Adani's Alleged Bribery Scandal: A Billion-Dollar Controversy Unfolds

Billionaire Gautam Adani faces charges in the US for an alleged $250 million bribery scheme to secure solar power contracts in India. Congress demands a Joint Parliamentary Committee investigation, blaming the lack of accountability on Indian regulatory bodies. The scandal allegedly involves concealment from U.S. investors.

Billionaire Gautam Adani has been embroiled in a legal storm as U.S. prosecutors charge him with a $250 million bribery scheme aimed at securing solar power contracts in India. This development intensifies the demand from India's Congress party for a thorough Joint Parliamentary Committee (JPC) probe into the alleged scams associated with Adani's conglomerate.

The Congress party has also insisted on appointing a credible head for the Securities and Exchange Board of India (SEBI) to ensure comprehensive investigation into Adani's financial dealings. The alleged bribery is said to span four years, involving substantial payments to Indian government officials, and raises questions about the integrity of India's institutions under the current government.

Amid allegations of fraud and concealment from U.S. investors, the indictment reflects on the global ramifications of this controversy. The matter underscores the need for transparent governance as Indian regulatory bodies face criticism for their handling of the situation. The Adani Group has not yet responded to the allegations, but the case continues to evolve with international repercussions.

(With inputs from agencies.)