What’s the breaking news?

The Adani Group is the world’s biggest private coal developer. It loves piling billions into coal (the world’s most dangerous fossil fuel), corruption, fraud, and money laundering.

Now, they’ve added a new twist to their dirty tale – one of the world’s biggest cases of insider training.

And guess who’s been holding hands with them through all of this? None other than Barclays – the same Barclays that supposedly has a strong policy on restricting funding to coal companies, and seeks to ‘act responsibly for the common good and the long term’. Pfft. Check out the FT article here.

Why is this important?

Barclays is not just a spectator in this chaotic circus. Whenever Adani needs a financial boost for their coal mining schemes, Barclays opens up their wallets and their contact books to get them the cash they need. So much so that Barclays is considered by Adani as their go-to fixer, making their financial trickery look like a walk in the park.

Now, new private documents have been published bringing to light the company’s involvement in even more shady and illicit activities, including insider trading which is helping the family of Adani’s CEO to millions.

After the first allegations of corruption came out earlier this year, Barclays said they would be cautious about Adani. But it doesn’t seem to be true, Barclays are standing strong with Adani – as you read this Barclays are arranging billions more for Adani.

Barclays’ continued support of Adani not only stands dangerously close to breaching its own policy to exclude coal companies, but it also exposes them to the massive reputational and financial risk associated with Adani. And now, Barclays and other Western banks like Citi, Standard Chartered and Deutsche Bank could well be complicit in Adani’s illegal practices. In fact, legal experts are ferreting away as we speak to understand what role banks played in Adani’s infamous rise.


The name’s Bond, Dirty Bond…

Barclays and other banks don’t just lend out money to help Adani grow. They also play the role of cheerleaders and shmoozers to help Adani fundraise from others. When companies like Adani want to fund the construction of a new coal mine, for example, or, say, mislead investors and the public, they could issue something called a bond – and banks like Barclays are crucial for making that bond a success. Adani then pays Barclays to advise and assist – or underwrite – the process.

Barclays has been the gatekeeper for ALL of Adani’s bond deals.

So Barclays’ relationship with Adani goes beyond finance; it’s an endorsement of Adani’s actions. It’s a nod of approval to a company who, under the veil of corporate ambition, has perpetuated a relentless agenda of greed, undermining financial markets, committing egregious human rights abuses, and ravaging the environment.

And Barclays (figuratively speaking) waves a big banner saying how great Adani is – its very own hype-master!

Before this latest bombshell dropped, whispers were floating around that Barclays’ UK bankers were getting cold feet about Adani. But their counterparts in India were still all in. Talk about mixed signals, right? Well, consider this your wake-up call.

What does it all mean?

It has never been clearer that if banks like Barclays go anywhere near Adani, they will be accomplices in one of the greatest cases of corporate crime ever.

Barclays must stop providing direct finance to all companies in the Adani Group’s web of corruption, and stop helping Adani raise funds in the bond markets, especially as the company is looking to raise billions this year.

We’re not asking for the moon, just a little integrity. Break free from Adani’s clutches, honour your coal policy, and show us that you’re not just another character in this sordid tale. The ball’s in your court, Barclays. Time to make your move.