Congress Demands JPC Probe into Adani’s Alleged Bribery and Fraud Charges in US

GG News Bureau
New Delhi, 21st Nov. The Congress party on Thursday called for a Joint Parliamentary Committee (JPC) investigation into the alleged “Adani Mega Scam,” following charges against billionaire Gautam Adani by US prosecutors. The charges include bribery and fraud, where Adani is accused of orchestrating a scheme to bribe Indian government officials for favorable terms in solar power contracts.

US authorities allege that between 2020 and 2024, Adani, his nephew Sagar, and others in the Adani Group paid over USD 250 million in bribes to secure contracts projected to generate over USD 2 billion in profits. The Securities and Exchange Commission (SEC) has filed a five-count indictment, including securities fraud and wire fraud conspiracies, accusing the Adanis of criminal activities carried out with the protection of the Indian government.

Congress General Secretary Jairam Ramesh said the charges further vindicated the party’s demand for a JPC probe into the Adani Group’s activities. “The SEC’s actions highlight the failure of SEBI (Securities and Exchange Board of India) in investigating Adani Group’s violations, including the source of its investments and shell companies,” Ramesh stated in a post on X.

Ramesh also emphasized that the Congress had previously raised concerns about the close ties between Prime Minister Narendra Modi and the Adani Group, alleging that the Prime Minister’s protection allowed the conglomerate to act with impunity. He reiterated that a credible investigation into the case was necessary, calling for the appointment of a new SEBI head to complete the securities law investigations and the formation of a JPC to probe the full extent of the scandal.

The charges against Adani come as a blow to the conglomerate’s reputation, with US prosecutors accusing him and his associates of corrupt dealings in securing lucrative government contracts. The Adani Group has not yet responded to the allegations.

The Congress also pointed out that the US authorities’ action against the Adani Group highlights the failure of Indian institutions, which they claim have been captured by the ruling Bharatiya Janata Party (BJP).

The US case is seen as part of efforts to address foreign corruption involving companies with ties to US investors or markets. The Adani Group is a multinational conglomerate involved in various sectors, including ports, energy, and renewable energy.