Congress alleges Vinod Adani's 'central role' in Adani group's 'nefarious activities', asks if it's not worthy of SEBI, ED probe
The Hindu
The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
The Congress on February 19, 2023 alleged that Gautam Adani's elder brother Vinod Adani is at the centre of financial flows that leverage one group of Adani assets to send loans to another, and asked if this was not worthy of an investigation by the SEBI and the Enforcement Directorate.
Posing a set of three questions to Prime Minister Narendra Modi as part of the party's " Hum Adani ke Hain Kaun" series, Congress general secretary Jairam Ramesh alleged that the Adani group has made "misrepresentations" about Vinod Adani's central role in its "nefarious activities".
Recently, Adani Group stocks had taken a beating on the bourses after U.S.-based short seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate whose chairman is Gautam Adani.
Also read: Gautam Adani no longer among world’s top 10 richest people
The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
"Just because the PM is 'Mauni Baba' on this issue (like on Chinese incursions) it doesn't mean we stop asking questions of him. Here is HAHK (Hum Adanike Hain Kaun)-14," Mr. Ramesh said on Twitter and posted another set of three questions to the prime minister.
In his statement addressed to Prime Minister Modi posted on Twitter, Mr. Ramesh cited allegations made by Hindenburg Research claiming that Vinod Adani "manages a vast labyrinth of offshore shell entities" that have "collectively moved billions of dollars into Indian Adani publicly listed and private entities, often without required disclosure of the related party nature of the deals".
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