Hindenburg Closure No Clean Chit For "Modani" Group: Congress.
The Congress party has reacted strongly to the closure of Hindenburg Research, the US-based short-seller that levelled allegations of financial wrongdoing against the Adani Group. Party general secretary Jairam Ramesh stated that the closure of Hindenburg Research does not mean a clean chit for the Adani Group, which he referred to as the “Modani MegaScam.”
Taking to social media, Jairam Ramesh, in a statement, pointed out that the Hindenburg report only covered one aspect of the allegations against the Adani Group and that there were many more questions that needed to be answered.
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Our statement on the closure of the Hindenburg Research Group, which, in NO way, means a clean chit to the Modani enterprise pic.twitter.com/KZ6wlqk2qj
— Jairam Ramesh (@Jairam_Ramesh) January 16, 2025
The opposition emphasised that the Hindenburg report, which accused Adani of significant financial misconduct, only scratched the surface of the issue.
Congress alleged that the Adani Group had abused Indian foreign policy to enrich itself at the expense of the national interest and that investigative agencies had been misused to force Indian businesses to divest critical infrastructure assets.
The party also highlighted the capture of once-respected institutions, such as SEBI, whose “discredited chairperson continues in her position despite clear evidence of conflicts of interest and financial links to Adani.”
Congress notes that “Modani may have—and it has—captured India’s institutions, but criminality exposed outside the country cannot be covered up in this way.”
The party references the US Department of Justice’s accusation of Adani bribing Indian officials and the Swiss Public Prosecutor’s Office’s freezing of Adani-linked bank accounts suspected of illicit activities.
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The Congress party has been demanding a Joint Parliamentary Committee (JPC) probe into the allegations against the Adani Group. Ramesh stated that without a JPC, the already compromised institutions of the Indian state would continue to act only to protect the powerful and the Prime Minister’s friends.
Hindenburg Research published a report in January 2023 accusing the Adani Group of “pulling the largest con in corporate history.” The report had led to a heavy sell-off in Adani Group stocks, wiping out over $150 billion in value. The Adani Group had denied all allegations, calling them “baseless” and “malicious.”
The closure of Hindenburg Research was announced by its founder, Nate Anderson, who cited the toll of the intense work as the reason for his decision. However, critics have linked the shutdown to alleged ties between Hindenburg and George Soros and the pressure from the incoming Trump administration.
