Congress demands JPC probe after Adani charges.
Congress has called for a Joint Parliamentary Committee (JPC) investigation into ongoing scams, citing the recent US indictment of Indian billionaire Gautam Adani as a key example. The party argues that the charges against Adani, related to a massive bribery scheme, highlight the urgent need for a thorough investigation by India’s Parliament. Congress claims that the allegations further expose the lack of transparency and accountability in the current administration. The demand for a JPC probe aims to ensure a fair and impartial examination of the alleged financial irregularities and their impact on India’s economy and governance.
Investigation into the various “scams” involving his conglomerate.
Charges by US prosecutors
Adani has been charged by US prosecutors over his role in an alleged years-long scheme to pay a USD 250 million bribe to Indian officials in exchange for favorable terms for solar power contracts.
The indictment of Adani and his associates reveals details about their involvement in a scheme designed to secure lucrative contracts for solar power projects with the Indian government. The bribes allegedly paid were aimed at obtaining favorable terms for the Adani Group, one of India’s largest conglomerates, whose businesses span across various sectors including ports, energy, and infrastructure.
Congress responds
Congress General Secretary in-charge Communications, Jairam Ramesh, responded to the charges by calling them a vindication of the party’s demand for a JPC investigation into the Adani Group’s activities. Ramesh pointed out that the indictment by the US Securities and Exchange Commission (SEC) had further exposed the corruption within the Adani Group and raised serious concerns regarding the integrity of Indian institutions.
He emphasized that the Congress had raised several questions about the Adani Group’s dealings, particularly the close ties between Prime Minister Narendra Modi and Gautam Adani, which had remained unanswered.
The Congress party had previously initiated its “Hum Adani Ke Hain” (HAHK) campaign, in which they raised a series of questions about the Adani Group’s business practices and its influence on the government. The party claims that the bribe allegations reinforce its stance that the Adani Group has used its ties to the ruling government to gain undue advantages in business deals.
Demand for JPC and SEBI leadership change
Ramesh reiterated Congress’s demand for a JPC to investigate the financial dealings of the Adani Group, claiming that the conglomerate’s actions had led to monopolization in critical sectors of the Indian economy, resulting in inflation and foreign policy challenges. He further argued that the current regulatory bodies in India, particularly the Securities and Exchange Board of India (SEBI), have failed to effectively investigate the alleged wrongdoings of the Adani Group, leading to the need for leadership changes within the body.
It alleges that they paid over $250 million in bribes to Indian government officials between 2020 and 2024 to secure lucrative solar energy supply contracts. The profits from these contracts were projected to exceed $2 billion.” Ramesh added that the allegations suggested that Adani himself had met with Indian government officials to advance the bribery scheme, with supporting evidence found in emails and phone records.
He also pointed out that the charges against Adani were consistent with the party’s earlier allegations of fraud and criminality, which, according to Ramesh, had been carried out with impunity, suggesting that Adani’s actions were shielded by the protection of the Prime Minister.
He further emphasized the need for a new and credible head to be appointed to SEBI to oversee the ongoing investigations into the Adani Group.
Details of the US charges
The US Attorney for the Eastern District of New York, Breon Peace, issued a statement confirming the charges against Adani and his associates. According to the indictment, the defendants were involved in orchestrating a sophisticated scheme to bribe Indian government officials in exchange for securing contracts worth billions of dollars in solar energy projects. The Adani Group’s renewable energy arm, Adani Green Energy Ltd., was among the beneficiaries of these bribes, which were allegedly used to obtain favorable terms for solar power deals with the Indian government.
Adani, his nephew Sagar Adani, and Vneet Jaain, the former CEO of Adani Green Energy, face multiple charges, including securities fraud, securities fraud conspiracy, and wire fraud conspiracy. In addition to the criminal charges, the defendants were also named in a civil case filed by the US Securities and Exchange Commission (SEC). The charges against Sagar and Jaain also accuse them of violating federal laws related to securities.
The allegations of corruption involving high-ranking Indian officials and the bribe payments made by the Adani Group have raised concerns about the influence of corporate interests on government policies. These developments are expected to fuel further scrutiny of the Adani Group’s business operations, especially as the company has significant investments in sectors such as energy, infrastructure, and mining.
Response from the Adani Group
The Adani Group did not immediately respond to requests for comment on the charges. However, the company has previously denied any wrongdoing, and its spokespersons have insisted that all business dealings and investments were conducted in accordance with Indian law.
In the wake of these charges, political analysts are closely observing the potential impact of the allegations on Adani’s business empire and its relationship with the Indian government. The revelations about bribery and fraud are likely to have far-reaching consequences for the Adani Group’s reputation and its ability to secure future contracts.
Conclusion
As the legal proceedings unfold in the US, the calls for a Joint Parliamentary Committee investigation in India are gaining momentum. The Congress party’s demand for a comprehensive inquiry into the Adani Group’s financial dealings highlights the growing concerns about corporate influence in politics and the need for greater accountability in India’s business landscape. With ongoing investigations into the Adani Group’s alleged misconduct, the political and financial fallout from this case is expected to continue to dominate headlines in the coming months.