ITANAGAR, 22 Nov: The Arunachal Pradesh Congress Committee (APCC) on Friday reiterated Congress leader Rahul Gandhi’s demand for the arrest of Gautam Adani, chairman of the Adani Group, following allegations of a multi-billion-dollar fraud scheme.
On Thursday, Gandhi called for an investigation and punishment for Adani, accusing Prime Minister Narendra Modi of protecting him.
APCC vice president Mina Toko, addressing reporters at the Arunachal Press Club, said that the accusation made by the Securities and Exchange Commission (SEC), the U.S. equivalent of the Securities and Exchange Board of India (SEBI), is that Gautam Adani and seven associates orchestrated a Rs. 2,000 crore ($250 million) bribery scheme to secure high-priced solar power contracts in India.
The U.S. indictment alleges that between 2020 and 2024, Adani and his co-defendants offered bribes to Indian government officials to secure contracts projected to yield over Rs. 16,000 crore ($2 billion) in profits. These contracts were in the states of Andhra Pradesh, Chhattisgarh, Jammu and Kashmir, Odisha and Tamil Nadu, according to the APCC.
Toko said, “It is noteworthy that while four of these states are ruled by opposition parties, Jammu and Kashmir was directly governed by the Centre under President’s Rule. Recent contracts for overpriced solar power in BJP-ruled states like Rajasthan and Maharashtra suggest a similar pattern.”
She added, “This development vindicates the Congress party’s ‘Hum Adani Ke Hain Kaun’ campaign, which raised 100 questions about the Prime Minister’s close relationship with Adani.
It is evident that institutions tasked with investigating white-collar crime-SEBI, the Enforcement Directorate (ED), the Central Bureau of Investigation (CBI), and the Income Tax Department-have not only failed to investigate Adani despite credible allegations but have also seen their few investigations halted by orders from higher authorities.”
The APCC stated, “This is why investigations against Adani are emerging from international jurisdictions like the U.S. Why, then, does this constitute a crime in the U.S.? The indictment against Gautam Adani and his associates involves violations of U.S. law, specifically under the Foreign Corrupt Practices Act (FCPA) and federal securities laws.”
The APCC also mentioned that the indictment alleges conspiracy to commit wire fraud, involving electronic communications to perpetrate a fraud. Concealing the bribery scheme from U.S. investors and financial institutions via electronic means constitutes wire fraud under U.S. law.
Funds siphoned from coal over-invoicing were allegedly used to build benami holdings in Adani Group companies, violating SEBI rules. These activities artificially inflated Adani stock prices, posing a risk to the 10 crore Indian investors in the stock market, stated the APCC.
The APCC demanded a full investigation by a Joint Parliamentary Committee (JPC) into these serious bribery accusations, which allegedly have credible evidence.
The APCC also questioned the arrests of opposition Chief Ministers, who were detained for allegations involving Rs. 31 crore or Rs. 100 crore, while a close ally of the Prime Minister, facing Rs. 2,000 crore allegations, roams free. “This selective enforcement of the law is a disservice to the nation,” the APCC further stated.
Kon Jirjo Jotham, general secretary and spokesperson of the APCC, and Joro Doka, GS of the APCC, were present during the press conference.
