New Delhi: The Aam Aadmi Party (AAP) on Thursday launched a scathing attack on the Modi government, alleging a colossal financial scandal involving the Adani Group.
At a press conference led by senior AAP leader Sanjay Singh and national spokesperson Reena Gupta, the party demanded a Joint Parliamentary Committee (JPC) investigation into what they dubbed “Hindenburg 2.0” referencing a report by the Organised Crime and Corruption Reporting Project (OCCRP).
The allegations centre around the claim that Adani’s companies artificially inflated share prices, leading to significant losses for small investors. The OCCRP report exposed a web of financial irregularities, with billions of rupees allegedly moved abroad and then invested in Adani’s Indian firms. The fallout resulted in a loss of approximately Rs 22,000 crore for small investors and Rs 16,000 crore for LIC.
Singh accused the Modi government of harbouring scamsters like Adani and stated, “Adani and the BJP have collectively deceived the whole of India and gamed the system.” He highlighted the opening of shell companies abroad, inflating share prices, and looting Indian investors.
The shell companies were reportedly established in tax havens like Mauritius and Bermuda, collaborating with Gautam Adani’s brother Vinod Adani.
“Investigative journalists have revealed that these individuals, in collaboration with Gautam Adani’s brother Vinod Adani, were creating shell companies against SEBI’s regulations, investing money in India, and this is a straightforward case of money laundering,” said the AAP leader.
Furthermore, Reena Gupta raised concerns about SEBI’s inaction, stating, “Before 2014, SEBI received 850 complaints that stock price manipulation was taking place in Adani’s companies. However, SEBI took no action and closed more than half of the complaints. This led to small investors losing their money.”
She emphasised the need for a JPC investigation, claiming, “No government agency is capable of investigating it.”
AAP urged the Supreme Court to consider the OCCRP’s report seriously and take strict action against Adani. They claimed that the case is linked to Prime Minister Narendra Modi’s “close associate” Gautam Adani, and must be thoroughly investigated.