Rahul Gandhi demands Adani's immediate arrest, probe against Sebi chief

New Delhi: Leader of Opposition Rahul Gandhi on Thursday demanded immediate arrest of industrialist Gautam Adani after the billionaire industrialist was charged in the US for alleged bribery and fraud.

Addressing a press conference here hours after the US prosecutors charged Adani and associates for allegedly paying USD 250 million bribe to Indian officials, the Congress leader said it is now pretty clear and established in the US that the businessman has broken Indian as well as American laws.

Nexus between Adani and Madhabi Puri Buch

In the press conference, Rahul Gandhi said that Madhabi Puri Buch, chairperson of Securities Exchange of India is the first person in the network whom the Congress party has exposed.

Gandhi says, "There are a network of people in political, finance, bureucrats who are helping Adani. Congress party has exposed Buch and we want she must be investigated. SEBI chairperson is controlling the stock market and this is going to harm the retail investors in the long run. This in turn will also harm the country and its security."

Gandhi said Adani should be arrested immediately and interrogated, and his "protector" and Sebi chairperson Madhabi Puri Buch should be removed from her post probed.

Other countries investigating Adani

There are complaints against Adani in Bangladesh, Sri Lanka, Kenya and these governments have also started investigation. Gandhi says, "Wherever PM Modi goes, Adani gets a chance to set up business. And that is affecting the image and also the credibility of India."

Opposition states got Adani contract

"Whoever ruling or opposition has got Adani contracts must be investigated but for that first Adani must be arrested in India. Will PM Modi arrest Adani?" asks Rahul Gandhi. "Adani is funding the BJP and that is why they have a syndicate to control the stock market, inflate contracts and also check out which state government gets what contract. It is a very clear way in which they pump in the money, inflate the price and see the valuation goes up. By doing this, the money power is being controlled by a few people and Adani is the main link of this power," explained Gandhi.

JPC demanded

Congress has demanded a Joint Parliamentary Committee and the issue will also be raised during the winter session of the Parliament on Monday.

Retail investors must be aware

Rahul Gandhi asked the retail investors to be careful as they will be most affected by the collapse of the stock market. He said, "To protect the stock market the checks and balances in place are no longer there. For that reason we want Madahabi Buch to be removed. Retail investors must be protected."

FBI findings bribe notes and documents

The details released by American authorities show incriminating evidence that was also photographed and stored. There are seven

Charges against Adani by US authorities

* Gautam Adani is charged by US prosecutors for allegedly being part of a scheme to pay over USD 250 million (about Rs 2,100 crore) bribe to Indian officials in exchange of favourable terms for solar power contracts.

* US Securities and Exchange Commission also charged Gautam and Sagar Adani and an Azure Power executive with "violating the anti-fraud provisions of the federal securities laws".

* US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets. US authorities allege that between 2020 and 2024, the Adani firm and its subsidiaries raised more than USD 2 billion in US dollar bank loans from international financial institutions and US-based asset management companies and offered more than USD 1 billion in securities underwritten by international financial institutions and sold to investors in the US.

* The US authorities also charged three former employees of a large Canadian pension fund, CDPQ, in connection with the alleged scheme, saying they obstructed an investigation into the bribes by deleting emails and agreeing to provide false information to the US government.

* US Attorney's Office for the Eastern District of New York unsealed criminal charges against Adani and Sagar Adani, Cyril Cabanes, and others linked to Adani Green and Azure Power.

Adani group denies charges, will take legal recourse

Adani group on Thursday denied charges of paying bribe to secure favourable terms for solar power contracts, saying the allegations by US prosecutors are baseless and the conglomerate is compliant with all laws.

It said all possible legal recourse will be sought.

"The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied," the group spokesperson said in a statement.

Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay over USD 250 million (about Rs 2,100 crore) bribe to Indian officials in exchange of favourable terms for solar power contracts.

Commenting on the development, the spokesperson pointed to US Department of Justice statement that said "the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty".

"The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws," the spokesperson added.