“Hum Do Hamare Do” of “Mitra Kaal” are brazenly selling the “Family Silver” of the Nation!

  • Pawan Khera

Modi government has maintained a stoic silence on the Hindenburg Research report, as if nothing has happened. We want to tell Prime Minister Modi that we shall not keep quiet if you cheat the investors of India - 29 crore policy holders of LIC and 45 crore account holders of SBI. The nation is aware of 3 important facts.

First, a report by the prestigious Hindenburg Research in the US has accused the Adani group of the “Biggest Ever Corporate Con” this country has ever seen overvalued shares (42 times), debt fueled business, Adani family members allegedly conspired in Mauritius, UAE and indulged in laundering billions of dollars through “a vast web of anonymous shell companies” in tax-havens such as the Caribbean islands and made serious allegations of insider trading, stock manipulation.

Second, the extremely risky transactions and investments of the Adani group in government institutions like LIC and SBI have been made by the Modi government. For example-

• LIC’s stake in the flagship Adani Enterprises increased from less than 1% to 4.23%. • This stake in Adani Total Gas has increased from less than 1% to 5.96%. • LIC’s shareholding in Adani Transmission increased from 2.42% to 3.65% • In Adani Green Energy it has increased from less than 1% to 1.28%.

LIC officially says that LIC’s equity exposure to Adani is ¹ 56,142 crores. But for the last few days, when Adani’s shares are falling, since then 39 crore policy holders and investors of LIC have lost ¹ 33,060 crores.(as of February 1, 2023)

State Bank of India (SBI) and other Indian banks have given loans to Adani Group. The Adani Group owes about ¹ 80,000 crores to Indian banks, which is 38% of the group’s total debt. Out of that, private banks have an exposure of 8% of the total group loans, while public sector banks have 30% of the group loans.

Third, and perhaps the most sensational revelation that has gone unnoticed by the Indian media so far, is that of the relationship between Adani Group and Chang Chung-ling - a Chinese businessman of questionable antecedents.

As per Hindenburg Research, Chang Chung-ling runs (or used to run) a firm called Gudami International, which was “identified as part of an investigation into government fraud into the Adani Group’s alleged circular trading of gems and that Chang Chung-ling and Vinod Adani’s Singapore residential address was the same.”

The report says, “This is a significant matter, not only for the sake of the shareholders but also for the national security of India.”

Now the wealth arm of Citigroup has stopped accepting Adani securities as collateral for margin loans. Credit Suisse had yesterday said that it will not accept Adani bonds as collateral.

It is not hidden from anyone that how the Modi government has helped its best friend Adani.

‘Family Silver’ of the country is at stake due to the sinking of the Adani Group, the hard-earned money of crores of investors and crores of policy holders is at risk. In this context, the Congress Party makes these 3 important demands from the Modi government

  1. An impartial investigation under the Chief Justice of Supreme Court, with day-to-day reports, should be carried out, or
  2. A Joint Parliamentary Committee (JPC) should be formed to investigate the Hindenburg Research report in detail.
  3. Adani’s risky investments in LIC, SBI and other nationalized banks should be discussed in the Parliament and appropriate steps should be taken to protect the investors. In conclusion,

When our leader Shri Rahul Gandhi talks about “Suit-Boot Ki Sarkar”, “Hum Do, Hamare Do” and now “Mitra Kaal”, he is not talking about any particular industrialist - he is talking about the murky system that Modi ji has set up for his selected friends to loot the country.

We are not against any particular Indian corporate house, we are against crony capitalism! When the rules are changed to benefit selected billionaires, we are against it!

Based on Press Briefing by Pawan Khera on February 2, 2023