India
‘Intimate connection’: Congress responds to US bribery allegations against Adani | India News – Times of India
“The charges against Gautam Adani and others by the US Securities and Exchanges Commission (SEC) confirms the demand made by the Indian National Congress since January 2023 for a Joint Parliamentary Committee (JPC) probe into the various Modani scams,” said Congress leader Jairam Ramesh said in a post on X.
“The INC had asked 100 questions in its Hum Adani ke Hain (HAHK) series, which highlighted the various dimensions of this scam and of the intimate bond that existed between the Prime Minister and his favorite,” he added.
US authorities have charged Adani, one of the world’s richest individuals, with misleading investors by hiding information about his company’s massive solar energy venture in India, which allegedly involved bribery.
The 62-year-old businessman faces securities fraud charges and conspiracy charges, as detailed in Wednesday’s unsealed indictment. The case revolves around a profitable deal between Adani Green Energy Ltd. and another organization to provide 12 gigawatts of solar energy to the Indian government, enough to power countless homes and commercial establishments.
Criticizing SEBI’s investigative approach, Ramesh stated, “The SEC’s actions also cast a bad light on the manner in which its Indian counterpart, namely SEBI, has been investigating violations of securities and other laws by the Adani Group and its baffling inability to hold the Group.” to account for the source of its investments, shell companies, etc.”
The legal documents show that while the suspects favorably presented the project to Wall Street investors who invested billions over five years, they simultaneously engaged in a $265 million bribery scheme in India to secure contracts and financing.
Deputy Assistant Attorney General Lisa Miller noted that Adani and associates aimed to “obtain and finance massive state energy supply contracts through corruption and fraud at the expense of American investors.”
U.S. Attorney Breon Peace said the defendants “orchestrated an elaborate scheme” and sought “to enrich themselves at the expense of the integrity of our financial markets.”
