Congress slams SEBI, says solely JPC probe can uncover full extent of ‘Adani Mega Scam’

By PTI

NEW DELHI: The Congress on Tuesday cited media experiences to query the SEBI investigation into the Adani situation and stated that if claims that the market regulator is planning to let off the conglomerate with “token fines” for “technical violations” are right then India’s transition to a “kleptocracy” shall be full.

The opposition occasion additionally alleged that the message was clear — India’s establishments shall be rendered toothless whereas its investigative companies are used solely to guard Prime Minister Narendra Modi’s “close friends”.

In a put up on X, Congress common secretary Jairam Ramesh stated that there was a spate of reports experiences on the Supreme Court-mandated SEBI investigation of the “Adani Mega Scam”. If these experiences are right and the Securities and Exchange Board of India (SEBI) is planning to let off Adani with token fines for “technical violations”, then India’s transition to a ‘kleptocracy’ shall be full, he stated.

ALSO READ | Adani-Hindenburg: SEBI’s lack of ability to achieve remaining conclusion ‘deeply worrying’, says Congress

At the ninth G20 assembly held in Brisbane again in November 2014, Prime Minister Modi had known as for cooperation between nations “to eliminate safe havens for economic offenders”, to “track down and unconditionally extradite money launderers” and to “break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds”, Ramesh stated.

“Yet he (Modi) has done all he can to protect his corrupt friends and their misdeeds. The PM’s pet agencies are investigating entities that shorted Adani shares in January 2023 rather than the far more serious charges of money laundering and round-tripping that have been made against the Adani Group,” he alleged.

Ramesh stated that at no level has the SEBI requested the Enforcement Directorate or the CBI to take additional motion towards Adani though, to cite the Supreme Court’s Expert Committee on the Adani situation — “the securities market regulator suspects wrongdoing”.

This when these exact same companies have been broadly used to “harass” opposition events and non-BJP state governments, he stated.

“If any further evidence was needed to show that India’s once-proud institutions now face capture, it is evident now,” Ramesh stated.

ALSO READ | When auditors give up, you recognize issues should not as projected: Cong on Adani situation

“Rather than compromised institutions, only a joint parliamentary committee probe can investigate the full extent of the Adani Mega Scam, and look for answers to questions such as where the Rs 20,000 crore of opaque foreign funds have flowed into Adani companies, what is the true financial relationship between Gautam and Vinod Adani, and how PM Modi has personally facilitated Adani’s businesses in India and abroad by changing laws, rules and regulations to enrich his close friends,” the Congress chief stated.

The Congress has been questioning the monetary dealings of the Adani group after US analysis agency Hindenburg alleged “irregularities” and charged the group with inventory value manipulation.

The Adani Group denied all of the allegations made within the Hindenburg report and claimed there had been no wrongdoing on its half.

Opposition events have additionally been demanding a Joint Parliamentary Committee probe into the Adani situation.

NEW DELHI: The Congress on Tuesday cited media experiences to query the SEBI investigation into the Adani situation and stated that if claims that the market regulator is planning to let off the conglomerate with “token fines” for “technical violations” are right then India’s transition to a “kleptocracy” shall be full.

The opposition occasion additionally alleged that the message was clear — India’s establishments shall be rendered toothless whereas its investigative companies are used solely to guard Prime Minister Narendra Modi’s “close friends”.

In a put up on X, Congress common secretary Jairam Ramesh stated that there was a spate of reports experiences on the Supreme Court-mandated SEBI investigation of the “Adani Mega Scam”. If these experiences are right and the Securities and Exchange Board of India (SEBI) is planning to let off Adani with token fines for “technical violations”, then India’s transition to a ‘kleptocracy’ shall be full, he stated.googletag.cmd.push(perform() googletag.show(‘div-gpt-ad-8052921-2’); );

ALSO READ | Adani-Hindenburg: SEBI’s lack of ability to achieve remaining conclusion ‘deeply worrying’, says Congress

At the ninth G20 assembly held in Brisbane again in November 2014, Prime Minister Modi had known as for cooperation between nations “to eliminate safe havens for economic offenders”, to “track down and unconditionally extradite money launderers” and to “break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds”, Ramesh stated.

“Yet he (Modi) has done all he can to protect his corrupt friends and their misdeeds. The PM’s pet agencies are investigating entities that shorted Adani shares in January 2023 rather than the far more serious charges of money laundering and round-tripping that have been made against the Adani Group,” he alleged.

Ramesh stated that at no level has the SEBI requested the Enforcement Directorate or the CBI to take additional motion towards Adani though, to cite the Supreme Court’s Expert Committee on the Adani situation — “the securities market regulator suspects wrongdoing”.

This when these exact same companies have been broadly used to “harass” opposition events and non-BJP state governments, he stated.

“If any further evidence was needed to show that India’s once-proud institutions now face capture, it is evident now,” Ramesh stated.

ALSO READ | When auditors give up, you recognize issues should not as projected: Cong on Adani situation

“Rather than compromised institutions, only a joint parliamentary committee probe can investigate the full extent of the Adani Mega Scam, and look for answers to questions such as where the Rs 20,000 crore of opaque foreign funds have flowed into Adani companies, what is the true financial relationship between Gautam and Vinod Adani, and how PM Modi has personally facilitated Adani’s businesses in India and abroad by changing laws, rules and regulations to enrich his close friends,” the Congress chief stated.

The Congress has been questioning the monetary dealings of the Adani group after US analysis agency Hindenburg alleged “irregularities” and charged the group with inventory value manipulation.

The Adani Group denied all of the allegations made within the Hindenburg report and claimed there had been no wrongdoing on its half.

Opposition events have additionally been demanding a Joint Parliamentary Committee probe into the Adani situation.