Congress: Hindenburg closure not a 'Modani' clean chit

New Delhi

The Congress party reacted to the announcement of Hindenburg Research's closure, emphasizing that it does not absolve billionaire Gautam Adani, often referred to as Modani. Congress questioned the absence of a Joint Parliamentary Committee (JPC) investigation, claiming that India's institutions, which are seen as compromised, continue to protect the powerful instead of holding them accountable.

In response to Hindenburg's founder Nate Anderson's statement, Congress general secretary Jairam Ramesh reiterated that the closure does not clear Adani’s name. He reminded that Hindenburg’s report in January 2023 led the Supreme Court to set up an Expert Committee to investigate the allegations against the Adani Group. However, Ramesh argued that the issues go beyond securities violations, touching on misuse of foreign policy, abuse of investigative agencies, and the capture of institutions like SEBI. He further alleged that there are links to bribery and illicit financial activities, pointing to the Swiss authorities' investigation into Adani-related bank accounts.

Ramesh warned that unless a JPC is established, the truth will remain obscured by the compromised institutions that protect the elite. He also cited international actions, such as the US Department of Justice's accusations and the Swiss Prosecutor's freezing of Adani-linked accounts, as evidence of broader criminality. Congress demanded a full investigation into these matters, claiming that without it, India's poor and middle class would continue to suffer amid a deteriorating economic situation.