Congress Calls for JPC Probe Into Adani Scams After US Charges of Bribery and Fraud
New Delhi: Following charges brought against billionaire Gautam Adani by US prosecutors for his alleged involvement in a bribery and fraud scheme, the Congress party on Thursday renewed its call for a Joint Parliamentary Committee (JPC) investigation into the various alleged scams involving the Adani Group. The opposition party also called for the appointment of a “new and credible” head of the Securities and Exchange Board of India (SEBI) to ensure a thorough investigation into the alleged violations of securities laws.
Adani, along with his nephew Sagar and other defendants, has been charged by US prosecutors for paying over USD 250 million in bribes to Indian officials from 2020 to 2024. The bribes were allegedly paid to secure solar energy contracts with the Indian government, which were expected to generate profits exceeding USD 2 billion. These charges add to the ongoing scrutiny of the Adani Group, which had previously faced allegations of stock manipulation and financial improprieties.
Congress general secretary Jairam Ramesh responded to the charges, stating that the US Securities and Exchange Commission’s (SEC) actions validated the Congress’ long-standing demand for a JPC investigation into what it calls the “Modani scams.” Ramesh criticized SEBI for its alleged failure to investigate the Adani Group’s financial dealings, particularly the sources of investment and the use of shell companies.
Ramesh also highlighted the links between Adani and the Indian government, claiming that the prime minister had shielded the Adani Group from accountability. He further accused the government of undermining Indian institutions like SEBI, while foreign authorities had to step in to investigate the matter.
The Congress party continues to demand that a JPC be established to investigate the full extent of the alleged corruption, including the impact on India’s economy and foreign policy, particularly in the neighborhood.
In a separate post, Ramesh detailed the findings of the US indictment, alleging that Gautam Adani and others orchestrated a bribery scheme with the aim of securing lucrative government contracts in the solar energy sector. The indictment claims to have evidence of Adani’s direct involvement in meeting with Indian government officials to further the scheme.
This development comes as the Adani Group continues to face mounting pressure from multiple allegations, including a 2023 report by Hindenburg Research, which accused the group of stock manipulation and accounting fraud. Despite the ongoing controversies, the Adani Group has yet to publicly comment on the latest charges.
