Congress calls for 'credible' SEBI chief to complete probe in 'Adani Mega Scam'

The Congress on Thursday said it "vindicates" its demand for a Joint Parliamentary Committee investigation into the various "scams" involving his conglomerate. The opposition party also called for "a new and credible" SEBI head to be appointed to complete the securities law investigations into the "Adani Mega Scam".

Adani has been charged by US prosecutors over his role in an alleged years-long scheme to pay USD 250 million bribe to Indian officials in exchange for favourable terms for solar power contracts.

US prosecutors charged Adani, 62, his nephew Sagar and other defendants for paying over USD 250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than USD 2 billion in profit.

Congress general secretary in-charge communications Jairam Ramesh said the US Securities and Exchange Commission's actions also cast poor light on the manner in which its Indian counterpart, namely SEBI, has gone about investigating violations of securities and other laws by the Adani Group and its abject failure to hold the Group to account for the source of its investments, shell companies, etc.

"The indictment of Gautam Adani and others by the Securities and Exchanges Commission (SEC) of the US vindicates the demand that the Indian National Congress has been making since Jan 2023 for a Joint Parliamentary Committee (JPC) investigation into the various Modani scams," Ramesh said in a post on X.

"The INC had asked a hundred questions in its Hum Adani ke Hain (HAHK) series bringing out the various dimensions of these scams and of the intimate nexus that has existed between the PM and his favourite businessman. These questions have remained unanswered," he said.