The Congress party has criticized Prime Minister Narendra Modi and the ruling BJP for their reluctance to order a comprehensive investigation into the Adani Group, despite the PM's previous appeals at G20 summits to combat corruption and money laundering.
New Delhi: The Congress party in India has been critical of Prime Minister Narendra Modi and his government regarding their handling of issues related to the Adani Group, a prominent business conglomerate in India. The Congress party has accused the government of not taking appropriate action to investigate alleged irregularities and wrongdoing by the Adani Group.
To make their point, Congress leader Jairam Ramesh referred to PM Modi’s past speeches made at G20 summits, which are international meetings attended by leaders of major economies. In these speeches, PM Modi had emphasized the need for global cooperation to combat corruption, money laundering, and economic offenses. He had called for the elimination of safe havens for economic offenders and the extradition of money launderers.
The Congress party highlighted the contrast between PM Modi’s strong words at these international forums and his government’s actions in relation to the Adani Group. They accused the Prime Minister of facilitating the Adani Group’s expansion into various critical sectors, such as ports, airports, power, and roads, while allegedly blocking investigations into the group’s alleged wrongdoings.
The Congress party has been demanding the formation of a joint parliamentary committee to thoroughly investigate the Adani Group’s affairs, especially in the wake of a report by a US research firm called Hindenburg. This report, released in January, accused the Adani Group of accounting fraud and stock manipulation. The Adani Group denied these allegations but faced significant financial repercussions, including a sharp decline in its stock prices and the cancellation of a major share sale.
In response to these demands, the Supreme Court of India set up a six-member panel led by former Supreme Court judge AM Sapre. The panel’s mandate is to investigate allegations of regulatory failure and breaches of laws by the Adani Group. The panel will also recommend measures to strengthen the regulatory and supervisory framework governing such corporate activities.
The Congress party has used PM Modi’s past statements on international platforms like the G20 to criticize what they perceive as a lack of action and transparency in dealing with allegations against the Adani Group. They have called for a comprehensive investigation to ensure accountability and uphold the rule of law.