Vindicates our JPC demand: Cong on Adani charges

 The opposition party also called for "a new and credible" SEBI head to be appointed to complete the securities law investigations into the "Adani Mega Scam". 

 Adani has been charged by US prosecutors over his role in an alleged years-long scheme to pay USD 250 million bribe to Indian officials in exchange for favourable terms for solar power contracts. 

 US prosecutors charged Adani, 62, his nephew Sagar and other defendants for paying over USD 250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than USD 2 billion in profit.

Congress general secretary in-charge communications Jairam Ramesh said the US Securities and Exchange Commission's actions also cast poor light on the manner in which its Indian counterpart, namely SEBI, has gone about investigating violations of securities and other laws by the Adani Group and its abject failure to hold the Group to account for the source of its investments, shell companies, etc.

 "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 Jan 2023 for a Joint Parliamentary Committee (JPC) investigation into the various Modani scams," Ramesh said in a post on X. "The INC had asked a hundred questions in its Hum Adani ke Hain (HAHK) series bringing out the various dimensions of these scams and of the intimate nexus that has existed between the PM and his favourite businessman. These questions have remained unanswered," he said. 

 The Congress reiterates its demand for a JPC into the transactions of the Adani Group, which is leading to growing monopolisation in key sectors of the Indian economy, fuelling inflation, and posing huge foreign policy challenges as well, especially in our neighbourhood, Ramesh said. Senior Congress leader Sam Pitroda said the indictment is a blow to the Indian name. 

 "Very surprised and shocked to see that #SEC charges three senior executives in two actions alleging massive #bribery scheme involving Indian Energy companies #Adani Green and #Azure Power. It is a huge blow to the #Indian name and fame," Pitroda said in a post on X. 

 "I am sure there is more to come"," he also said. Congress leader Manish Tewari reiterated the demand for a JPC into the Adani group's dealings. "THERE SHOULD NOW BE A JPC INTO L' AFFAIRE @gautam_adani," he said in a post on X. "Indian billionaire Gautam Adani and other executives were charged with paying more than $250 million in bribes to Indian government officials and concealing them from US investors," Tewari said. Praveen Chakravarty, who heads the Professionals' Congress and Data Analytics department of the party said, "among all the grave charges, the US District Court has also categorically stated that on Mar 19 2024 Adani Group lied to India's stock exchanges BSE & NSE." 

 "This is tantamount to duping Indian investors & a serious offence under SEBI law. Over to Madhabi Puri Buch, yet again!" he said. -- PTI