Congress targets offshore funds investments in Adani Group: The Congress party has once again put Prime Minister Narendra Modi and his government in the dock of allegations by pointing fingers at the investment made through offshore funds in Adani Group. However, Congress has been accusing the Modi government for a long time of unfairly benefiting the Adani Group. But this time he has made these allegations quoting a recent report by the world’s renowned news agency Reuters. Congress has also claimed that the information revealed in the report is only a small part of the ‘tip of the iceberg’ i.e. the whole truth and the entire truth of this matter will come out when the country comes to power in June 2024 after the Lok Sabha elections. India will come into the hands of the alliance. Congress has said that if India coalition government is formed, the entire matter will be investigated by the Joint Parliamentary Committee (JPC). Congress General Secretary and party’s communication in-charge Jairam Ramesh has said all these things in a statement issued on Tuesday.
Will get JPC investigated after coming to power: Congress
While sharing a detailed statement on this issue on social media, Jairam Ramesh has written, “SEBI has now confirmed that a dozen offshore funds invested in Adani Group companies have violated disclosure rules and investment limits. Have done. This is like the tip of the iceberg. That means, what is visible now is only a small part of the entire scam. When we form JPC after coming to power in June 2024, then it will become clear how big this loot is.
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Identification of players of mega scam under pressure from Supreme Court: Congress
The written statement shared by Jairam Ramesh on social media said, “After years of procrastination and display of cowardice, under pressure from the Supreme Court, India’s stock market regulator SEBI has finally identified the key players in the Adani mega scam. Have taken. The reality is far from the “clean chit” claimed by Modani and Godi media last year. A Reuters news report states that SEBI has found that “a dozen offshore funds invested in Adani Group companies were responsible for violating disclosure rules and investment limits.” “PM Modi’s strong and personal electoral bond with Adani can no longer hide these illegal actions.”
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The needle of suspicion points towards Nasir Ali and Chang Chung Ling: Congress
Jairam Ramesh further said in his statement, “The needle of suspicion points directly towards Adani’s close associates Nasir Ali, Shahban Ahli and Chang Chung Ling. It was earlier reported that Ahli’s British Virgin was booked by SEBI for violating share ownership rules through offshore tax havens, manipulating share prices and colluding with Adani Group to carry out money laundering and round tripping. “The Gulf Asia Trade and Investment Fund, a shell company registered in Island, was being investigated.”
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Chang and Ahli used benami funds: Congress
The Congress general secretary, in his written statement, said, “The Organized Crime and Corruption Reporting Project (OCCRP) had earlier revealed that Chang and Ahli had used anonymous funds to acquire a large stake in the Adani Group between 2013 and 2018. . When their investment was at the highest level, these people controlled 8 to 14 percent shares of Adani Power, Adani Enterprises, Adani Ports and Adani Transmission. “As a result of these transactions, benami funds worth Rs 20,000 crore were infused into Adani group companies.”
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Waiting for publication of SEBI report: Congress
Jairam Ramesh has said that “The SEBI report on such gross violations of India’s securities laws in the Adani mega scam is long pending and we are waiting for the immediate publication of this report. We also believe that these violations are just a part of the Adani mega-scam. Other important aspects of this mega scam are:
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The price of coal being imported from Indonesia by Adani for power plants in India miraculously doubled. This increased cost was passed on to Indian consumers, who were already troubled by high electricity prices.
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Misuse of agencies like ED, CBI and Income Tax to force companies in the critical infrastructure sector to sell assets and to help the Prime Minister’s close friends create and monopolize wealth.
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Using his diplomatic influence to get contracts for Adani in Bangladesh, Sri Lanka and other countries.
Only JPC can do a complete investigation of Adani Megascam. JPC will be formed as soon as the INDIA alliance takes power in June 2024.”
What has been revealed in the news report
Reuters recently said in a report that India’s market regulator SEBI has found that a dozen offshore funds investing in Adani group companies have been violating rules related to disclosure rules and investment limits. The agency has given this report quoting two sources who are aware of the entire matter, but are not ready to reveal their names as they are not authorized to talk to the media. However, the report also said that Securities and Exchange Board of India (SEBI) and Adani Group did not respond to email requests sent to get their comments. Reuters had first reported in August last year that SEBI had detected violations of rules related to disclosure and holding limits in investments made through offshore funds in some listed companies.
