Congress flags fresh panel findings, questions SEBI progress in Adani probe

The Congress on Wednesday cited fresh findings by the Organised Crime and Corruption Reporting Project (OCCRP) and questioned the pace of investigation by the Securities and Exchange Board of India (SEBI) into transactions linked to the Adani Group, reiterating its demand for a joint parliamentary committee to examine the allegations.

Congress leader Jairam Ramesh referred to what he described as new disclosures regarding the alleged use of benami funds by close Adani associates Chang Chung-Ling and Nasser Ali Shaban Ahli to accumulate significant stakes in Adani firms. Citing OCCRP’s report, he said the two individuals had admitted to a Swiss bank that they held far larger shareholdings than previously believed, including about $3 billion worth of Adani stocks through hedge funds until as recently as 2023.

Ramesh said there had been no visible progress in 22 of the 24 matters under SEBI’s examination relating to securities transactions of the conglomerate. These included allegations of insider trading, possible violations of minimum public shareholding norms, and 13 “suspicious transactions” that SEBI had informed the Supreme Court of India on August 25, 2023, it was investigating.