Billionaire George Soros Criticizes PM Modi, Questions Adani Empire Report

Delhi (India), February 17, 2023: Billionaire philanthropist George Soros has caused an uproar in India after criticizing Prime Minister Narendra Modi and questioning the findings of a report by Hinderberg Research on industrialist Gautam Adani’s empire.

Soros, who has a net worth of $8.5 billion and is the founder of Open Society Foundations, made the remarks during a speech ahead of the Munich Security Conference. He said that Modi “has to answer questions” from foreign investors and Parliament on allegations of fraud and stock manipulation against the billionaire’s companies.

Union Minister Smriti Irani responded to these comments by calling it an “attack on India that would not be tolerated” and urging Indians to unite in response to “foreign powers who try to intervene in India’s democratic processes.” She also called the billionaire a “designated economic war criminal.”

The opposition has accused the BJP-led government at the center of favoritism and crony capitalism and even raised the issue during the budget session of Parliament, demanding a joint parliamentary committee probe.

Union Home Minister Amit Shah had said in an interview with news agency ANI that there is nothing “for the BJP to hide or be afraid of.”

The ports-to-energy Adani Group, controlled by billionaire Gautam Adani, one of the world’s richest people, has seen shares in its seven companies lose billions in market value since the January 24 report by US-based short-seller Hindenburg Research. The report accused Adani of improper use of offshore tax havens and stock manipulation. Mr. Adani has strongly denied the charges, calling them a “maliciously mischievous” reputational attack.

The government has not yet responded to Soros’ comments, but it remains to be seen how they will address the criticism from the billionaire philanthropist.