Hindenburg tip of iceberg only; JPC probe can unravel truth of Adani 'scam': Congress general secretary Jairam Ramesh

Congress calls for JPC probe into Adani 'Mega Scam' beyond Hindenburg Research, alleging widespread irregularities in political economy.

“The demand for a Joint Parliamentary Committee (JPC) probe into the Adani issue goes beyond the Hindenburg Research’s revelations,” the Congress said on Friday (August 16, 2024) and claimed the “irregularities and wrongdoings” relating to the business conglomerate span every dimension of the political economy.

Congress general secretary in-charge communications Jairam Ramesh said "Hindenburg is only the tip of the iceberg" and its allegations are limited to those that deal with the capital markets.

“The demand for a Joint Parliamentary Committee (JPC) investigation into the Adani ‘Mega Scam’ goes far beyond the revelations made by Hindenburg Research’s reports. Irregularities and wrongdoings relating to the Adani Group span every dimension of the political economy, as documented in our 100 question series HAHK (Hum Adani Ke Hain Kaun)," Mr. Ramesh said in a post on 'X'.

Elaborating on what he said were key elements of the "scam", Mr. Ramesh claimed that it pertains to "misuse" of India's investigative agencies to secure "Adani monopolies" in ports, airports, cement and other critical sectors.

He alleged that extraordinary favouritism had been shown by government banks, particularly the SBI, in providing credit for key projects, including the Adani copper plant at Mundra, the airport in Navi Mumbai, and the U.P. Expressway Project.

The senior Congress leader also alleged "subordination of India's foreign policy interests to the needs of Adani Enterprises, at the cost of India's standing in the neighbourhood".

He claimed that India's strategic relationship with Israel had been handed to a single company, Adani. Mr. Ramesh also claimed that coal and power equipment over-invoicing, alleging that it has not only facilitated money-laundering and abnormal profits but also raised the common citizen's electricity bills.