With billionaire Gautam Adani charged in an alleged bribery and fraud case in the US, Trinamul Congress MP Saket Gokhale on Thursday asked if the Narendra Modi-led government was involved in it.

Gokhale said while markets were reacting to the news of the indictment, the government was "silent" on the issue.

Adani has been charged by US prosecutors over his role in an alleged years-long scheme to pay USD 250 million bribe to Indian officials in exchange for favourable terms for solar power contracts.

The BJP, reacting to Congress's attack on the issue, questioned the timing of the development, as it came just before the start of the Parliament session and Donald Trump's impending presidency. All the states mentioned in the indictment where government officials were paid bribes allegedly by the Adani Group were Opposition-ruled during that time, BJP's IT department head Amit Malviya said.

In a post on X, Gokhale shared a market update that showed the stocks of Adani Energy going down. "Bloodbath in Adani Energy stock after the US indictment news," the TMC MP said.

"Markets are reacting but Govt of India is completely silent. Charges are of bribing a govt-owned PSU. How much is Modi & BJP's involvement?" Gokhale said.

Adani group stocks faced heavy drubbing during the morning trade on Thursday, with the combined market valuation of all the listed firms getting eroded by Rs 2.45 lakh crore.

In another post, the Rajya Sabha MP said the main thing in the indictment is that bribes are alleged to have been paid out to PSUs and govt companies. "This is deeply rotten." "With Indian agencies being compromised and acting as wings of the BJP, only an independent judicial probe will expose the truth," he said.

TMC MP Mahua Moita also took to X and posted that the charges include paying bribes to government officials to "purchase energy at above-market rates benefitting Adani renewables".

Sharing a release by the US Attorney's Office, Eastern District of New York, Moitra said, "Adani and seven of his senior executives indicted in connection with scheme to pay hundreds of millions of dollars in bribes and conceal bribery scheme from US investors." She also took a dig at Stock Exchange Board of India (SEBI) chief Madhabi Puri Buch. "Good morning Ms. Madhabi 'No Proof Against Adani Buch'. Good morning spineless compromised Sebi. Here is SEC press release detailing your Bro's dealings," she said sharing a press release on the matter by the US Securities and Exchange Commission.

US short-seller Hindenburg Research alleged that it suspects that SEBI's unwillingness to act against the Adani group may be because its head Madhabi Buch had stakes in offshore funds linked to the conglomerate. Buch and Adani had refuted Hindenburg's allegations.

US prosecutors charged Adani, 62, his nephew Sagar and other defendants for paying over USD 250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than USD 2 billion in profit.

This, they alleged, was concealed from the US banks and investors from whom the Adani group raised billions of dollars for the project.

US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets. The Adani group did not immediately respond to requests for comments.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.