Hours after the United States charged Gautam Adani with bribery and securities fraud, the Congress party intensified its demand for a Joint Parliamentary Committee (JPC) probe into the Adani Group’s business dealings. The party also criticized Prime Minister Narendra Modi, alleging a close relationship between him and the embattled industrialist.

Senior Congress leader Jairam Ramesh stated that the indictment by the U.S. Securities and Exchange Commission (SEC) reinforced the need for a thorough parliamentary investigation. He highlighted that Congress had been advocating for such a probe since January 2023, raising questions about alleged irregularities and links between Adani and the Prime Minister.

Referring to the Congress’s “Hum Adani ke Hain Kaun” campaign, Ramesh pointed out that over 100 questions regarding alleged financial misconduct and government favoritism toward Adani had gone unanswered.

The SEC’s charges focus on allegations that Adani’s firms misled investors regarding a major solar energy project in India. According to U.S. legal filings, the case involves a 12-gigawatt solar energy agreement linked to Adani Green Energy Ltd., with accusations of a $265 million bribery scheme to secure lucrative government contracts. These contracts were projected to generate $2 billion in profits over two decades.

The indictment accuses Adani and others of securities fraud, conspiracy, and hiding critical information from investors. The SEC alleges that Wall Street investors poured millions into the project, unaware of the bribery involved in its procurement.

Ramesh criticized India’s market regulator, the Securities and Exchange Board of India (SEBI), suggesting its investigations into the Adani Group lacked rigor. “The SEC’s actions highlight the inadequacies of SEBI’s probes into Adani’s investments, use of shell companies, and compliance with securities laws,” he stated.

Congress leaders reiterated their call for transparency and accountability, urging Modi to break his silence on the allegations and allow a JPC probe to ensure a fair investigation into the matter.