Congress cites media reports to slam SEBI probe into Adani issue

The Congress on Tuesday cited media reports to question the SEBI investigation into the Adani issue and said that if claims that the market regulator is planning to let off the conglomerate with token fines for technical violations are correct then Indias transition to a kleptocracy will be completeThe opposition party also alleged that the message was clear Indias institutions will be rendered toothless while its investigative agencies are used only to protect Prime Minister Narendra Modis close friendsIn a post on X Congress general secretary Jairam Ramesh said that there has been a spate of news reports on the Supreme Courtmandated SEBI investigation of the Adani Mega ScamIf these reports are correct and the Securities and Exchange Board of India SEBI is planning to let off Adani with token fines for technical violations then Indias transition to a kleptocracy will be complete he saidAt the 9th G20 meeting held in Brisbane back in November 2014 Prime Minister Modi had called for cooperation between nations to eliminate safe havens for economic offenders to track down and unconditionally extradite money launderers and to break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds Ramesh saidYet he Modi has done all he can to protect his corrupt friends and their misdeeds The PMs pet agencies are investigating entities that shorted Adani shares in January 2023 rather than the far more serious charges of money laundering and roundtripping that have been made against the Adani Group he allegedRamesh said that at no point has the SEBI asked the Enforcement Directorate or the CBI to take further action against Adani even though to quote the Supreme Courts Expert Committee on the Adani issue the securities market regulator suspects wrongdoingThis when these very same agencies have been widely used to harass opposition parties and nonBJP state governments he saidIf any further evidence was needed to show that Indias onceproud institutions now face capture it is evident now Ramesh saidRather than compromised institutions only a joint parliamentary committee probe can investigate the full extent of the Adani Mega Scam and look for answers to questions such as where the Rs 20000 crore of opaque foreign funds have flowed into Adani companies what is the true financial relationship between Gautam and Vinod Adani and how PM Modi has personally facilitated Adanis businesses in India and abroad by changing laws rules and regulations to enrich his close friends the Congress leader saidThe Congress has been questioning the financial dealings of the Adani group after US research firm Hindenburg alleged irregularities and charged the group with stock price manipulation The Adani Group denied all the allegations made in the Hindenburg report and claimed there had been no wrongdoing on its partOpposition parties have also been demanding a Joint Parliamentary Committee probe into the Adani issueThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever