Congress demands JPC probe into alleged Adani mega scam, claims of systemic irregularities

Congress leader Jairam Ramesh today intensified the party’s call for a Joint Parliamentary Committee (JPC) investigation into the alleged Adani Mega Scam and said that the scandal extends far beyond the scope of Hindenburg Research's reports. Ramesh's remarks highlighted a series of alleged irregularities involving the Adani Group, suggesting a deep-seated corruption that permeates various sectors.

In a detailed critique, Ramesh outlined several key allegations against the Adani Group, which he claims have not been fully addressed by the Hindenburg reports. These include:

- Ramesh accuses Indian investigative agencies of being exploited to secure monopolies for Adani in critical sectors such as ports, airports, and cement.
- He alleges that government banks, particularly the State Bank of India (SBI), provided undue credit for major Adani projects, including the Mundra copper plant, Navi Mumbai airport, and the UP Expressway.
- The Congress leader suggests that India’s foreign policy has been subordinated to Adani’s interests, undermining the country's position in the region.
- The Adani Group's exclusive control over India’s strategic relationship with Israel is also highlighted as a concern.
- Ramesh claims that coal and power equipment over-invoicing has led to money laundering, inflated profits, and increased electricity bills for citizens.
- The extension of leases on publicly-owned assets to the Adani Group at minimal prices is presented as another example of misuse.
According to Ramesh, the Hindenburg allegations, which focus on stock manipulation and regulatory conflicts, represent only a fraction of the broader corruption issue. He argues that a JPC investigation is essential to uncover the full extent of what he describes as the “Modani mega-scam.”