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Hindenburg Report Fallout: Congress Calls for Unbiased Inquiry into Adani Group

In a sharply worded statement, the Congress Party on Wednesday launched a scathing attack on the Bharatiya Janata Party (BJP), accusing it of having a close alliance with the Adani Group and defending the conglomerate from scrutiny. Congress dismissed the closure of the Hindenburg Research report as a mere attempt to shield the Adani Group from further investigation, asserting that this move did not absolve the group of the serious allegations leveled against it.


The Congress party's critique was centered on the findings of the Hindenburg report, released in January 2023, which exposed damaging details about the Adani Group’s operations. The report triggered such widespread concern that the Supreme Court of India was compelled to establish an expert committee to investigate the allegations. In a post on social media platform X, Congress emphasized the gravity of the report's findings, stating, “The Hindenburg Report was so serious that the Supreme Court of India had no choice but to set up an expert committee to look into the claims against the Adani Group.”

Jairam Ramesh, Congress general secretary, added further weight to the party's criticism in a press release, stating, "The Hindenburg report exposed violations of securities laws, but that’s only the tip of the iceberg. Our party raised 100 questions to Prime Minister Narendra Modi about the Adani Group, of which only 21 related to the Hindenburg revelations."

Ramesh argued that the issue went beyond securities violations, asserting that the involvement of the Prime Minister's close associates in the Adani Group raised serious concerns over the misuse of India’s foreign policy for personal gain. He accused the government of pressuring Indian businessmen to sell significant assets and of using government agencies to help Adani establish monopolies in key sectors, including airports, ports, defense, and cement.

The Congress leader also criticized the Securities and Exchange Board of India (SEBI), alleging that the institution had been "captured" and failed to act against the Adani Group despite clear evidence of conflicts of interest. Ramesh noted that SEBI's investigation, originally mandated by the Supreme Court to be completed within two months, had dragged on for nearly two years without any resolution.

Ramesh further pointed to international investigations into the Adani Group, including allegations of bribery and financial misconduct. The U.S. Department of Justice, he claimed, had accused the group of bribing Indian officials to secure lucrative solar energy contracts. Additionally, the Swiss Federal Criminal Court had ordered the freezing of bank accounts linked to Adani associates, suspected of money laundering and embezzlement.

The Congress leader also referred to evidence of over-invoicing in Adani’s coal imports from Indonesia, claiming that the price of coal increased by 52% from shipment to arrival in Gujarat. Investigations, Ramesh said, revealed that between 2021 and 2023, approximately Rs 12,000 crore had been siphoned off from India through Adani-affiliated trading firms.

Ramesh's statement concluded by emphasizing the need for a Joint Parliamentary Committee (JPC) investigation into the Adani Group's alleged wrongdoings. He claimed that, without a JPC, India's captured institutions would be unable to provide an unbiased investigation and would only work to protect powerful individuals and close associates of the Prime Minister. He warned that this would leave India's poor and middle classes vulnerable, with no recourse to justice.

“Serious criminal acts associated with crony capitalism must be fully investigated by a Joint Parliamentary Committee,” Ramesh stressed, reinforcing Congress's call for an independent probe into the allegations.

The Congress Party's remarks have reignited debate over the relationship between the ruling BJP and the Adani Group, with opposition parties demanding greater transparency and accountability from the government.

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