Congress calls for JPC probe, claims Hindenburg report is 'tip of the iceberg' in Adani scam

New Delhi: The Congress party intensified its demand for a Joint Parliamentary Committee (JPC) investigation into what it terms the 'Adani Mega Scam,' asserting that the Hindenburg report is merely the 'tip of the iceberg.' According to the party, the full extent of alleged malpractices linked to the Adani Group remains undisclosed.

Congress leader Jairam Ramesh, on Friday, emphasized the need for a thorough JPC probe to uncover the true scale of the scandal. In a statement posted on X, he said, "The demand for a Joint Parliamentary Committee (JPC) investigation into the Adani Mega Scam goes far beyond the revelations made by Hindenburg Research’s reports. Only a JPC can investigate and unravel the true and full extent of this Modani mega-scam."

The demand for a Joint Parliamentary Committee (JPC) investigation into the Adani Mega Scam goes far beyond the revelations made by Hindenburg Research’s reports. Irregularities and wrongdoings relating to the Adani Group span every dimension of the political economy, as…

— Jairam Ramesh (@Jairam_Ramesh) August 16, 2024

Hindenburg report: The beginning, not the end

According to Ramesh, the allegations outlined by Hindenburg Research focus on capital market issues, such as stock manipulation and accounting fraud, but fail to address the broader range of alleged malpractices. "The Hindenburg allegations do not refer to any of the above. Its allegations are limited to those that deal with the capital markets," he stated, reiterating that Hindenburg is only the "tip of the iceberg."

Allegations extend beyond Hindenburg’s findings

Ramesh further highlighted a series of allegations and irregularities associated with the Adani Group that, according to him, extend well beyond the Hindenburg report's scope. He referred to the party's "Hum Adani Ke Hain Kaun" series of 100 questions, which the Congress released following Hindenburg's first report.

The alleged wrongdoings include the misuse of India's investigative agencies to secure Adani monopolies in sectors such as ports, airports, and cement. Ramesh also pointed to extraordinary favoritism by government banks, particularly the State Bank of India (SBI), in funding critical Adani projects like the copper plant at Mundra and the Navi Mumbai airport.

Political economy concerns

The Congress leader accused the government of prioritizing Adani's business interests over national concerns, including the subordination of India’s foreign policy to benefit Adani Enterprises. He also alleged that the Adani Group was granted undue control over India's strategic relationship with Israel and involved in over-invoicing coal and power equipment, which has led to increased electricity bills for citizens.

Ramesh criticized the central government for recently amending power export regulations, allowing Adani Power’s 1,600 MW Godda plant in Jharkhand to supply electricity to the domestic market. This amendment, he suggests, further exemplifies the preferential treatment afforded to the Adani Group.