In a fresh development, the Congress party has accused the Securities and Exchange Board of India (SEBI) of hesitancy in investigating allegations against the Adani group. The party’s general secretary, Jairam Ramesh, emphasized the need for a Joint Parliamentary Committee (JPC) inquiry to uncover the truth.
Ramesh pointed to a recent media report highlighting questionable activities surrounding an Adani-linked shell company, Opal Investment. He expressed concern over the mounting “stench of illegality” associated with it. Ramesh revealed that Opal Investment, controlling equity worth Rs 8,000 crore in Adani Power, was established as a “single person company” in Dubai back in May 2019.
These revelations raise serious questions about how a solitary entity based in Dubai came to possess 4.7% equity valued at Rs 8,000 crore in Adani Power, which happens to be India’s largest private power generation firm. Ramesh further questioned the identity of the funds involved and speculated about Prime Minister Modi’s post-May 2024 plans.
Ramesh criticized the SEBI investigation as “glacial and reluctant” and expressed disappointment over the lack of conclusive answers. He reiterated the Congress’ call for a JPC inquiry, underscoring it as the only viable path to unveil the complete narrative behind the alleged Adani Scam.
The Congress has consistently advocated for a JPC investigation into allegations of “stock price manipulation” and financial irregularities raised against the Adani group by US research firm Hindenburg. The Adani group has vehemently refuted these claims, deeming them baseless.
