SEBI probe into Adani stalled as ‘tax-haven' countries not sharing information, alleges Congress
The Congress on Monday alleged that the Securities and Exchange Board of India investigation into transactions involving the Adani Group has been hindered due to a lack of sharing of financial information by tax-haven countries and insufficient 'pressure' from the Indian government to secure the data.
The Opposition party also claimed that a key figure in the alleged Adani 'scam' holds Cypriot citizenship.
The statement came amid Prime Minister Narendra Modi's visit to Cyprus.
The Adani Group and its 13 offshore investors have been facing an investigation by the Securities and Exchange Board of India since United States-based firm Hindenburg Research alleged in January 2023 that the conglomerate was pulling off the ' largest con in corporate history '.
In a report, it claimed that the Adani Group was involved in stock manipulation, accounting fraud and money laundering.
The Adani Group has rejected the allegations and denied any wrongdoing. But the report had triggered a rout in stocks of the conglomerate's seven listed companies, which collectively lost more than $100 billion in market valuation.
'[Prime Minister] would have us believe that it is a pure coincidence that a key figure in the Modani scam has a Cypriot citizenship,' Congress leader Jairam Ramesh claimed in a social media post.
He also claimed that the Cyprus-based fund New Leaina has 'reportedly about $420 million in Adani companies'.
Ramesh alleged that 'the 'ultimate beneficial owners' of this fund are linked to Amicorp', a firm he claimed is believed to have set up at least seven Adani promoter entities, seven offshore shell companies connected to businessman Gautam Adani's brother Vinod Adani and three Mauritius-based offshore investors in Adani Group stock.
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