National Desk, 16th August: Congress leader Jairam Ramesh has intensified his party’s demand for a Joint Parliamentary Committee (JPC) investigation into what he calls the “Adani Mega Scam.” Ramesh argues that the alleged irregularities involving the Adani Group extend far beyond the scope of the Hindenburg Research reports, suggesting deep-rooted corruption that affects multiple sectors.
In his critique, Ramesh presented several key allegations:
- Monopolies Through Exploited Agencies: Ramesh accuses Indian investigative agencies of being manipulated to secure monopolies for the Adani Group in critical sectors like ports, airports, and cement.
- Undue Credit from Government Banks: He alleges that government banks, particularly the State Bank of India (SBI), have provided excessive credit for Adani projects such as the Mundra copper plant, Navi Mumbai airport, and the UP Expressway.
- Foreign Policy Subordination: Ramesh suggests that India’s foreign policy has been skewed to favor Adani’s interests, compromising the country’s strategic positioning.
- Strategic Control Over Israel Relations: The Congress leader highlights concerns over Adani’s control in India’s strategic dealings with Israel.
- Coal and Power Equipment Over-Invoicing: Ramesh claims that over-invoicing in coal and power equipment has facilitated money laundering, inflated profits, and led to higher electricity bills for citizens.
- Extension of Leases on Public Assets: He also criticizes the extension of leases on publicly-owned assets to the Adani Group at minimal prices, alleging misuse of public resources.
Ramesh asserts that while the Hindenburg Research report primarily focuses on stock manipulation and regulatory conflicts, these issues represent just a small part of the broader corruption problem. He argues that a JPC investigation is necessary to fully uncover what he describes as the “Modani mega-scam,” a term combining the names of Prime Minister Narendra Modi and Adani to suggest collusion.
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