U.S. Adani Indictment Strengthens Congress JPC Probe Demand

The Congress again asked for a JPC to be set up to probe the Adani business after the US prosecutors accused Gautam Adani and his associates of bribery and fraud. Former Congress minister Jairam Ramesh said that the indictment exonerated the party’s accusations of the links between the Indian government and Adani. The charges include bribery that totals to $250 million so as to clinch large solar energy deals.

Ramesh insisted that such accusations prove the necessity of the existence of accountability. He pointed out that the findings of the Securities and Exchange Commission (SEC) put focus on the flaws of SEBI probing into the group’s operations, as well as its independence.

Adani Faces U.S. Charges for $250 Million Bribery Scheme

U.S. prosecutors accused Gautam Adani, Sagar Adani and others for involvement in a $ 250 million bribery scandal on the solar energy contract. This plan from 2020 to 2024, was said to make more than $2 billion in profit.

Although the defendants are innocent until proven guilty the case under investigation by the FBI and the U.S. Attorney Office raises issues of corporate integrity and compliance in India. Adani Group has yet to respond to these allegations.

Congress Critiques SEBI’s Role

Since then, Ramesh has again accused SEBI of lowering its standards, arguing it has not done enough to investigate suspected violations adequately. He again insisted on Congress’s demand for JPC calling for monopolization unchecked in India’s emerging sectors as causing inflation which creatHaines geopolitical risks. Parliament raised these issues through the Hum Adani Ke Kaun series and none of the questions have been answered.

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