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Informist, Thursday, Nov. 21, 2024

NEW DELHI – The Congress party on Thursday demanded the immediate arrest of industrialist Gautam Adani after his indictment in the US over an alleged multi-billion-dollar bribery and fraud scheme. The Congress party also demanded a probe against Securities and Exchange Board of India Chairperson Madhabi Puri Buch over allegations of conflict of interest and financial misconduct . 

Addressing a press conference, the leader of Opposition in the Lok Sabha and senior Congress leader Rahul Gandhi said it is pretty clear and established in the US that Adani has broken Indian as well as American law. Gandhi was addressing the media after US prosecutors Wednesday charged Adani and some of his associates for allegedly paying $250 million in bribes to Indian government officials to obtain solar energy supply contracts which were expected to yield $2 billion in profits over 20 years.

"I'm wondering why he is roaming like a free man in India. The chief minister of Jharkhand, the chief minister of Delhi were arrested by the agencies but no action taken against Adani," Gandhi said. 

Gandhi alleged that Prime Minister Narendra Modi is protecting Adani. "...Prime Minister Modi lacks capability to arrest Adani. We know no government institution will probe Adani. The prime minister is also involved in Adani scam," Gandhi said. 

The former Congress president said he will raise the issue in the upcoming winter session of Parliament. His party will also continue to demand a joint parliamentary committee probe into allegations against the Adani group, he said.

 
Referring to US-based short seller Hindenburg Research's allegations against Buch, Gandhi said the party will keep exposing the people involved in this alleged nexus to mount pressure on the government and make people aware about the alleged scam. Hindenburg Research had alleged in July that the SEBI chief and her husband Dhaval Buch had a stake in offshore funds that had links to those allegedly used by Vinod Adani, older brother of Adani Group Chairman Gautam Adani, to round-trip investment into Indian stocks, including Adani group companies. This, the research firm said, raised the prospect of a conflict of interest in SEBI's investigation of its allegations against the Adani group made in January 2023.

On whether the agreements with the Adani group in Congress-ruled states will be reviewed post these developments, Gandhi said criminality and corruption are the concerns for the party. He said that if the Adani group is found to be following a legitimate process, then it won't be an issue. "If Adani and Ambani are working with due process, we don't have any problem, but if they are doing corruption, then we have a problem. The government should investigate the matter...should probe Adani and Buch," Gandhi said. 

At 1408 IST, shares of Adani Enterprises traded 18.4% lower at INR 2296.60 on the National Stock Exchange.  End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Kuldeep Singh

Edited by Tanima Banerjee

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