Adani indictment in U.S. vindicates demand for JPC probe, says Congress

Senior Congress leader Jairam Ramesh. File photo
| Photo Credit: PTI

The Congress on Thursday (November 21, 2024) reiterated its demand for a Joint Parliamentary Committee (JPC) probe into the transactions of the Adani Group after the India conglomerate’s billionaire chairman was indicted in New York over allegations of bribery and fraud.

Senior Congress leader Jairam Ramesh said that the U.S. vindicated the demand that the Congress was making for a JPC investigation into the various alleged scams.

Also read | U.S. charges Gautam Adani with defrauding investors, hiding plan to bribe Indian officials

In a post on X, Mr. Jairam said, “The indictment of Gautam Adani and others by the Securities and Exchanges Commission (SEC) of the US vindicates the demand that the Indian National Congress has been making since Jan 2023 for a Joint Parliamentary Committee (JPC) investigation into the various Modani scams.”

“The INC had asked a hundred questions in its Hum Adani ke Hain (HAHK) series bringing out the various dimensions of these scams and of the intimate nexus that has existed between the PM and his favourite businessman. These questions have remained unanswered,” he added.

The Congress leader also mentioned that the actions of the Securities and Exchanges Commission (SEC) of the U.S. cast a poor light on the manner in which its “Indian counterpart, namely SEBI”, has gone about investigating alleged violations of securities and other laws by the Adani Group.

“The INC reiterates its demand for a JPC in the transactions of the Adani Group, which is leading to growing monopolization in key sectors of the Indian economy, fuelling inflation, and posing huge foreign policy challenges as well, especially in our neighbourhood,” Jairam Ramesh said further.

Adani charged in U.S. with $250 mn bribery, fraud

Billionaire Gautam Adani has been charged by The U.S. prosecutors charged Gautam Adani over his role in an alleged years-long scheme to pay $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts.

US prosecutors charged Mr. Adani, 62, his nephew Sagar and other defendants for paying over $250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than $2 billion in profit.

Also read | Hindenburg tip of iceberg only; JPC probe can unravel truth of Adani ‘scam’: Jairam Ramesh

The U.S. Attorney’s office said that the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty. The investigation was conducted by the FBI New York’s Corporate, Securities and Commodities Fraud and International Corruption Units.

The government’s case is being handled by the Business and Securities Fraud Section of the U.S. Attorney’s Office for the Eastern District of New York and the Criminal Division’s Fraud Section.

There has been no response so far from the office of Gautam Adani or others named in the indictment.

(With inputs from PTI and ANI)