Congress criticizes the BJP government over new allegations over the Adani Group
The Congress party has directed its criticism towards the Modi government following new accusations against the Adani Group by the Organised Crime and Corruption Reporting Project. They argue that “corruption” within shell companies connected to the conglomerate is increasing and that only a Joint Parliamentary Committee (JPC) can reveal the truth.
Jairam Ramesh, the Congress general secretary, raised questions about the Securities and Exchange Board of India (SEBI) and its effectiveness in investigating the involvement of shell companies linked to the Adani Group.
Ramesh stated at a press conference in the Maharashtra Pradesh Congress office that, “Despite the Modi government’s best efforts, the truth cannot remain hidden indefinitely. However, a JPC is the only way to fully uncover the details about the flow of undisclosed funds into the Adani Group, the role of foreign citizens in critical national infrastructure, and how PM Narendra Modi allegedly ‘bypassed rules, regulations, and norms to benefit his close associates.'”
On Thursday, the Organised Crime and Corruption Reporting Project (OCCRP) turned its focus on the Adani Group, alleging that hundreds of millions of dollars were invested in publicly traded group stocks through “opaque” investment funds based in Mauritius, managed by partners of the promoter family. The Adani Group strongly denied these allegations.
Ramesh also raised concerns about SEBI’s role, questioning whether the apparent conflict of interest arising from the association of former SEBI chairpersons with the Adani Group influenced SEBI’s inability to thoroughly investigate these shell companies.
These fresh allegations come several months after a US short seller made allegations of accounting fraud, stock price manipulation, and improper use of tax havens by the Adani Group, resulting in a significant reduction in the value of Adani group stocks, amounting to close to USD 150 billion. The Adani Group has consistently denied all allegations made by Hindenburg.
