Opposition Parties Demand Investigation into Adani Group’s Alleged Bribery and Fraud Charges
New Delhi: The Left parties and Trinamool Congress (TMC) on Thursday called for a comprehensive investigation into the bribery and fraud allegations against billionaire Gautam Adani, following charges filed by U.S. prosecutors. The allegations involve a scheme where over USD 250 million (approximately Rs 2,100 crore) was reportedly paid as bribes to Indian officials to secure favorable terms for solar power contracts, concealed from U.S. banks and investors.
The U.S. Department of Justice’s case alleges that the bribery scheme spanned several years, from 2020 to 2024, and was designed to win lucrative solar contracts projected to generate over USD 2 billion in profit. However, the Adani Group has denied the charges, asserting that the allegations are baseless.
The Communist Party of India (Marxist) (CPI(M)) has strongly criticized the Indian government, stating that such large-scale bribery should not have been exposed by the U.S. legal system but should have been investigated domestically. The party claimed that the Modi government has been shielding Adani from scrutiny, referencing the ongoing controversy following the Hindenburg report, which had earlier highlighted alleged financial irregularities within the Adani Group.
CPI General Secretary D. Raja raised concerns about the integrity of both Adani and Indian regulatory authorities, calling into question the lack of transparency and delayed action on the accusations. He emphasized that the government’s failure to conduct a proper investigation fuels public suspicion that the regulatory mechanisms are compromised.
The CPI and other opposition leaders, including TMC MP Saket Gokhale, have been vocal in demanding an impartial investigation. Gokhale pointed out that the charges implicate government-owned public sector undertakings (PSUs), and questioned the involvement of the Modi government. Meanwhile, TMC MP Sagarika Ghose reiterated the need for a free and fair inquiry into the Adani Group’s alleged wrongdoings, advocating for the formation of a Joint Parliamentary Committee (JPC) to thoroughly investigate the matter.
As the controversy deepens, Adani Group stocks experienced a significant drop, with market valuations falling by Rs 2.45 lakh crore. Opposition parties continue to call for a transparent investigation into the group’s dealings, highlighting the need for accountability and governance.
