With Gautam Adani’s US indictment, Congress renews call for JPC probe

The indictment of Gautam Adani and others by the United States Securities and Exchange Commission (SEC) has intensified calls from the Indian National Congress (INC) for a Joint Parliamentary Committee (JPC) investigation into alleged irregularities involving the Adani Group.

Congress leader Jairam Ramesh took to X and said, ‘This demand, originally raised by the Congress in January 2023, centres on what the party has described as the “Modani scams”, referring to purported links between Prime Minister Narendra Modi and the Adani Group.’

Ramesh pointed out that the SEC has charged Adani with securities fraud and conspiracy, alleging that the Adani Group engaged in a bribery scheme to secure solar energy contracts in India.

Legal filings detail accusations of a $265 million bribery scheme designed to facilitate a 12-gigawatt solar power agreement with the Indian government. The scheme, allegedly concealed from investors, is said to have promised profits exceeding $2 billion over 20 years.

The Congress leader underscored that the party’s ‘Hum Adani ke hain’ series, which posed 100 questions about the alleged nexus between the prime minister and Gautam Adani, remains unanswered. Ramesh said that the SEC’s action highlights the deficiencies in the investigation by India’s Securities and Exchange Board (SEBI).

‘The SEC’s indictment casts a shadow on SEBI’s failure to hold the Adani Group accountable for opaque investments and shell companies,’ he said, reiterating the Congress’s call for a robust parliamentary inquiry.

Fellow Congress leader Pawan Khera described the allegations as a betrayal of Indian investors. Highlighting claims of bribery involving Indian government officials between 2020 and 2024, Khera accused central regulatory bodies, including SEBI and the Central Bureau of Investigation (CBI), of shielding the Adani Group.

He also referred to a March 2023 raid by the FBI on the premises of Sagar Adani, Gautam Adani’s nephew, where electronic devices were reportedly seized as part of the investigation.

Khera alleged that the Adani Group misled Indian financial institutions and stock exchanges, undermining investor trust. He pointed to an incident in March 2024 where false information was allegedly provided to the Bombay Stock Exchange and the National Stock Exchange, calling it a "grave violation of transparency and accountability."

Asserting that the SEC’s indictment vindicates Congress‘s concerns, the party warned of growing monopolisation by the Adani Group across key economic sectors, which they claim is contributing to inflation and creating foreign policy challenges.

Khera further noted that while Indian regulators have failed to act decisively, the US judiciary’s intervention may hold the conglomerate accountable.

The Congress continues to press for a comprehensive JPC probe to ensure transparency and address the allegations, which they believe have eroded public trust and investor confidence in India’s financial ecosystem.