New Delhi, December 4, 2024 — The Congress party has accused the Adani Group of attempting to settle a securities violation case with minimal penalties, alleging a cover-up supported by Prime Minister Narendra Modi. The party has called for a thorough investigation, including arrests and raids.
Congress general secretary Jairam Ramesh stated that reports indicate entities linked to the Adani Group have approached the Securities and Exchange Board of India (SEBI) to settle allegations of violating public shareholding norms through unfair practices involving four listed companies.
Ramesh claimed that any token settlement would signify guilt and further damage the reputation of Indian institutions. He pointed to conflicts of interest involving SEBI chairperson Madhabi Puri Buch, who is purportedly connected to offshore funds accused of facilitating these violations.
He also highlighted concerns about money laundering linked to inflated coal and power-equipment imports that allegedly boosted Adani Group share prices. The opposition party has intensified its scrutiny following charges against Gautam Adani and key executives by the US Department of Justice for allegedly bribing Indian officials.
The Adani Group has categorically denied all allegations, which the Congress party argues warrant a joint parliamentary committee investigation into the matter.