“PM Unable Or Unwilling, Answer Has To Be A JPC”: Congress On Adani Revelations

Jairam Ramesh issued a statement on Monday citing a spate of recent media revelations which has illuminated the close links between the Adani Group and a shadowy network of Adani confidantes. The Congress has alleged that the Adani group is engaged in round-tripping, money laundering and brazen violation of SEBI law.

In the statement, Congress general secretary said that the biggest mystery is that how Adani has escaped prosecution despite a deluge of information about its corrupt and illegal activities from top to bottom. He also added that Prime Minister has no interest in investigating his close friend and benefactor.

“With the PM unable or unwilling, the answer has to be a JPC,” he said.

The opposition party has been questioning the financial dealings of billionaire Gautam Adani’s group after the US-based Hindenburg Research alleged “irregularities” and charged it with stock price manipulation.

But Adani dismissed all the allegation against them.

The Congress leader also included two names that have stood out in the revelations. Chang and Ahli has been identified as the middlemen to be the beneficial owners of offshore shell companies.

“Now the stench of illegality has become stronger in yet another set of financial transactions. There is evidence Chang, Ahli and their associates control engineering procurement and construction (EPC) firms that have received the bulk of construction contracts from Adani,” Ramesh said.

He then added that this is a very serious admission by the auditor. “Deloitte’s inability to certify that Howe and another EPC firm PMC Projects are not to Adani reportedly contributed to its resignation in August 2023 as the auditor of Adani Ports and Special Economic Zone (APSEZ),” Ramesh said.

He then pointed out the ‘Morning Context’ investigation which was published this morning citing the link between Howe and Adani.

In fact, he suggested that Howe and PMC Project has common ownership and thus much of APSEZ’s construction work is being carried out by parties.

Ramesh added that the financial experts has opined that the PM’s close friends may be guilty of ‘fraud’ and the misrepresenting the nature of relationship is a grave governance issue which will concern all Adani shareholders.