Key Points
- The US has charged Gautam Adani with bribery and fraud related to a solar energy project.
- Congress is demanding a Joint Parliamentary Committee (JPC) probe into Adani’s dealings.
- Jairam Ramesh suggests a link between PM Modi and Adani, calling it an “internal nexus” with many questions still unanswered.
- The charges include a $265 million bribery scheme and securities fraud.
- Congress criticizes SEBI for not investigating Adani Group’s financial irregularities.
Looma News
After the US Securities and Exchange Commission (SEC) charged Gautam Adani with bribery and securities fraud, the Congress Party has renewed its call for a Joint Parliamentary Committee (JPC) investigation into the Adani Group’s financial activities. Senior Congress leader Jairam Ramesh said the charges prove the party’s long-standing concerns about Adani’s business practices, particularly regarding an alleged “internal nexus” between Prime Minister Narendra Modi and the billionaire businessman.
Ramesh pointed out that the SEC’s charges confirm Congress’s demand for a JPC probe into the Adani Group’s business dealings, which have been under scrutiny since January 2023. He referred to the party’s “Hum Adani ke Hain” campaign, which raised over 100 questions about financial irregularities and the close relationship between Modi and Adani. According to Ramesh, these questions remain unanswered, and the public deserves clarity and accountability on these issues.
The SEC’s charges revealed that Adani and others were involved in a $265 million bribery scheme to secure contracts for a solar energy project in India. The project, a 12-gigawatt solar agreement with the Indian government, was expected to make $2 billion in profits over the next 20 years. The SEC’s investigation claims that the Adani Group misled investors on Wall Street who had poured millions into the project over the past five years.
Ramesh also criticized India’s Securities and Exchange Board (SEBI) for not properly investigating the Adani Group’s operations. He argued that SEBI’s lack of action stands in stark contrast to the SEC’s more aggressive approach. According to Ramesh, this difference highlights the need for a deeper investigation into how Adani’s investments originated and his use of shell companies, which has been a major concern for the opposition.
