congress-hammers-adani-pm-over-250m-us-bribery-allegations

Following charges filed in the United States against billionaire business tycoon Gautam Adani over alleged bribery and fraud, the Congress has renewed its demand for a Joint Parliamentary Committee (JPC) investigation into the "Adani Mega Scam."

US prosecutors have accused Adani, his nephew Sagar Adani, and other associates of paying over $250 million in bribes between 2020 and 2024 to Indian government officials to secure favourable solar energy contracts.

These contracts, allegedly structured to evade fair competition, could have generated over $2 billion in profit for the Adani Group.

The opposition party also called for the appointment of a "new and credible" SEBI chief to oversee a thorough investigation into alleged securities law violations by the conglomerate.

Congress general secretary for communications Jairam Ramesh, in a post on X, asserted that the US Securities and Exchange Commission's (SEC) charges highlight failures by India's SEBI to hold Adani accountable.

He said, "The indictment of Gautam Adani and others by the SEC 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."

Ramesh added that the Congress’s "Hum Adani ke Hain Kaun" (HAHK) series had posed 100 questions, exposing the alleged nexus between the Prime Minister and Gautam Adani. He noted, "The Centre has consistently failed to answer these queries."

Breon Peace, the US Attorney for the Eastern District of New York, which brought the case, stated that the defendants engaged in a sophisticated scheme to bribe Indian officials, undermining fair competition and transparency in awarding solar energy contracts.

Adani, chairman of the ports-to-energy Adani Group, and Sagar Adani, executive director of Adani Green Energy Ltd, along with former CEO Vneet Jaain, face multiple charges, including securities fraud, conspiracy to commit securities fraud, and wire fraud conspiracy.

They are also named in a civil case filed by the SEC.

Meanwhile, US laws permit pursuing foreign corruption cases if they involve links to American investors or markets. With Adani Group stocks taking a hit following these allegations, the conglomerate has yet to issue a response.