'Over 100 questions unanswered': Congress calls for JPC probe after US charges against Gautam Adani
The Congress party has renewed its call for a Joint Parliamentary Committee (JPC) investigation into the Adani Group after a US District Court in New York charged Chairman Gautam Adani and others, linking them to an alleged bribery and fraud scheme. Congress leader Jairam Ramesh stated on Thursday that the charges corroborated the party’s long-standing demand for such an investigation.
Jairam Ramesh's statement on X
In a post on X, Ramesh 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 January 2023 for a Joint Parliamentary Committee (JPC) investigation into the various Modani scams.” He highlighted Congress’ Hum Adani ke Hain (HAHK) series, which raised over 100 questions about the close ties between Prime Minister Narendra Modi and Adani, all of which remain unanswered.
Ramesh also voiced concerns over how India’s market regulator, the Securities and Exchange Board of India (SEBI), has handled the investigation into alleged violations of securities laws by the Adani Group. He noted that the SEC’s actions had cast doubt on SEBI’s ability to effectively investigate the matter.
Further, Ramesh reiterated Congress’ demand for a JPC to investigate Adani Group’s transactions, which he said were contributing to monopolisation in key sectors, driving inflation, and posing foreign policy challenges, especially in India’s neighbourhood.
US indictment details
The U.S. Attorney's Office for the Eastern District of New York unsealed a five-count criminal indictment, charging Gautam Adani, Sagar R. Adani, and Vneet S. Jaain with conspiracies to commit securities and wire fraud. The indictment alleges they were involved in a multi-billion-dollar scheme to defraud U.S. investors and global financial institutions with false and misleading statements.
The charges also extend to Ranjit Gupta and Rupesh Agarwal, former executives of a renewable energy company listed on the New York Stock Exchange, and Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra, former employees of a Canadian institutional investor. They are accused of conspiring to violate the Foreign Corrupt Practices Act by allegedly bribing Indian government officials to secure multi-billion-dollar contracts.
The indictment further accuses the executives of obstructing investigations by the FBI, Department of Justice (DOJ), and SEC. U.S. Attorney Breon Peace noted, “As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars.”
The U.S. Attorney’s office clarified that the charges are allegations and the defendants are presumed innocent unless proven guilty. The investigation was conducted by the FBI’s Corporate, Securities and Commodities Fraud, and International Corruption Units.
No response from Adani Group
As of now, there has been no response from Gautam Adani or others named in the indictment regarding the charges.
With ANI inputs