NEW DELHI: The Congress on Wednesday cited fresh findings by the Organised Crime and Corruption Reporting Project (OCCRP) and questioned the pace of investigation by the Securities and Exchange Board of India (SEBI) into transactions linked to the Adani Group, reiterating its demand for a Joint Parliamentary Committee (JPC) to examine the allegations.
In a post on X, senior Congress leader Jairam Ramesh referred to what he described as new disclosures regarding the alleged use of benami funds by close Adani associates, Chang Chung-Ling and Nasser Ali Shaban Ahli, to accumulate significant stakes in Adani companies.
Citing the OCCRP’s report, Ramesh claimed the two individuals had admitted to a Swiss bank that they held larger shareholdings than previously believed, including investments valued at about $3 billion in Adani stocks through hedge funds until as recently as 2023.
He further alleged that there has been no visible progress in 22 of the 24 matters under SEBI’s examination related to securities transactions of the conglomerate. These include alleged insider trading, possible violations of minimum public shareholding norms, and 13 “suspicious transactions” that SEBI had informed the Supreme Court on August 25, 2023, were under investigation.
Ramesh also referred to allegations of Rs 20,000 crore being routed into the group through shell entities.
The Rajya Sabha MP noted that on March 2, 2023, the Supreme Court had directed that the investigation be completed within two months, and said the inquiry has continued for nearly three years without closure.
He also recalled remarks made by Prime Minister Narendra Modi at the 2014 G20 Summit in Brisbane, where the Prime Minister had called for global cooperation to eliminate safe havens for economic offenders, track down money launderers and dismantle excessive banking secrecy. Ramesh said those remarks should be examined alongside the present controversy.
Referring to the Congress party’s earlier “Hum Adani ke Hain Kaun” series, Ramesh said the concerns extend beyond SEBI’s inquiries. He cited allegations regarding the role of agencies such as the Enforcement Directorate, the Central Bureau of Investigation and the Income Tax Department; claims surrounding privatisation in sectors including airports and ports; and alleged over-invoicing of coal imports between 2021 and 2023 involving trading firms linked to Chang and Ahli, which he said resulted in Rs 12,000 crore being siphoned out of India.
He also mentioned a reported $250 million bribery allegation involving Gautam Adani and seven associates in connection with solar power contracts, which he said is under investigation by authorities in the United States.
The Congress has reiterated its demand for a JPC to examine all aspects of the allegations.
“Naturally the PM has stonewalled. Not only that, but the Adani Group continues to keep spreading its tentacles into one business after another with the PM’s full backing demonstrating that its real core competence is the PM’s patronage. There is a difference between genuine entrepreneurship which the INC welcomes, supports and celebrates, and business expansion through cozy and mutually lucrative political relationships,” Ramesh said.