After Budget, India’s top parties unite against Billionaire over ‘Fraud’

| Updated: 02 February, 2023 1:12 pm IST

The Opposition on Thursday demanded an investigation by a parliamentary panel or a Supreme Court-appointed committee into allegations of fraud against the Adani Group that have triggered an unprecedented stock crash.

Addressing media outside Parliament, Congress President and Leader of Opposition in Rajya Sabha said, “Leaders of all the opposition parties decided to raise a united voice in the House. That is why we had given the notice.”

Kharge said that the Opposition’s notices are always rejected and the members are not given a chance to discuss important issues. “That’s why we all have decided that we will raise our voice unitedly in the House,” Kharge said.

He said, “Today crores of people’s money is in LIC, we will talk about that issue. Crores of people have invested in their children’s education and life insurance. Today, the money of institutions related to crores of people is being wasted. It’s common man’s money that is being squandered today,” Kharge said.

The LoP in Rajya Sabha said, “We have given the suspension of Business Notice under rule 267 to discuss the issue of investment by LIC, Public Sector Banks, and financial institutions in companies losing market value, endangering the hard-earned money of crores of Indians.”

Kharge said that after the Hindenburg report the shares of one company have fallen and the name of the owner of that company is known to everyone.

He said that people will lose faith in banks and other banking institutions at this rate.

He said, “We demand a Joint Parliamentary Committee probe on the issue or a Supreme Court-monitored inquiry.”

Kharge said that people are losing crores of rupees by investing in LIC, SBI, and other nationalized banks.

“We need to have a discussion in Parliament to know the truth,” the Congress leader said.

Samajwadi Party leader Ram Gopal Yadav, “The pockets of the people have been robbed,” Yadav said.

AAP MP Sanjay Singh said that we agree with LoP Kharge. “We are surprised by the silence of Prime Minister Narendra Modi on the mega scam, as the matter is related to Adani Group in whose flights he roams,” Singh said.

DMK MP Kanimozhi said that it is the money of common citizens that they have invested in government institutions and particularly LIC.

“Today, people are cheated and they don’t know what the future holds for them. As people’s representatives we will fight for them because they feel cheated by private companies. The opposition will fight against this injustice,” she said.

Meanwhile, Shiv Sena (Uddhav Thackeray) MP Priyanka Chaturvedi said, “We gave notice as the shares of SBI and many others fell. This scam is going on since 2014 and now that group’s shares are going down. This happened due to stock manipulation. We want a JPC or an SC-monitored probe.”

Earlier in the day, 13 opposition parties, including the Trinamool Congress, Aam Aadmi Party, Samajwadi Party, DMK, Janata Dal-United, RJD, Shiv Sena, and Left met in Kharge’s chamber to chalk out a joint strategy to take on the central government during the Budget Session and decided to seek a discussion on the Adani Group issue.

Kharge moved a motion. In his notice, he said, “This House do suspend Zero Hour and relevant rules relating to Question Hour and other businesses of the day to discuss the issue of investment by LIC (Life Insurance Corporation of India), public sector banks and financial institutions in companies losing market value, endangering the hard-earned savings of crores of Indians.”

Gautam Adani’s business empire, which counts the state-run LIC and the State Bank of India among key investors, has lost more than $100 billion in value since the charges were made public.

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