Delhi Congress Questions Findings of New Panel and SEBI’s Progress in Adani Probe
New Delhi: The Congress on Wednesday cited a fresh investigation by the Organized Crime and Corruption Reporting Project (OCCRP) and raised concerns over the pace of the Securities and Exchange Board of India (SEBI) probe into transactions linked to the Adani Group. The party also reiterated its demand for the formation of a Joint Parliamentary Committee (JPC) to investigate the allegations.
Congress leader Jairam Ramesh referred to new disclosures regarding the alleged use of offshore or proxy funds by close associates of the Adani Group—Chang Chung-Ling and Nasser Ali Shaban Ahli—to accumulate significant stakes in Adani companies.
Citing the OCCRP report, Ramesh said that both individuals had reportedly acknowledged before a Swiss bank that they held substantially larger shareholdings than previously disclosed, including nearly $3 billion worth of Adani stocks through hedge funds as recently as 2023.
Ramesh further alleged that there had been little meaningful progress in 22 out of 24 cases under SEBI’s investigation into securities transactions involving the group. These include allegations of insider trading, potential violations of minimum public shareholding norms, and 13 “suspicious transactions” that SEBI had informed the Supreme Court of India on August 25, 2023, were under examination.
