₹65,000 crore in investments? And what about Karnataka, where Congress still holds power—an investment of ₹1 lakh crore was promised by Adani. Let’s not forget Telangana, also governed by Congress, which recently received a ₹100 crore donation from the Adani Foundation for skill development. If Adani is as corrupt as Rahul Gandhi claims, why accept their money?

I can’t help but notice the timing here: Rahul Gandhi is raising these concerns right before the Lok Sabha winter session. It’s hard to ignore the political play at work—an effort to stir the pot, disrupt Parliament, and damage the economy.

But at the end of the day, this case is about more than just financial transactions—it’s about the integrity of corporate governance and the trust we place in both companies and governments. Whether or not the Adani Group emerges unscathed, this is a pivotal moment for India’s institutions. It tests the strength of the systems we rely on and our trust in them.

So, here’s my take: Rahul Gandhi should take this issue to the courts, not just the media. He should hold his party’s leaders accountable for their role in these investments and be transparent about the situation. After all, transparency and accountability should apply across the board, regardless of political affiliation.