A massive political storm erupted in India soon after Billionaire industrialist Gautam Adani was charged by United States prosecutors over his role in an alleged scheme to pay USD 250 million bribe to Indian officials in exchange for favourable terms for solar power contracts.
It may be a coincidence that some of the major controversies, including the latest one, and the ones that came before it such as ‘Hindenburg, Pegasus, Soros’ have surfaced just before the beginning of a Parliament session. This time, the Winter Session begins on Monday, with the Opposition announcing to raise the issue during the session while ruling Bharatiya Janata Party (BJP) calling it preparation for another ‘drama’ to stall proceedings of yet another important Session.
While the BJP said all the states mentioned in the indictment were at that time ruled by Opposition parties, Congress led INDIA Bloc partners have demanded immediate arrest of Adani.
The Adani group has denied charges of paying bribes to secure favourable terms for solar power contracts, saying the allegations by US prosecutors are baseless and the conglomerate is compliant with all laws. It said all possible legal recourse will be sought.
According to agency reports from New York, United States prosecutors charged Adani and 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.
This, they alleged, was concealed from the US banks and investors from whom the Adani group raised billions of dollars for the project. US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets.
The indictment has thrown Adani Group in yet another financial trouble after it suffered a jolt by US short seller Hindenburg Research’s damning fraud allegations.
Senior Congress leader Rahul Gandhi demanded immediate arrest of Gautam Adani. Addressing a Press conference Rahul said it is now pretty clear and established in the US that the businessman has broken Indian as well as American laws. Rahul also demanded Adani’s “protector” and SEBI chairperson Madhabi Puri Buch be removed from her post and a probe should be initiated.
Opposition members Communist Party of India (Marxist) (CPIM), Trinamool Congress (TMC), Aam Aadmi Party (AAP), National Conference (NC), Rashtriya Janata Dal (RJD), Shiv Sena (Uddhav), said the Narendra Modi government “cannot hide behind smokescreen anymore” and demanded a Central Bureau of Investigation (CBI) probe into the matter.
Taking a jibe at Prime Minister Narendra Modi’s ‘Ek hain to safe hain’ slogan, Rahul said as long as the PM and Adani are together, “they are safe” in India. He said he will raise the issue during the Winter session of Parliament beginning Monday and the entire opposition is together on the matter.
Rahul, who has been constantly attacking Adani accusing him of ‘using his proximity to the PM’, said criminality and corruption are two different issues. “But if Adani is working under due process, we don’t have a problem. It is up to the government to investigate,” Rahul said.
Asked about some states ruled by non-BJP parties being named by the US prosecutors, Rahul said wherever this has happened irrespective of the party in power there should be an investigation.
Congress president Mallikarjun Kharge said a comprehensive Joint Parliament Committee probe into all aspects of the Adani group’s functioning, including its investments in foreign countries should be initiated.
The BJP dubbed Rahul Gandhi’s attack on the Prime Minister as a part of his long-running efforts to target its leader, and noted that none of the four states (Andhra Pradesh, Chhattisgarh, Tamil Nadu and Odisha) named in American courts had a BJP government.
BJP spokesperson and Lok Sabha MP Sambit Patra made it clear that as far as allegations against the Adani group are concerned it is for the company to issue a clarification and defend itself. “Law will take its own course and if Adani is corrupt, then why are the Congress governments seeking investment from his company,” BJP sought to know at a Press conference.
The US authorities also charged three former employees of a large Canadian pension fund, CDPQ, in connection with the alleged scheme, saying they obstructed an investigation into the bribes by deleting emails and agreeing to provide false information to the US government. The CDPQ, which invests in infrastructure projects, is a shareholder in Adani companies.
Commenting on the development, Adani spokesperson pointed to a US Department of Justice statement that said “the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty”.
“The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws,” the spokesperson added.
