Modi Has Termed Adani Issue ‘Personal’, Will He Oblige US SEC: Congress

On Wednesday, the Congress party questioned Prime Minister Narendra Modi about the Adani issue. They pointed out that Modi has called this matter a “personal issue.” The Congress party wants to know if he will respond to the request from the US Securities and Exchange Commission (SEC) regarding the ongoing investigation into the Adani Group, led by Gautam Adani.

The inquiry from Congress came after the SEC informed a federal judge in New York that it is still trying to serve its complaint to Gautam Adani and Sagar Adani. The SEC is looking into an alleged bribery scheme involving the Adani Group and has asked for help from the Indian government.

Jairam Ramesh, the Congress general-secretary for communications, stated that the SEC has told a New York court that it is seeking assistance from the Modi government. This assistance is needed to serve complaints about violations of US laws by Gautam Adani and some of his associates. Ramesh questioned, “The PM has already declared the Modani issue to be a personal matter. Will he oblige the SEC?”

During Modi’s recent visit to the US, he was asked if the Adani issue came up in his discussions with President Donald Trump. Modi appeared annoyed and responded at a joint media briefing in Washington. He said, “India is a democracy, and our culture is vasudhaiva kutumbakam,” which means “the whole world is one family.” He added that he believes every Indian is part of his family. Modi insisted that two prominent leaders from different countries do not meet to discuss personal issues.

His lengthy response to a relevant question drew criticism and amusement on social media. This context led to Ramesh’s current question about the SEC’s request.

The SEC provided an update to Judge Nicholas Garaufis at the United States District Court, Eastern District of New York. They explained that they are trying to serve their complaint to Gautam and Sagar Adani, who are both in India. The SEC is working with Indian authorities to serve the documents under the Hague Service Convention, which allows for serving legal documents internationally.

The SEC’s complaint, dated November 20 of last year, claims that Gautam and Sagar Adani violated US anti-fraud laws. They allegedly made false and misleading statements about Adani Green Energy Ltd during a debt offering in September 2021.

In a related action, the US Attorney’s Office for the Eastern District of New York has unsealed criminal charges against Gautam and Sagar Adani, along with others connected to Adani Green and Azure Power. The US Department of Justice is accusing Adani of being involved in a scheme to pay $250 million in bribes to Indian officials. This was allegedly done to secure favorable solar power contracts.

The Adani Group has denied all allegations made by the Department of Justice and the SEC. They have called these claims “baseless.”

The situation continues to develop, and the Congress party is pressing the Prime Minister for answers. They want clarity on how the government will respond to the SEC’s requests and what this means for the Adani Group and its operations. The outcome of this investigation could have significant implications for both the Adani Group and the Indian government.