Will companies probe ‘cash laundering’ by Vinod Adani’s offshore shell companies, asks Congress

By PTI

NEW DELHI: The Congress on Tuesday alleged that Gautam Adani’s elder brother Vinod Adani has a “central role” within the Adani Group and requested whether or not India’s “all-powerful agencies” will examine allegations of “round-tripping and money-laundering” by offshore shell firms related to their household.

Posing a set of three inquiries to Prime Minister Narendra Modi as a part of the social gathering’s “Hum Adani ke Hain Kaun” sequence, Congress normal secretary Jairam Ramesh mentioned in its January 29 response to “serious allegations” towards Gautam Adani’s elder brother Vinod Adani, the Adani Group had tried to distance itself stating that he doesn’t maintain any managerial place in any Adani listed entities or their subsidiaries and has no function of their day-to-day affairs.

“Yet more and more revelations are coming out about Vinod Adani’s central role in the Adani Group,” Ramesh mentioned, including that this has led the Congress to additionally begin a sub-series on the allegations towards Adani — “Dikh Raha Hai Vinod”.

प्रधानमंत्री ने कांग्रेस के ख़िलाफ़ जो अपमानजनक बातें कही हैं, उन्हें वह भले ही दोहराते रह सकते हैं, लेकिन अडानी महाघोटाले में अपनी भूमिका पर हमारे सवालों से नहीं बच सकते हैं। ये हैं “HAHK – हम अडानी के हैं कौन श्रृंखला” के 18वें दिन के 3 सवाल

चुप्पी तोड़िए प्रधानमंत्री जी। pic.twitter.com/WQdyhhOrNm

— Jairam Ramesh (@Jairam_Ramesh) February 28, 2023

“The PM (prime minister) can keep recycling all his old abuses against the Congress but he cannot escape getting three pointed questions daily on his role in the Adani Maha Mega Scam,” Ramesh tweeted and posted his inquiries to the prime minister.

Recently, Adani Group shares had taken a beating on the bourses after US-based brief vendor Hindenburg Research made a litany of allegations, together with fraudulent transactions and share-price manipulation, towards the enterprise conglomerate whose chairman is Gautam Adani.

The group has dismissed the fees as lies, saying it complies with all legal guidelines and disclosure necessities.

In a press release, Ramesh mentioned the Adani Group had filed numerous memoranda with inventory exchanges stating that the group means “S B Adani Family Trust, Adani Properties Private Limited, Adani Tradeline LLP, Gautam Adani, Rajesh Adani, Vinod S Adani. Now we learn that a March 18, 2020 letter from the Adani Group to the Registrar of Companies in Ahmedabad said that: ‘Mr Vinod S. Adani, Promoter of the Company, has informed change (sic) in significant beneficial interest,” Ramesh alleged within the assertion posted on Twitter.

OPINION | Hindenburg impact on the way forward for Adani shares: Part I

OPINION | Hindenburg impact on way forward for Adani Businesses: Part II

This letter was signed by the Adani Enterprises Company secretary and joint president (authorized) Jatin Jalundhwala and clearly reveals Vinod Adani to be a key participant in Adani Group affairs, he claimed.

“Will this hard evidence finally lead India’s all-powerful agencies to investigative allegations of round-tripping and money laundering by Vinod Adani’s offshore shell companies? Or will you continue to protect your close friend and accept his laughable fig leaf of a defence,” Ramesh requested the prime minister.

Five funding funds linked to Vinod Adani’s shut affiliate Jayechand Jingree accounted for 11.3 per cent of anchor investor subscriptions within the Rs 20,000-crore Adani Follow-On Public Offer (FPO) that in the end failed, Ramesh alleged.

ALSO READ | Will proceed to ask questions on Adani until reality is out: Rahul at Congress plenary

“Like Vinod Adani, Jingree is a former director at the Mauritius-based Adani Global, a subsidiary of Adani Exports that was renamed Adani Enterprises in 2006. He is also reported to have connections with fugitive stockbrokers Ketan Parekh and Dharmesh Doshi,” the Congress chief claimed.

Like some chosen FPO buyers, had been these funds additionally illegally forewarned that the FPO can be cancelled and that their investments had been being made solely to avoid wasting the Adani Group’s face, Ramesh requested.

Are these seeming manipulations by associated events unfit of great investigation, he requested.

“A sixth Mauritius-based fund, The Great International Tusker Fund, that invested within the anchor investor spherical, has administrators who’re co-directors in different companies with Vinod Adani and Subir Mittra who heads the Adani Family Office.

There are information reviews that SEBI is investigating a few of these funds, however we’re involved that they are going to go the identical means as earlier investigations into Adani Group wrongdoing have gone i.e.’ nowhere,” Ramesh mentioned.

Can the prime minister guarantee Indian buyers and residents that the Securities and Exchange Board of India (SEBI) “will take concrete steps this time rather than engage in a token investigation to cover up for your friends”, he requested.

Ramesh known as on Prime Minister Modi to interrupt his “silence” on the difficulty.

NEW DELHI: The Congress on Tuesday alleged that Gautam Adani’s elder brother Vinod Adani has a “central role” within the Adani Group and requested whether or not India’s “all-powerful agencies” will examine allegations of “round-tripping and money-laundering” by offshore shell firms related to their household.

Posing a set of three inquiries to Prime Minister Narendra Modi as a part of the social gathering’s “Hum Adani ke Hain Kaun” sequence, Congress normal secretary Jairam Ramesh mentioned in its January 29 response to “serious allegations” towards Gautam Adani’s elder brother Vinod Adani, the Adani Group had tried to distance itself stating that he doesn’t maintain any managerial place in any Adani listed entities or their subsidiaries and has no function of their day-to-day affairs.

“Yet more and more revelations are coming out about Vinod Adani’s central role in the Adani Group,” Ramesh mentioned, including that this has led the Congress to additionally begin a sub-series on the allegations towards Adani — “Dikh Raha Hai Vinod”.googletag.cmd.push(perform() googletag.show(‘div-gpt-ad-8052921-2’); );

प्रधानमंत्री ने कांग्रेस के ख़िलाफ़ जो अपमानजनक बातें कही हैं, उन्हें वह भले ही दोहराते रह सकते हैं, लेकिन अडानी महाघोटाले में अपनी भूमिका पर हमारे सवालों से नहीं बच सकते हैं। ये हैं “HAHK – हम अडानी के हैं कौन श्रृंखला” के 18वें दिन के 3 सवाल
चुप्पी तोड़िए प्रधानमंत्री जी। pic.twitter.com/WQdyhhOrNm
— Jairam Ramesh (@Jairam_Ramesh) February 28, 2023
“The PM (prime minister) can keep recycling all his old abuses against the Congress but he cannot escape getting three pointed questions daily on his role in the Adani Maha Mega Scam,” Ramesh tweeted and posted his inquiries to the prime minister.

Recently, Adani Group shares had taken a beating on the bourses after US-based brief vendor Hindenburg Research made a litany of allegations, together with fraudulent transactions and share-price manipulation, towards the enterprise conglomerate whose chairman is Gautam Adani.

The group has dismissed the fees as lies, saying it complies with all legal guidelines and disclosure necessities.

In a press release, Ramesh mentioned the Adani Group had filed numerous memoranda with inventory exchanges stating that the group means “S B Adani Family Trust, Adani Properties Private Limited, Adani Tradeline LLP, Gautam Adani, Rajesh Adani, Vinod S Adani. Now we learn that a March 18, 2020 letter from the Adani Group to the Registrar of Companies in Ahmedabad said that: ‘Mr Vinod S. Adani, Promoter of the Company, has informed change (sic) in significant beneficial interest,” Ramesh alleged within the assertion posted on Twitter.

OPINION | Hindenburg impact on the way forward for Adani shares: Part I

OPINION | Hindenburg impact on way forward for Adani Businesses: Part II

This letter was signed by the Adani Enterprises Company secretary and joint president (authorized) Jatin Jalundhwala and clearly reveals Vinod Adani to be a key participant in Adani Group affairs, he claimed.

“Will this hard evidence finally lead India’s all-powerful agencies to investigative allegations of round-tripping and money laundering by Vinod Adani’s offshore shell companies? Or will you continue to protect your close friend and accept his laughable fig leaf of a defence,” Ramesh requested the prime minister.

Five funding funds linked to Vinod Adani’s shut affiliate Jayechand Jingree accounted for 11.3 per cent of anchor investor subscriptions within the Rs 20,000-crore Adani Follow-On Public Offer (FPO) that in the end failed, Ramesh alleged.

ALSO READ | Will proceed to ask questions on Adani until reality is out: Rahul at Congress plenary

“Like Vinod Adani, Jingree is a former director at the Mauritius-based Adani Global, a subsidiary of Adani Exports that was renamed Adani Enterprises in 2006. He is also reported to have connections with fugitive stockbrokers Ketan Parekh and Dharmesh Doshi,” the Congress chief claimed.

Like some chosen FPO buyers, had been these funds additionally illegally forewarned that the FPO can be cancelled and that their investments had been being made solely to avoid wasting the Adani Group’s face, Ramesh requested.

Are these seeming manipulations by associated events unfit of great investigation, he requested.

“A sixth Mauritius-based fund, The Great International Tusker Fund, that invested within the anchor investor spherical, has administrators who’re co-directors in different companies with Vinod Adani and Subir Mittra who heads the Adani Family Office.

There are information reviews that SEBI is investigating a few of these funds, however we’re involved that they are going to go the identical means as earlier investigations into Adani Group wrongdoing have gone i.e.’ nowhere,” Ramesh mentioned.

Can the prime minister guarantee Indian buyers and residents that the Securities and Exchange Board of India (SEBI) “will take concrete steps this time rather than engage in a token investigation to cover up for your friends”, he requested.

Ramesh known as on Prime Minister Modi to interrupt his “silence” on the difficulty.