Congress Renews JPC Demand After US Charges Gautam Adani with Bribery and Fraud
Following allegations of bribery and fraud against Gautam Adani by US authorities, the Congress party has reiterated its call for a Joint Parliamentary Committee (JPC) investigation into the Adani Group’s financial activities. The party also criticized Prime Minister Narendra Modi, accusing him of having a “close nexus” with his “favored businessman.”
Senior Congress leader Jairam Ramesh highlighted that the indictment by the US Securities and Exchange Commission (SEC) validates the party’s persistent demand for a JPC probe. Since January 2023, Congress has been pushing for an inquiry into alleged irregularities involving the Adani Group.
Ongoing Questions and Allegations
Ramesh referred to the party’s “Hum Adani ke Hain” campaign, which raised 100 questions about alleged misconduct and the purported relationship between Adani and Modi. He pointed out that these questions remain unanswered, underscoring the need for greater transparency and accountability in the matter.
The SEC has accused Adani and others of misleading investors by concealing details of a solar energy project in India. These charges, announced on Wednesday, include securities fraud and conspiracy tied to an agreement involving Adani Green Energy Ltd. The deal aimed to supply 12 gigawatts of solar power to the Indian government.
Criticism of Indian Regulatory Authorities
Ramesh also condemned the Securities and Exchange Board of India (SEBI) for its perceived inefficiency in probing the Adani Group. “The SEC’s actions expose SEBI’s shortcomings in investigating the source of Adani’s investments and its alleged use of shell companies,” he remarked.
Details of the Bribery Scheme
According to the SEC’s legal filings, the accused orchestrated a $265 million bribery scheme in India to secure contracts for a solar project. These contracts were projected to yield $2 billion in profits over 20 years. The allegations have intensified calls for accountability and raised questions about the regulatory oversight of such deals in India.
As the case unfolds, the Congress party continues to demand a thorough investigation into the allegations, framing the issue as a test of government integrity and transparency.
