Modi's Cyprus Visit: A "Pure Coincidence"? Jairam Ramesh Highlights Adani Ties

Congress MP Jairam Ramesh has created a stir on social media, drawing attention to connections between Adani companies and a Cyprus-based fund that reportedly holds $420 million in investments. Ramesh's claims have sparked debate on the role of Adani's global ties and their potential implications for India's bilateral relations. As Prime Minister Narendra Modi visited Cyprus for the first time in over two decades, Ramesh's parallel drew attention to the intricate web of global interests surrounding the Adani group.

Key Takeaways:

• Jairam Ramesh highlighted that a key figure in the "Modani" scam holds Cypriot citizenship and is linked to the Adani group through a Cyprus-based fund.
• The fund reportedly has $420 million invested in Adani companies, with "ultimate beneficial owners" linked to Amicorp.
• Vinod Adani, a Cyprus citizen, holds a "golden passport" obtained through investments in the Cypriot economy and has been reportedly living in Dubai since 1990.
• Modi's visit to Cyprus is being seen as a strategic move to boost bilateral ties, particularly in sectors like trade and investment.

Statistics:

• $420 million: The reported investment held by the Cyprus-based fund in Adani companies.
• 17: The number of offshore shell companies linked to Vinod Adani.
• 3: The number of Mauritius-based offshore investors in Adani Group stock.
• 2 decades: The time since the last Indian Prime Minister visited Cyprus.
• 2002: The year Atal Bihari Vajpayee last visited Cyprus as Indian Prime Minister.

Sources:

• [1] Jairam Ramesh's Twitter post, 2024.
• [2] Reports by news agencies, without specific Publication Date.