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‘Will PM order probe of his friend Adani?’

Updated on: 06 February,2023 08:37 AM IST  |  New Delhi
Agencies |

Cong questions Modi’s silence over fraud allegations against Adani Group

‘Will PM order probe of his friend Adani?’

Congress leader Jairam Ramesh asked if there was any hope of a fair and impartial investigation in the matter under

The Congress on Sunday stepped up its attack on the Centre over allegations against the Adani group, alleging that the Modi government’s “loud silence” over the issue “smacks of collusion”.

Adani Group’s stocks have taken a beating on the bourses after US-based activist short-seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led conglomerate.

Ramesh said that in a response to the Panama Papers exposé on April 4, 2016, the Ministry of Finance had announced that Modi had personally directed a multi-agency investigative group to monitor financial flows to and from offshore tax havens.

Prime Minister Narendra Modi. Pics/ANIPrime Minister Narendra Modi. Pics/ANI

Posing questions, Ramesh said Vinod Adani, the brother of Gautam Adani, was named in the Panama Papers and the Pandora Papers as someone who operates offshore entities in the Bahamas and the British Virgin Islands.

“He is alleged to have engaged in ‘brazen stock manipulation’ and ‘accounting fraud’ via ‘a vast labyrinth of offshore shell entities’. You have spoken often about your sincerity and ‘niyat’ (intention) in fighting corruption and even subjected the nation to the heavy costs of demonetisation,” Ramesh said.

“What does the fact that a business entity you are well acquainted with faces serious allegations tell us about the quality and sincerity of your investigations?” he asked.

Also Read: Adani’s FPO pullout has not impacted India’s image: FM

Ramesh alleged that over the years, PM Modi “misused” agencies like the Enforcement Directorate, Central Bureau of Investigation and the Directorate of Revenue Intelligence to “intimidate” his political opponents and to “punish” business houses that do not fall in line with his “cronies’ financial interests”.

What action has been taken, if ever, to investigate the serious allegations made over the years against the Adani Group, he asked. Ramesh also asked if there was any hope of a fair and impartial investigation in the matter under the PM.

“Was the Adani Group essential to a dispensation that has profited from ‘anti-corruption’ rhetoric all of these years,” Ramesh asked.

Tagging his statement, he tweeted, “The eloquent silence of the PM on the Adani MahaMegaScam has forced us to start a series, HAHK-Hum Adani ke Hain Kaun. We will be posing 3 questions to the PM daily beginning today.” He asked the PM to break his “silence” over the issue.

The Congress party also started a Twitter poll on, asking people whether the PM will get the allegations of fraud against “his friend Adani” investigated.

Adani issue a company matter: FM

Finance Minister Nirmala Sitharaman has said that regulators Sebi and RBI should always be on their toes to keep the equity market stable and indicated that the Adani stock rout following a Hindenburg report was a company specific issue. “Yes, there have been occasional blips in the market, maybe small or big, but they do address issues like that. And I strongly believe that our regulators are seized of this matter,” Sitharaman said in an interview to Times Now.

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