SC must transfer Adani probe to CBI or SIT, says Congress

Amid the raging HindenburgSEBI row over the Hindenburg Researchs allegations against SEBI chairperson Madhabi Buch the Congress on Monday demanded her resignation and urged the Supreme Court to transfer the Adani probe to the CBI or a Special Investigation Team given the likelihood of SEBIs compromise reported news agency PTIThe opposition party also reiterated that the path forward is to immediately convene a Joint Parliamentary Committee JPC to investigate the full extent of what it described as the Modani mega scam involving the selfanointed nonbiological PM and a perfectly biological businessman reported PTIThe Congress assertions came a day after the SEBI said allegations against the Adani Group have been duly investigated and chairperson Madhabi Buch disclosed and recused herself from time to time when dealing with mattersCongress general secretary incharge communications Jairam Ramesh said that in its statement on the ongoing investigations into certain financial transactions of the Adani Group the Securities and Exchange Board of India SEBI has sought to project an image of hyperactivity stating that it has issued 100 summons 1100 letters and emails and examined 300 documents containing 12000 pagesThis must have been very exhausting but it diverts attention from the core issues involved Actions matter not activities Ramesh said in a statement on the HindenburgSEBI row reported PTIOn February 14 2023 I had written to the SEBI chairperson urging SEBI to play its role as the steward of Indias financial markets on behalf of the crores of Indians who have faith in the fairness of Indias financial markets I never received a reply the Congress leader said on the HindenburgSEBI row reported PTIOn March 3 2023 the Supreme Court directed SEBI to expeditiously conclude the investigation into allegations of stock manipulation and accounting fraud against the Adani Group within two months he pointed out reported PTINow 18 months later SEBI has revealed that a critical investigation likely regarding whether Adani violated Rule 19A relating to minimum public shareholding remains incomplete he saidThe fact is that SEBIs seeming inability to close two of its 24 investigations delayed the publication of its findings for over a year This delay conveniently allowed the prime minister to navigate an entire general election without addressing his role in facilitating his close friends illicit activities Ramesh alleged reported PTIDespite the Adani Groups claims of receiving a clean chit SEBI has reportedly issued showcause notices to several Adani firms concerning these allegations he saidHowever the slow pace of these investigations especially compared to the swift justice that the prime ministers investigative agencies usually deliver to opposition leaders remains inexplicable Ramesh saidMoreover recent revelations raise disturbing questions about SEBIs integrity and conduct in investigating the Adani mega scam he saidSEBI long considered a trustworthy global financial market regulator is now under scrutiny It is shocking to discover that SEBI chairperson and her husband invested in the same opaque Bermuda and Mauritiusbased offshore funds where Vinod Adani and his close associates Chang ChungLing and Nasser Ali Shaban Ahli also invested he said reported PTIThese funds were managed by Anil Ahuja a close friend of the Buchs and an independent director in Adani Enterprises until May 31 2017 a period that overlapped with the SEBI chairpersons earlier tenure as a wholetime member of SEBI Ramesh saidThe illusion that the SEBI chairperson and her husband had separated their finances has been shattered by the revelation that after joining SEBI she transacted in the fund from her personal email account on February 25 2018 Ironically these funds are part of the same vehicles Global Opportunities Fund and Global Dynamic Opportunities Fund that Chang and Ahli reportedly used to bypass Rule 19A the very violation that SEBI is currently investigating he said reported PTIWhile 360 ONE the fund manager claimed that IPE Plus 1 Fund made no investments in the Adani Group it remains silent on whether Vinod Adani Chang or Ahli were investors in that fund alongside the Buchs It also fails to clarify the connections between the Global Opportunities Fund the Global Dynamic Opportunities Fund and the IPE Plus 1 Fund Ramesh said in his statement on the HindenburgSEBI row reported PTIHe further claimed that clearly no institution is sacrosanct in Amrit KaalDid the SEBI chairperson recuse herself from the Adani investigations he asked Do these conflicts of interest explain the prolonged investigation a delay that has benefited both Adani and the Prime Minister while damaging SEBIs reputation How can a match proceed if the umpire herself is compromised Ramesh said reported PTIThe Supreme Court empowered by the Constitution must transfer the investigation to the CBI or SIT given the likelihood of SEBIs compromise he saidAt a minimum the SEBI chairperson must resign to restore SEBIs integrity Ramesh stressedHowever the Adani mega scam extends beyond the 24 matters under SEBIs investigation It encompasses the source of the Rs 20000 crore benami funds invested in the Adani Group the overinvoicing of thousands of crores in coal and power equipment and the laundering of those proceeds the Congress leader saidAdditionally it involves granting of monopolies to the Adani Group in critical infrastructure sectors and manipulation of Indian foreign policy to secure Adani assets in neighbouring countries like Sri Lanka and Bangladesh which are proving to be highly controversial Ramesh alleged reported PTIHindenburg Research on Saturday launched a broadside against Madhabi Buch alleging she and her husband had stakes in obscure offshore funds used in the alleged Adani money siphoning scandalThe SEBI chairman and her husband have denied the allegationsThe Adani Group termed the latest allegations malicious and said it has no commercial relationship with the SEBI chairperson or her husbandWith inputs from PTI