SEC is not PAC.

Just two months ago, "Gautam Adani has surpassed Mukesh Ambani to become the richest Indian in 2024, according to the Hurun India Rich List 2024." TOI. Then yesterday, "Gautam Adani...has been indicted in New York over his role in a multibillion-dollar bribery and fraud scheme, US prosecutors said. Authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar plant project." What is the big deal, when "A record 251 (46%) of the 543 newly elected members (of the Lok Sabha) have criminal cases registered against them and 27 have been convicted, revealed an analysis done by Association of Democratic Reforms (ADR)." The number was 125 (23%) in 2004, 162 (30%) in 2009, 185 (34%) in 2014 and 233 MPs (43%) in 2019. With 272 MPs required for a majority, another 21 with criminal records, and India can boast of a criminal Lok Sabha. If Indians are patriotic, what business is it of the US? Apparently, Adani and former CEO Vneet Jaain "raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors." Reuters. The story starts in January 2023 when, "US-based short-seller Hindenburg Research had accused the Adani Group of fraud and 'brazen' stock price manipulation." ET. The Securities and Exchange Board of India (SEBI) has been investigating these allegations and has issued show cause notices to seven out of 10 listed firms in the Adani Group. ET. Surely, it is SEBI's duty to detect and punish manipulation of stock prices to protect Indian investors? Instead, SEBI issued a 46-page show-notice to Hindenburg which "detailed how the US short-seller shared an advance copy of its critical report on the Adani Group with New York-based hedge fund manager Mark Kingdon two months before its public release." ET. Hindenburg made $4 million by short-selling Adani Group. Mint. In response to the show-cause notice, "The current SEBI Chairperson (Madhabi Puri Buch) and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," Hindenburg said in a report. ET. Vinod is Gautam Adani's brother based in Dubai. Buch ignored an invite from the Parliament's Public Accounts Committee (PAC) by informing it at 9.30 AM that "she and her team will not be able to appear before the panel due to 'exigencies'." BS. In short, 'shove off'. The BJP, major part of the ruling coalition, "alleged that this was part of the plan to destabilize India backed by controversial currency speculator George Soros." TOI. The FBI has issued 'wanted' posters of former RAW operative Vikash Yadav. TOI. What if more posters are issued of officials accused of accepting bribes? How long will they blame 94-year old George Soros (wikipedia)? This is beyond him.