Congress Targets Centre Over Adani, Renews Demand for JPC Probe
Ramesh alleged that the Securities and Exchange Board of India (SEBI) has made little progress in probing 22 of the 24 matters linked to the group.
New Delhi: The Congress on Wednesday intensified its attack on the Centre over the Adani Group, alleging use of benami funds to build large shareholdings in the conglomerate and reiterating its demand for a Joint Parliamentary Committee (JPC) probe.
Congress general secretary (communications) Jairam Ramesh, citing a report by the Organised Crime and Corruption Reporting Project (OCCRP), alleged that close associates of the group, Chang Chung-Ling and Nasser Ali Shaban Ahli, used benami structures to acquire substantial stakes in Adani Group companies. He claimed the two allegedly held nearly $3 billion worth of Adani shares through hedge funds until 2023, and said the findings were backed by documentary evidence, including alleged admissions to a Swiss bank.
Ramesh further alleged that the Securities and Exchange Board of India (SEBI) has made little progress in probing 22 of the 24 matters linked to the group. These, he said, include allegations of insider trading, violations of minimum public shareholding norms, 13 “suspicious transactions” flagged before the Supreme Court in August 2023, and alleged laundering of ₹20,000 crore through shell companies. He said an investigation directed by the Supreme Court in March 2023 to be completed within two months remains pending.
Recalling remarks made by Prime Minister Narendra Modi at the 2014 G20 Summit in Brisbane on eliminating safe havens for economic offenders, Ramesh accused him of shielding the conglomerate and blocking a JPC inquiry into what the party termed the “Adani mega scam”.
The Congress also alleged misuse of central agencies, biased privatisation, questionable overseas contracts, over-invoicing of coal imports and an alleged solar power bribery case under investigation by US authorities.
The Adani Group has repeatedly denied the allegations and earlier rejected the OCCRP report. There was no immediate response from the group to the latest claims.
