BJP Responds to Congress Allegations on Hindenburg Report and Adani Group Controversy

New Delhi: In response to Congress' scathing criticism of the BJP's alleged ties with the Adani Group, BJP leader Mukhtar Abbas Naqvi defended the party's position, dismissing the Congress party's accusations as baseless. Naqvi, speaking to reporters, stated that the closure of Hindenburg Research, which had released a controversial report in January 2023 on the Adani Group, was not a political maneuver but a natural consequence of the work of those behind the report.

"People used to give feudal support to the conspiracy report. So, now it is natural for the people to be angry about the lockout on the feudal support to the conspiracy report, especially those who have been the proxy political partners of such conspiracy reports," Naqvi said.

The remarks came after Hindenburg Research founder Nathan Anderson announced the firm’s disbanding, citing the emotional and mental toll of the work as the primary reason. Hindenburg's report had triggered intense scrutiny of the Adani Group, claiming violations of securities laws and other serious allegations, which led to investigations by multiple authorities, including the Supreme Court of India, which formed an expert committee to probe the claims.

Congress, on the other hand, has repeatedly criticized the BJP for defending the Adani Group, asserting that the closure of the Hindenburg firm was an attempt to shield the conglomerate from further investigation. Congress General Secretary Jairam Ramesh, in a press release, emphasized that the revelations in the Hindenburg report were only the "tip of the iceberg" and questioned the government’s silence over these serious issues.

Ramesh argued that the allegations of misuse of power, the involvement of the Prime Minister’s close associates with the Adani Group, and the failure of the Securities and Exchange Board of India (SEBI) to act on the matter warranted a deeper investigation. He pointed out that SEBI’s investigation had been delayed for nearly two years, despite the Supreme Court’s mandate for a timely probe.

Further compounding Congress' concerns were claims of international investigations into the Adani Group's financial practices, including bribery charges and over-invoicing in coal imports from Indonesia. Ramesh also raised alarms about the siphoning of funds from India through Adani-affiliated trading firms.

Congress has since reiterated its demand for a Joint Parliamentary Committee (JPC) investigation into the Adani Group's alleged wrongdoings, citing that India's institutions could not be trusted to carry out an unbiased investigation given the group’s political connections. Congress argues that only an independent probe will ensure justice for the Indian public and curb crony capitalism.

The ongoing back-and-forth between the ruling BJP and opposition Congress has reignited debates about the relationship between the government and the Adani Group, with growing calls for transparency and accountability in the matter. The BJP, however, maintains that the allegations are politically motivated and that the legal process must take its course.