Hours after the Congress reiterated its demand for a comprehensive investigation into what it has termed the “Modani scam,” the Adani Group on Friday issued a detailed response to the allegations. Congress general secretary in-charge communications Jairam Ramesh had said that the clean chit given to the Adani Group by SEBI in two of the 20 cases related to the Hindenburg matter did not close the chapter. He insisted that the “scam” extended far beyond the scope of the market regulator’s probe.
Ramesh argued that critical questions raised by the party in its ‘Hum Adani Ke Hain Kaun’ series remained unanswered. As reported by PTI, he alleged misuse of investigative agencies such as the ED, CBI, and Income Tax Department to pressure companies into selling assets to the Adani Group.
Our statement on the continued need to investigate the Modani Scam in all its dimensions. The questions we raised in the 100-question-series Hum Adani Ke Hain Kaun (HAHK) remain unanswered.
The link to the HAHK series can be found here – https://t.co/5j2qFsChU2 pic.twitter.com/XjeIed7xJP
— Jairam Ramesh (@Jairam_Ramesh) September 19, 2025
He also flagged what he described as “biased privatisation” of key infrastructure projects and claimed a Rs 2,000 crore bribery scheme linked to solar power contracts. “The Modani scam, however, extends far beyond the scope of SEBI’s investigations,” he said.
Adani Group Responds: ‘Political Theatre, Not Facts’
In response, the Adani Group rejected the charges, terming them politically motivated. “Mr Jairam Ramesh… has revived his familiar refrain of corporate-bashing with a singular fixation on one diversified conglomerate, the Adani Group. Yet, when one sifts through his lofty rhetoric, what emerges is not a case of corporate wrongdoing but a case study in political misdirection,” the company said in a statement.
The group denied the claim that agencies were misused to coerce companies like L&T and Tata. “Both L&T and Tata entered and exited projects on commercial considerations, with no evidence of coercion. If there were ‘pressures,’ as he vaguely alleges, why did neither company, known for their integrity and legal strength, ever raise a red flag?” it asked.
Privatisation, Bribery Allegations Also Addressed
On the privatisation of ports and airports, Adani Group maintained that projects were awarded through competitive processes. “Airports are awarded based on competitive bidding, with winners determined by the highest revenue share offered per passenger. If an Indian company wins by quoting the highest value for Indian passengers, why does Mr Ramesh deride that?”
The group also said the bribery allegations lacked substantiation. “Perhaps the most cavalier of his charges is the claim of bribery for high-priced contracts. Which contracts? Where is the evidence? And if he indeed possesses evidence of bribery, why is he not in court?”
The company further noted that some of the international projects Ramesh referred to were cleared during the UPA government’s tenure, pointing out what it called contradictions in his arguments.
Concluding its rebuttal, Adani Group said the Congress leader was undermining institutions and processes that his own party once supported. “Mr Ramesh, by blurring this line, diminishes both himself and the party he represents. The nation deserves better than recycled allegations dressed up as revelations.”
