The Congress Party on Thursday renewed its demand for a Joint Parliamentary Committee (JPC) probe into the alleged financial irregularities of the Adani Group, rejecting claims that the closure of Hindenburg Research amounts to a “clean chit” for the conglomerate.

In a strongly worded statement published in platform “X”, senior Congress leader Jairam Ramesh accused Prime Minister Narendra Modi of protecting his close ally Gautam Adani at the expense of national interests.

The statement underscores the findings of the Hindenburg report of January 2023, which prompted the Supreme Court of India to establish an Expert Committee to investigate securities law violations by the Adani Group. However, Ramesh argued that the report only covered a fraction of the alleged irregularities, dubbing the issue the “Modani MegaScam.” He pointed out that of the 100 questions raised by the Congress party regarding the scandal in early 2023, only 21 pertained to Hindenburg’s findings, suggesting that the controversy extends far beyond the report.

Allegations of institutional capture, foreign policy manipulation

The Congress leader accused the Modi government of misusing investigative agencies to pressure Indian businesses into relinquishing critical infrastructure assets to Adani, enabling the conglomerate to monopolize key sectors such as airports, ports, defense, and cement. He further claimed that regulatory bodies, including the Securities and Exchange Board of India (SEBI), have been compromised, allowing the Adani Group to operate without scrutiny.

Highlighting SEBI’s delayed investigation, Ramesh noted that despite a Supreme Court mandate to submit a report within two months, the probe has stretched to nearly two years with no resolution in sight.

International scrutiny and financial misconduct allegations

The statement also referenced criminal investigations abroad, alleging that the U.S. Department of Justice accused Adani of bribing Indian officials to secure lucrative solar power contracts. Additionally, Swiss authorities have reportedly frozen bank accounts linked to Adani’s associates, Chang Chung-Ling and Nasser Ali Shaban Ahli, due to suspicions of money laundering and embezzlement.

Coal over-invoicing, electricity price surge

One of the most damning allegations pertains to over-invoicing of coal imports from Indonesia, which saw a 52% price surge between shipment and arrival at Mundra, Gujarat. The Congress party claims that ₹12,000 crore was siphoned out of India between 2021 and 2023 through Adani-linked trading firms. Furthermore, a network of shell companies allegedly helped funnel ₹20,000 crore into benami stakes in Adani Group entities.

The impact of this over-invoicing, the statement noted, was felt by ordinary consumers, as electricity prices in Gujarat, where Adani Power is a key supplier, surged by 102%.

Congress demands JPC probe

Calling the alleged favoritism “blatant and brazen criminality,” Ramesh insisted that only a JPC investigation could uncover the full extent of the scandal. He warned that without an independent probe, India’s compromised regulatory institutions would continue protecting the powerful while leaving the poor and middle class struggling with rising costs and economic uncertainty.

The Congress party’s renewed attack on the Modi government comes amid growing concerns over corporate favoritism and regulatory lapses, making the Adani controversy a key political flashpoint ahead of the upcoming State Government elections in 2025.