Unmasking India’s Crony Capitalist Oligarchy
A report by New York-based Hindenburg Research has intensified scrutiny of the accounting practices of India’s Adani Group, owned by billionaire Gautam Adani. But the real problem is a much bigger one: the symbiotic relationship between business and political elites under Prime Minister Narendra Modi.
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BERKELEY – The recent allegations of accounting fraud and stock manipulation against Indian multi-billionaire Gautam Adani made by Hindenburg Research, a New York-based short-selling firm, has startled many in the financial world. The episode is a necessary reality check for those who are expecting India’s star to burn brighter in the global economic firmament as China’s dims.