Hindenburg vs Adani Saga: Congress demands JPC to investigate alleged corruption related to Adani group

The Indian National Congress (INC) on Wednesday reiterated its demand for the formation of a Joint Parliamentary Committee (JPC) to investigate alleged corruption related to the Adani conglomerate, according to news agency Press Trust of India. The grand old party reiterated its call for such a probe to uncover the full extent of the corruption, monopolisation, and glaring gaps in the country's regulatory system.

The latest in the "Modani magic" is the rags-to-riches journey of a private power infrastructure firm, Congress General Secretary In-Charge Communications Jairam Ramesh said, citing a media report.

"Diamond Power Infra Ltd was dragged to bankruptcy court in 2018. By 2022, it was taken over by Mr. Gautam Adani's brother-in-law at the price of Rs 501 crore, for a company with a market cap of Rs 1,000 crore," he said.

Last week, the Indian National Congress (INC) levelled fresh allegations against Buch, providing a string of details about her past association with ICICI Bank that raised serious questions about her leadership at the top helm of the market watchdog. Demanding urgent clarification from Buch, the market regulator, and the Centre, Congress spokesperson Pavan Khera reiterated that the matter needs to be thoroughly investigated. Read more

Earlier on Wednesday, US-based short-seller Hindenburg Research leveled a fresh set of serious allegations against SEBI Chairperson Madhabi Puri Buch, including conflict of interest and misuse of power. 

In a separate report released on August 10, 2024, the US-based short-seller alleged that Buch and her husband Dhaval Buch previously held investments in offshore funds also used by the Adani Group, charges categorically denied by the couple.

In January 2023, Hindenburg Research had alleged that the Adani group improperly used tax havens and engaged in stock manipulation, accusations denied by the group, sending the conglomerate's group stocks plunging. The group stocks have since made a partial recovery. Read more

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