The US short seller said that Sebi chief Madhabi Puri Buch and her husband, Dhaval Buch, were involved with offshore funds implicated in the alleged Adani money siphoning scandal.
“The demand for a Joint Parliamentary Committee (JPC) investigation into the Adani Mega Scam goes far beyond the revelations made by Hindenburg Research’s reports,” Congress leader Jairam Ramesh said in a post on X.
“Only a JPC can investigate and unravel the true and full extent of this Modani mega-scam,” he added.
‘Wrongdoings span every dimension of political economy’
Highlighting the 100 question series of ‘Hum Adani Ke Hain Kaun’ which was released by the grand old party last year after Hindenburg’s first report on Adani, Jairam Ramesh said that the “irregularities and wrongdoings relating to the Adani Group span every dimension of the political economy.”
Here’s a list of “wrongdoings” pointed out by the Congress spokesperson:
- Misuse of India’s investigative agencies to secure Adani monopolies in ports, airports, cement and other critical sectors
- The extraordinary favouritism shown by government banks, particularly the SBI, in providing credit to key projects, including the Adani copper plant at Mundra, the airport in Navi Mumbai, and the UP Expressway Project
- Subordination of India’s foreign policy interests to the needs of Adani Enterprises, at the cost of India’s standing in the neighbourhood
- Handing over of India’s strategic relationship with Israel to a single company, Adani
- Coal and power equipment over-invoicing which has not only facilitated money-laundering and abnormal profits, but also raised the common citizen’s electricity bills
- Unregulated extension of leases over publicly-owned assets to Adani Group at throwaway prices
Pointing out that the Hindenburg report does not talk about any of the above listed problems saying, “The Hindenburg allegations do not refer to any of the above. Its allegations are limited to those that deal with the capital markets – stock manipulation, accounting fraud, and conflict of interest in regulatory agencies. Hindenburg is only the tip of the iceberg.”
Ramesh’s post comes after the central government amended power export regulations which now allows Adani Power to also provide electricity to the domestic market, Reuters reported. The Adani Power’s 1,600 megawatt (MW) Godda plant in Jharkhand is the only plane currently impacted by these regulations.
Hindenburg group had first accused Adani of “accounting fraud and stock price manipulation” in 2023 after it came out with a detailed report calling it “the largest con in corporate history”.
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