As Prime Minister Narendra Modi stopped over at Cyprus en route to Canada, Congress MP Jairam Ramesh has flagged a "pure coincidence". Ramesh took to X to say that a key figure in the "Modani" scam holds Cypriot citizenship and that a "Cyprus-based fund has reportedly about $420 million" invested in Adani companies.
Ramesh's Adani parallel eventually led to Vinod Adani, who holds a Cyprus citizenship but has been reportedly living in Dubai since 1990. According to several reports, Vinod holds a “golden passport”, which is obtained in exchange of investments pumped into the country’s economy.
“The 'ultimate beneficial owners' of this fund are linked to Amicorp, which is believed to have set up at least seven Adani promoter entities, seventeen offshore shell companies linked to Mr. Vinod Adani, and three Mauritius-based offshore investors in Adani Group stock,” Ramesh said.
First visit by Indian PM in two decades
PM Modi arrived in Cyprus on Sunday, marking the first visit by an Indian Prime Minister to the Mediterranean nation in over two decades. He was warmly received at the airport by Cypriot President Nikos Christodoulides—a gesture Modi described as “special.”
In a wide-ranging post that combined political accusations with historical context, Ramesh also drew attention to India’s historical ties with Cyprus, highlighting the country’s decolonisation journey and the role India played in supporting its independence during the Nehru era.
Modi on bilateral ties
Expressing his appreciation, Modi said the visit would “give a strong boost” to bilateral ties, particularly in sectors like trade and investment. The two leaders are scheduled to hold talks on Monday, during which multiple cooperation agreements are expected to be signed.
Cyprus is the first stop in Modi’s three-nation journey, which also includes attending the G7 summit in Canada and a visit to Croatia. The last Indian Prime Minister to visit Cyprus was Atal Bihari Vajpayee in 2002.
Modi’s decision to begin his tour with Cyprus, especially following the recent Operation Sindoor, is being seen as a subtle message to Turkey, which has voiced support for Pakistan during recent tensions.