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Gautam Adani, a close friend of Prime Minister Narendra Modi, continues to slide down the list of the world’s richest businessmen amid the continued bloodbath in the share prices of Adani Group companies. Adani, the second-richest businessman a few weeks ago, has slipped to No. 33 since Hindenburg Research released a report accusing Adani of manipulating its stock with the help of shell companies. This has put loans issued by government-owned banks to Adani under scans. Adding to the anger was the decision of another state-owned bank, the Bank of Baroda, to lend more to Adani. A photo of Indians queuing outside Bank of Baroda in the United Arab Emirates went viral on Sunday. The user who shared the photo said Indians were outraged by Bank of Baroda’s decision to lend more to Adani and decided to close the account in protest.
The photos in question were taken from Bank of Baroda’s Al Ain branch in the UAE.
One user wrote: “Crowds line up in UAE to close accounts after Adani fraud was exposed, CEO of UAE Bank Baroda Al Ain issued a statement saying BoB would still fund Adani. Parliament has real consequences.”
Crowds line up to close accounts at Al Ain Bank branch in Baroda, UAE, following statement from its chief executive that BoB will still fund Adani after its fraudulent practices came to light.
Electing criminals into parliament has real consequences… pic.twitter.com/0wPkhWZB99
— Rajiv Tiyagi (@rajivtango) February 26, 2023
Another user shared the same image and wrote: “Large crowd queuing outside Bank of Baroda…. No, don’t withdraw or deposit money….
Closing their account with BoB after the Adani scam and its principals stated that BoB will still fund Adani Cos…”
Bank of Baroda – Al Ain Branch, United Arab Emirates
Huge crowds queuing outside Bank of Baroda…no, don’t withdraw money or deposit money….
To close their account with BoB after the Adani scam and its principals state that BoB will still fund Adani Cos…
😁🤣😂 pic.twitter.com/KIYn8hW2r9– Anwar Ali (@Anwar_Hyd_) February 25, 2023
Another user wrote, “Crowds at Emirates Bank of Baroda’s Al Ain branch are closing accounts after the CEO announced the bank would still fund Adani despite recent incidents of fraud. This highlights the election Consequences for ethically questionable officials.” #BankOfBaroda #Adani. “
Crowds at Bank of Baroda branches in the UAE are closing accounts after the chief executive announced the bank would still fund Adani, despite recent incidents of fraud. This highlights the consequences of electing officials of questionable morals. ” #BankOfBaroda #adani pic.twitter.com/j4s4tNzxaN
— Rishu~PrakashH (@RishuPrakash19) February 26, 2023
The viral image sparked widespread repercussions amid a swift drop in Adani Group’s share price. In the face of heated discussions on social media, Bank of Baroda issued a statement clarifying that the photos in question were indeed genuine, but that the stated motives were not.
“One year ago, Bank of Baroda took the commercial decision to close its branch in Al Ain, UAE, which has been approved by the Central Bank of the UAE,” it said.
“According to a customer notification dated January 20, 2023, the Al Ain branch in the UAE will be closed from March 22, 2023,” the bank added.
“To ensure a smooth continuation of services, all accounts currently maintained at the Al Ain branch will be transferred to the bank’s Abu Dhabi branch in the UAE. Those customers who wish to close their accounts can do so by March 22, 2023 , without incurring any fees or penalties. Customers are therefore visiting the Al Ain branch to provide the necessary consent/further clarification regarding their accounts with the Al Ain branch. The bank is committed to continuing to provide its customers with unhindered and uninterrupted service.”
The Bank of England called on social media users not to “believe misleading and false information spread on social media”.
Some of India’s prominent opposition parties continue to attack Narendra Modi’s government over the controversy surrounding the Adani Group. They asked the joint parliamentary committee to conduct a thorough investigation into allegations of financial fraud by the Adani group. So far, the government has. The request was declined.
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