Adani-Hindenburg Row: SEBI’s Inability to Reach Conclusion on Adani Group Money Laundering Allegations ‘Deeply Worrying’, Says Congress
Adani-Hindenburg Row: SEBI’s Inability to Reach Conclusion on Adani Group Money Laundering Allegations ‘Deeply Worrying’, Says Congress
The Congress party on Saturday expressed concern over the Securities and Exchange Board of India’s (SEBI) inability to reach a conclusive finding on the allegations of round-tripping and money laundering by the Adani Group.
Ramesh Says Inability to Reach a Finding on Serious Allegations is Troubling
In a statement, Congress general secretary Jairam Ramesh said that SEBI’s status report to the Supreme Court, which admitted that it has not been able to reach a final conclusion on the matter, was “deeply troubling”.
“The inability of the regulator to reach a finding on such serious allegations is a matter of grave concern,” Ramesh said. “It raises questions about the independence and impartiality of SEBI.”
Allegations of Round-Tripping and Money Laundering First Made by Hindenburg Research
The allegations against the Adani Group were first made by the US-based research firm Hindenburg Research in a report in February 2023. The report alleged that the Adani Group had engaged in round-tripping and money laundering through a complex web of shell companies.
SEBI had ordered an investigation into the allegations. However, the regulator has not been able to reach a final conclusion on the matter.
Ramesh said that the Congress party demands a thorough and impartial investigation into the allegations against the Adani Group. He also called for a Joint Parliamentary Committee (JPC) to be set up to examine the matter.
The Adani Group has denied the allegations of money laundering. The group has said that the allegations are “false and baseless”.
The group has also said that it is cooperating with SEBI’s investigation.
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SEBI Admits It Has Not Been Able to Reach a Final Conclusion
The SEBI investigation into the Adani Group is ongoing. It is not clear when the regulator will be able to reach a final conclusion on the matter.
In the meantime, the Congress party’s concerns about SEBI’s inability to reach a conclusion on the allegations are likely to add to the controversy surrounding the Adani Group.
