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Congress Alleges SEBI’s Hesitation in Investigating Adani Group, Calls for JPC Inquiry

Fraud, Bribery & CorruptionCongress Alleges SEBI's Hesitation in Investigating Adani Group, Calls for JPC Inquiry

The Congress party has accused the Securities and Exchange Board of India (SEBI) of hesitating to investigate allegations against the Adani Group. They insist that only a Joint Parliamentary Committee (JPC) can uncover the truth. According to Congress leader Jairam Ramesh, there are concerning developments regarding another Adani-associated entity, Opal Investment, which has been described as an “illegitimate” company. Ramesh revealed that this firm, controlling ₹8,000 crore in Adani Power equity, was established as a “single-person company” in Dubai in May 2019. He raised questions about how a Dubai-based single-person firm could gain control of 4.7% of Adani Power’s equity, suggesting potential violations of Indian securities laws and illegal practices. Ramesh also posed questions about the source of funds and speculated about Prime Minister Modi’s retirement plans after May 2024. Frustrated by what he called a sluggish and reluctant SEBI investigation, Ramesh reiterated the Congress’ call for a JPC inquiry, emphasizing that it’s the only way to uncover the full truth behind the alleged Adani Scam.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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