Following charges filed in a New York District Court that linked Gautam Adani, Chairman of the Adani Group, and others to an alleged bribery and fraud scheme, Congress leader Jairam Ramesh renewed calls for a Joint Parliamentary Committee (JPC) investigation into the group’s controversial dealings.
In a post on X, Jairam Ramesh stated, “The indictment of Gautam Adani and others by the U.S. Securities and Exchange Commission (SEC) confirms the need for a JPC investigation into the Modani scams, a demand we’ve made since January 2023. The Indian National Congress (INC) had raised over a hundred questions through the Hum Adani ke Hain (HAHK) series, exposing the deep ties between the PM and his favored businessman. These questions remain unanswered.”
Ramesh also highlighted the SEC’s actions, which cast doubt on the handling of the case by India’s Securities and Exchange Board of India (SEBI). “This further strengthens our call for a JPC inquiry into the Adani Group’s dealings, which are contributing to the monopolization of critical sectors, fuelling inflation, and creating significant foreign policy challenges, especially in our neighborhood,” he added.
The U.S. Attorney’s Office for the Eastern District of New York unveiled a five-count criminal indictment, charging Gautam Adani, Sagar Adani, and Vneet S. Jaain with securities fraud and conspiracy to commit wire fraud. The charges stem from their involvement in a multi-billion-dollar scheme to mislead U.S. investors and global financial institutions.
The indictment also accuses other individuals, including former executives of a renewable energy firm, of conspiring to violate the U.S. Foreign Corrupt Practices Act in connection with bribing Indian officials to secure contracts worth billions.
United States Attorney Breon Peace stated that the accused lied about the bribery scheme while seeking capital from international investors. Additionally, the executives are alleged to have obstructed investigations by U.S. authorities, including the FBI and SEC.
The U.S. Attorney’s office noted that these charges are merely allegations, and the defendants are presumed innocent unless proven guilty. The investigation is being handled by the FBI’s Corporate, Securities, and Commodities Fraud and International Corruption Units, and the case is being managed by the Business and Securities Fraud Section of the U.S. Attorney’s Office.
There has been no official response from Gautam Adani or the other individuals named in the indictment.
