Describing the recent Hindenburg Research report against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch as a mere tip of the iceberg, Congress leader Jairam Ramesh reiterated the demand for a Joint Parliamentary Committee (JPC) to probe the matter.

Last week, Hindenburg, in its report, alleged that “Buch and her husband Dhaval Buch had stakes in obscure offshore entities used in the Adani money siphoning scandal” even though the couple dismissed the report of the US-based short seller.

Ramesh, who is the Congress General Secretary in-charge of Communications wrote in a post on X, “The demand for a JPC investigation into the Adani Mega Scam goes far beyond the revelations made by Hindenburg Research’s reports. Irregularities and wrongdoings relating to the Adani Group span every dimension of the political economy, as documented in our 100 question series HAHK (Hum Adani Ke Hain Kaun).”

Highlighting some of the alleged wrongdoings, he said, “Misuse of India’s investigative agencies to secure Adani monopolies in ports, airports, cement and other critical sectors. The extraordinary favouritism shown by government banks, particularly the SBI, in providing credit to key projects, including the Adani copper plant at Mundra, the airport in Navi Mumbai, and the UP Expressway Project.”

“Subordination of India’s foreign policy interests to the needs of Adani Enterprises at the cost of India’s standing in the neighbourhood. Handing over of India’s strategic relationship with Israel to a single company, Adani, coal and power equipment over-invoicing which has not only facilitated money-laundering and abnormal profits, but also raised the common citizen’s electricity bills,” Ramesh said.

He alleged unregulated extension of leases over publicly-owned assets to Adani Group at throwaway prices.

“The Hindenburg allegations do not refer to any of the above. Its allegations are limited to those that deal with the capital markets – stock manipulation, accounting fraud, and conflict of interest in regulatory agencies. Hindenburg is only the tip of the iceberg. Only a JPC can investigate and unravel the true and full extent of this Modani mega-scam,” said Ramesh.

Notably, the Congress on Tuesday announced to hold a countrywide protest on 22nd August demanding resignation of SEBI Chairperson Buch and a JPC over the matter.

The decision was taken at a meeting chaired by Congress president Mallikarjun Kharge, in presence of Leader of Opposition in Lok Sabha Rahul Gandhi with the party’s General Secretaries, in-charges and Pradesh Congress Committee (PCC) presidents at the party headquarters here.