The post, which has gone viral, questions how a company with a mere ₹1 lakh paid-up capital secured a ₹48 crore bank loan and reported a staggering ₹300 crore turnover in just four years.
A social media post by Mukesh Gupta, Congress Mumbai’s General Secretary for Social Media, has reignited a heated debate surrounding Intercon Advisors Pvt. Ltd., a company allegedly linked to Union Minister Piyush Goyal’s family. The post, which has gone viral, questions how a company with a mere ₹1 lakh paid-up capital secured a ₹48 crore bank loan and reported a staggering ₹300 crore turnover in just four years. Congress leaders, including Jairam Ramesh, have demanded a transparent investigation, alleging favoritism and a possible conflict of interest.
According to Gupta’s post, Intercon Advisors Pvt. Ltd., where 99.99% of shares are held by Seema Goyal, wife of Piyush Goyal, and 0.1% by their son Dhruv Goyal, achieved extraordinary financial success during Goyal’s tenure as India’s Railway and Energy Minister. The company reportedly secured a ₹48 crore loan and claimed a turnover of ₹300 crore, a 3000-fold return, despite lacking significant external investors or major international projects.
Congress alleges that such exponential growth raises red flags, especially given the absence of scrutiny from regulatory bodies like the Reserve Bank of India (RBI), Enforcement Directorate (ED), Central Bureau of Investigation (CBI), or Economic Times (ET). “If a middle-class citizen applied for a ₹5 lakh loan, they’d face endless hurdles. How did a ₹1 lakh company secure ₹48 crore so easily?” Gupta’s post questions, hinting at preferential treatment due to political connections. He further wrote, ” Life becomes unbearable for the common man if they buy a mobile or any item on a Bajaj loan, and if one installment bounces, recovery agents start tracking and calling even the numbers of relatives and kin, while Modi, Mallya, Ambani, Adani, and the like, who take thousands of crores, live luxuriously abroad…!!
2018 Exposure
The issue first gained traction in 2018 when Congress leader Jairam Ramesh held a press conference, accusing Piyush Goyal of leveraging his position to benefit his family’s company. Ramesh highlighted that Intercon Advisors remained active even after Goyal joined the Modi government, raising concerns about a potential conflict of interest. “Such massive profits without political influence or banking system collusion seem implausible,” Ramesh stated, demanding clarity on when and how Goyal distanced himself from the company.
Ramesh’s key demands include:
- A fair and independent investigation into the company’s financial dealings.
- Accountability from the RBI and banks regarding the loan’s legitimacy.
- A clear explanation from Piyush Goyal on his dissociation from Intercon Advisors.
The lack of action from investigative agencies and courts, despite the allegations, has further intensified the debate. “When there’s no external investment and profits are this astronomical, doesn’t it warrant transparency?” Gupta’s post asks.
The controversy has struck a chord with the public, who are questioning why loan processes seem seamless for the politically connected while ordinary citizens struggle for smaller amounts. Social media platforms, including X, are abuzz with discussions about systemic favoritism, with many echoing Congress’s call for accountability.
As the controversy gains traction, all eyes are on Piyush Goyal and the Modi government to respond to the allegations. Will regulatory bodies like the RBI or CBI step in to investigate? Or will the questions raised by Congress and the public remain unanswered? For now, the demand for a fair investigation grows louder, with citizens seeking clarity on whether political influence played a role in Intercon Advisors’ meteoric rise.
Disclaimer: The information in this report is based on public statements, media reports, and social media posts. The aim is to highlight concerns about transparency and accountability, not to make definitive claims of wrongdoing.