Opposition Tears Into PM Modi After Gautam Adani Indicted In US Over Bribery Charges

Hours after the United States charged Gautam Adani with bribery and fraud, Congress reiterated its demand for a Joint Parliamentary Committee (JPC) inquiry into the Adani group's transactions, while also criticising Prime Minister Narendra Modi over his alleged "internal nexus" with "his favourite businessman."

Senior Congress leader Jairam Ramesh said the US Securities and Exchange Commission's indictment of Gautam Adani and others confirms the party's call for a JPC investigation. Congress has been advocating for the probe since January 2023, raising concerns about possible irregularities in Adani's business dealings, Ramesh explained.

He referred to the party's "Hum Adani ke Hain" series, which posed 100 questions about the alleged scams and the ties between Prime Minister Modi and Gautam Adani. According to Ramesh, these questions remain unanswered, underscoring the need for accountability.

US authorities have charged Adani with deceiving investors by withholding information about his firm's solar energy project in India, which allegedly involved bribery. Adani faces charges of securities fraud and conspiracy, as per an indictment made public on Wednesday. The case centres on a deal between Adani Green Energy Ltd. and another entity to supply 12 gigawatts of solar power to the Indian government.

Ramesh also criticised SEBI's investigation methods, stating, "The SEC's actions also cast a poor light on the manner in which its Indian counterpart, namely SEBI, has conducted its investigation into violations of securities and other laws by the Adani Group, and its complete failure to hold the Group accountable for the sources of its investments, shell companies, etc."

The legal documents reveal that, while promoting the project to Wall Street investors who invested millions over five years, the accused were also involved in a $265 million bribery scheme in India to secure contracts potentially worth $2 billion in profits over two decades.

'Indian investors betrayed'

Congress leader Pawan Khera described the allegations against Gautam Adani and his conglomerate as a "betrayal of Indian investors."

In a post on X, Khera detailed the US charges, including claims that Adani's group bribed Indian government officials between 2020 and 2024 to secure contracts. Citing media reports, he also noted that Gautam Adani personally met a government official to further the scheme.

Khera referenced a March 2024 incident in which the Adani Group allegedly misled the Bombay Stock Exchange and the National Stock Exchange, labelling it a "serious violation of investor trust."

He also drew attention to a March 2023 FBI raid on the premises of Sagar Adani, Gautam Adani's nephew, where electronic devices were seized as part of the investigation.

Khera accused central regulatory bodies such as SEBI and the CBI of protecting Adani in the past. However, he stressed that the US judiciary would not allow the group to escape accountability.

"Adani & Co allegedly concealed this investigation from financial institutions and investors in India," Khera said, adding that the revelations have "undermined transparency and trust."