After a US District Court in New York charged Adani Group Chairman Gautam Adani and others with being involved in an alleged bribery and fraud scheme, Congress leader Jairam Ramesh on Thursday said it will lead to a Joint Parliamentary Committee investigation into various alleged scams. Congress’s demand for getting it done has proved correct.
In a post on Justifies the demand. Congress in its Hum Adani Ke Hain (HAHK) series has exposed the various dimensions of these scams and the intimate nexus that exists between the PM and his favorite businessman. A hundred questions were asked while bringing. These questions remain unanswered.”
The Congress leader also noted that the SEC’s action also casts a bad light on the way its “Indian counterpart, namely SEBI” investigates alleged violations of securities and other laws by the Adani Group. Jairam Ramesh further said, “Congress reiterates its demand for a Joint Parliamentary Committee (JPC) investigation into the Adani Group transactions, which are leading to monopoly in key sectors of the Indian economy, increasing inflation, and especially our “Big challenges are arising for foreign policy in the neighbourhood.”
According to the U.S. Attorney’s Office for the Eastern District of New York, “A five-schedule criminal indictment was unsealed in federal court charging Gautam Adani, Sagar R. Adani, and Vineet S. Jain with securities and wire fraud and conspiracy to commit securities fraud.” , in which he had a role in a multibillion-dollar scheme to obtain funds from American investors and global financial institutions based on false and misleading statements.”
The indictment includes Ranjit Gupta and Rupesh Aggarwal, former executives of a renewable energy company whose securities were traded on the New York Stock Exchange (US issuer), and Cyril Cabanes, Saurabh Aggarwal and Deepak Malhotra, former employees of a Canadian institutional investor. , has also been charged with conspiracy to violate the Foreign Corrupt Practices Act in connection with the alleged bribery scheme.
United States Attorney Brion Peace said, “As charged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to obtain billions of dollars in contracts, and Gautam S. Adani, Sagar R. Adani And Vineet S. Jain lied about the bribery scheme because he wanted to raise capital from American and international investors.” The indictment also accuses the executive of obstructing investigations by the FBI, Department of Justice (DOJ) and the Securities and Exchange Commission (SEC).
The U.S. Attorney’s Office says the charges in the indictment are allegations and the defendants are presumed innocent until proven guilty. The investigation was conducted by the Corporate, Securities and Commodity Fraud and International Corruption units of the FBI New York. The government’s case is being handled by the Trade and Securities Fraud Section of the U.S. Attorney’s Office for the Eastern District of New York and the Criminal Division’s Fraud Section. There has been no response yet from Gautam Adani’s office or others named in the indictment.
