Aam Aadmi Party MP Sanjay Singh has urged a Supreme Court-supervised investigation into allegations of bribery and fraud against Gautam Adani and his group, following a U.S. indictment. He criticized Prime Minister Modi’s silence, claiming Adani’s actions harm India’s reputation. The opposition plans further strategies during the Parliament session, while Adani Green Energy paused bond offerings amid rising scrutiny.
New Delhi: Aam Aadmi Party (AAP) MP Sanjay Singh has called for an investigation under the supervision of the Supreme Court into all pending cases involving businessman Gautam Adani. This demand follows allegations by US prosecutors linking Adani Group and its executives to a bribery and fraud scheme concerning solar energy contracts.
Singh emphasized the need for transparency and accountability, stating,
“All the pending matters against Adani should be probed by an investigation agency under Supreme Court monitoring and all the corruption done by him, within and outside the country, should come out before the country and action should be taken against him.”
The Adani Group and its executives, including Chairman Gautam Adani, have been accused of conspiring to commit securities and wire fraud, as detailed in a five-count criminal indictment unsealed in the United States District Court for the Eastern District of New York. The charges allege that the Adani Group obtained funds from U.S. investors and global institutions based on false and misleading statements.
According to the indictment,
“Gautam Adani, Sagar R. Adani, and Vneet S. Jaain [are charged] with conspiracies to commit securities and wire fraud and substantive securities fraud.”
Sanjay Singh criticized Prime Minister Narendra Modi for his silence on the matter, alleging that the PM has avoided addressing controversies surrounding Adani. Singh stated,
“The PM of India should come forward and answer this. When there is a matter of SEBI against Adani, the PM keeps quiet. The PM keeps quiet on the matter of Hindenburg.”
Singh further alleged that Adani Group’s actions were tarnishing India’s global reputation, saying,
“We have repeatedly said that Gautam Adani is destroying the reputation of India across the world… Adani Group has brought disrepute to India.”
When questioned about the opposition’s approach, Singh indicated that they would decide on further strategies during the upcoming Parliament session. “Parliament session is beginning; we will hold a meeting and decide the further strategy,” he said.
In response to the allegations, Adani Green Energy announced it would not proceed with its proposed USD-denominated bond offerings. In an exchange filing, the company stated,
“The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively… In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings.”
The allegations have intensified scrutiny on the Adani Group and its business practices. As the opposition rallies for a thorough investigation, the case is expected to dominate political and public discourse in India. Calls for greater transparency and government accountability are growing louder, with Sanjay Singh urging swift and impartial action under the Supreme Court’s guidance.
The unfolding developments could significantly impact the Adani Group’s reputation and its ongoing ventures, both domestically and internationally.
FOLLOW US FOR MORE LEGAL UPDATES ON YOUTUBE
