What really worries Indians about Adani’s empire

When the Adani Group mobilised to defend itself against accusations – levelled by United States-based short-seller Hindenburg Research – that

it had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”,

the choice of decor was more persuasive than the denial. Chief financial officer Jugeshinder Singh stood in front of a giant Indian flag that made him look more like a government official than an embattled company executive. The message was clear: If you (a “foreign entity”, in the company’s words) come after Mr Gautam Adani, you are coming after India.

Unfortunately, that is not entirely untrue. The Adani Group –

with investments in ports, roads, rail, airports and power

– is now a crucial vehicle for India’s economic ambitions under Prime Minister Narendra Modi. Mr Adani and Mr Modi are close, and have been for two decades.