After a US District Court in New York charged Gautam Adani, chairman of the Adani Group, along with others in connection to an alleged bribery and fraud scheme, Congress leader Jairam Ramesh stated on Thursday that it validated the Congress’s long-standing call for a Joint Parliamentary Committee (JPC) probe into various alleged scams.
In a post on X, Ramesh said, “The indictment of Gautam Adani and others by the US Securities and Exchange Commission (SEC) validates the Indian National Congress’s demand, which has been ongoing since January 2023, for a JPC investigation into the ‘Modani’ scams.” He further noted that the Congress had posed over a hundred questions in its Hum Adani Ke Hain (HAHK) series, highlighting the multiple dimensions of these alleged scams and the close ties between Prime Minister Modi and his preferred businessman. Many of these questions remain unanswered.
Ramesh also criticised the Securities and Exchange Board of India (SEBI) for its handling of the Adani Group’s alleged violations, questioning its investigation process. He reiterated the Congress’s demand for a JPC to examine Adani Group’s transactions, which, he said, are driving monopolisation in key sectors, inflating inflation, and creating significant foreign policy challenges, especially in India’s neighbouring countries.
According to the US Attorney’s Office for the Eastern District of New York, a five-count criminal indictment was unsealed, charging Gautam Adani, Sagar R. Adani, and Vneet S. Jaain with securities and wire fraud conspiracies. They are accused of orchestrating a multi-billion-dollar scheme to deceive US investors and global financial institutions. The indictment also includes charges against Ranjit Gupta and Rupesh Agarwal, former executives of a renewable energy company, and others with conspiracy to violate the Foreign Corrupt Practices Act in connection with the alleged bribery.
US Attorney Breon Peace stated, “As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars. Gautam S. Adani, Sagar R. Adani, and Vneet S. Jaain lied about the bribery scheme while seeking to raise capital from US and international investors.” The indictment also alleges the executives obstructed investigations by the FBI, Department of Justice (DOJ), and SEC.
The US Attorney’s Office stressed that the charges are allegations, and the defendants are presumed innocent until proven guilty. The investigation was conducted by the FBI’s Corporate, Securities, and Commodities Fraud and International Corruption Units.
As of now, there has been no response from Gautam Adani’s office or any of the other individuals named in the indictment.
(With inputs from ANI)