Hindenburg tip of iceberg, only JPC probe can unravel truth of Adani scam: Congress

Congress leader Jairam Ramesh said that the demand for a JPC probe goes `far beyond the revelations` made by Hindenburg Research`s reports. File pic

The demand for a Joint Parliamentary Committee (JPC) probe into the Adani issue goes beyond the Hindenburg Research's revelations, the Congress said on Friday and claimed that the "irregularities and wrongdoings" relating to the business conglomerate "span every dimension" of the political economy.

Congress general secretary in-charge communications Jairam Ramesh said that "Hindenburg is only the tip of the iceberg" and its allegations are limited to those that deal with the capital markets.

"The demand for a Joint Parliamentary Committee 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 documented in our 100 question series HAHK (Hum Adani Ke Hain Kaun)," Ramesh said in a post on X.

Elaborating on what he said were key elements of the "scam", Ramesh claimed it pertains to "misuse" of India's investigative agencies to secure "Adani monopolies" in ports, airports, cement and other critical sectors.

He alleged that extraordinary favouritism had been shown by government banks, particularly the State Bank of India (SBI), in providing credit for key projects, including the Adani copper plant at Mundra (Gujarat), the airport in Navi Mumbai, and the Uttar Pradesh (UP) Expressway Project.

The senior Congress leader also alleged "subordination of India's foreign policy interests to the needs of Adani Enterprises, at the cost of India's standing in the neighbourhood".

He claimed that India's strategic relationship with Israel had been handed to a single company, Adani.

Ramesh also claimed coal and power equipment over-invoicing, alleging that it has not only facilitated money laundering and abnormal profits but also raised the common citizen's electricity bills.

He cited "unregulated extension" of leases over publicly-owned assets to Adani Group at throwaway prices.

"The Hindenburg allegations do not refer to any of the above. Its allegations are limited to those that deal with the capital markets -- stock manipulation, accounting fraud, and conflict of interest in regulatory agencies. Hindenburg is only the tip of the iceberg," Ramesh said.

"Only a JPC can investigate and unravel the true and full extent of this Modani mega-scam," he stressed.

Ramesh's remarks come days after Hindenburg Research launched a fresh broadside against market regulator Securities and Exchange Board of India (SEBI) chairperson Madhabi Buch, alleging that she and her husband had stakes in obscure offshore funds used in the alleged Adani money siphoning scandal.

Buch and her husband have denied the allegations levelled against them as baseless and asserted that their finances are an open book.

Adani Group has also termed Hindenburg Research's latest allegations as malicious and manipulative of select public information, saying it has no commercial relationship with the SEBI chairperson or her husband.

(With PTI inputs)