“Trapeze Artist Adani”: Subramanian Swamy wants prosecution by ED as Adani Group shares fall by up to 25%


BJP’s Rajya Sabha MP Subramanian Swamy has once called Gautam Adani, a known friend of Prime Minister Narendra Modi, a ‘trapeze artist’ amidst reports of an extraordinary slump in prices of shares owned by the Adani Group of companies.

Swamy tweeted, “I have seen evidence of the violations by the Trapese (sic) Artist Adani of the Prevention of Money Laundering Act, a matter for the Enforcement Directorate to prosecute. But PM Modi must get a background check of ED top officials before ED prosecution is launched to avoid sabotage.”

When a user pointed out that the Adani Group had denied allegations, Swamy replied, “I am not on that issue but on money laundering. So beware of shifting goal post.”

This is not the first that the Adani Group has come for criticism from the outspoken BJP leader. In January this year, Swamy had alleged that the Adani Group owed Rs 4.5 lakh crores as NPA to several banks. “Trapeze Artist Adani now owes Rs. 4.5 lakh crores as NPA to banks. Correct me if I am wrong. Yet his wealth is doubling every two years since 2016. Why can’t he repay the banks? May be like with the six airports he has bought he might soon buy out all the banks he owes money to,” the outspoken BJP lawmaker had said.

In March, Swamy had reacted angrily to the reports of India’s Adani Group entering a business deal with Myanmar’s military junta amidst reports of gross human rights violations in India’s neighbouring country.

The Adani Group led by Gautam Adani on Monday issued a clarification after shares owned by its companies fell by about 5% to 25% on Monday in the immediate aftermath of the National Securities Depository Ltd (NSDL) freezing the accounts of three foreign funds. These foreign funds namely Albula Investment Fund, Cresta Fund and APMS Investment Fund own over Rs. 43,000 crore in four companies of Adani Group and are among the top stakeholders in the firms.