Russian media outlet Sputnik India has reported a contentious theory suggesting that the recent attacks on Adani by Hindenburg Research are part of a calculated plot by the US Deep State and billionaire investor George Soros. According to these claims, the aim is to destabilise key Indian financial institutions such as the State Bank of India (SBI) and the Life Insurance Corporation (LIC) to undermine India’s economic growth and strategic autonomy.
The saga began with the release of a report by Hindenburg Research in January 2023, which accused the Adani Group of accounting irregularities, stock manipulation, and corporate governance failures. This report led to a dramatic fall in Adani’s stock prices and triggered widespread scrutiny of the conglomerate’s financial practices. The fallout from the report raised serious questions about the group’s business dealings and its impact on Indian financial institutions.
Sputnik India’s Allegations: A Deep State Conspiracy?
According to Sputnik India, the criticism of Adani, particularly by Western-backed entities, is not merely a financial or regulatory issue but part of a broader geopolitical strategy. The media outlet claims that the attacks on Adani are designed to destabilise India’s leading financial institutions, specifically SBI and LIC, which are major stakeholders in Adani Group’s ventures.
“The recent criticisms against Adani and Indian financial institutions are seen as a systematic effort by the US Deep State, with backing from George Soros, to create instability in India’s financial sector,” the Sputnik report states. The narrative suggests that these attacks are intended to undermine confidence in India’s economic institutions and challenge the country’s rising global influence.
SBI and LIC have been pivotal in supporting Adani Group’s ambitious expansion plans through substantial loans and investments. The report from Sputnik India suggests that the US Deep State’s strategy involves discrediting these institutions to create broader economic uncertainty.
“The growth of the Adani Group is seen as a direct challenge to Western economic dominance,” the report claims. It argues that destabilising SBI and LIC could create a ripple effect across the Indian economy, potentially leading to broader financial instability.
The Sputnik report also connects the criticism of Adani to broader Western fears about India’s economic rise. The Adani Group’s aggressive expansion into international markets, including significant investments in infrastructure projects across Africa and Asia, is portrayed as a direct challenge to Western economic interests. This expansion is seen as a move that threatens Western influence in these regions, prompting a coordinated effort to undermine Adani and Indian institutions.
“Western-backed reports aim to stymie India’s economic progress by discrediting major institutions like SBI and LIC, which are integral to the country’s economic growth and stability,” the report suggests.
The allegations against Adani have led to significant scrutiny of SBI and LIC’s investments in the conglomerate. According to industry sources quoted by Sputnik India, loans and investments from these institutions account for less than 1 per cent of their total portfolios. Despite the initial drop in profits reported by SBI following the Hindenburg allegations, the institution’s overall financial health remains robust.
“The impact of Adani-related investments on SBI and LIC has been relatively minor in terms of their overall portfolios,” the sources indicate. They also suggest that the financial stability of these institutions has not been significantly jeopardised by the controversy.
The controversy has also ignited political debates within India. The Congress party has called for the resignation of SEBI Chief Madhabi Buch, alleging that she has failed to address potential conflicts of interest. In contrast, the ruling BJP has defended SEBI and accused the Congress party of attempting to destabilise the nation.
“There is a clear attempt to discredit Indian public institutions and destabilise the Modi government through these orchestrated attacks,” the Sputnik report claims. This assertion suggests that the controversy is not just about Adani but is also part of a larger geopolitical struggle involving Indian political dynamics.
In response to the allegations, the Adani Group has vehemently denied any wrongdoing and characterised the criticisms as malicious and manipulative. The company has described the Hindenburg report as a calculated attack designed to undermine India’s economic progress and has defended its operations and investments as aligned with global best practices.
“The recent allegations against Adani are a distortion of publicly available information, aimed at personal profiteering and undermining India’s economic stability,” the group stated in a recent press release.
