Rahul Gandhi calls for JPC probe into reports that Adani family associates secretly invested in own shares

Senior Congress leader Rahul Gandhi on Thursday called for investigation after reports suggested that Adani family associates invested "hundreds of millions" in the company through opaque investment funds based in Mauritius. Questioning the clean chit given by the Securities and Exchange Board of India (SEBI) to the billionaire businessman, he said, "There was SEBI probe but clean chit was given to Adani; (it is) very clear that something is wrong here," and alleged, "The gentleman who conducted SEBI investigation and gave a clean chit to Adani Group is now a director on a media company owned by the same group."

Talking to reporters in Mumbai, the Congress party leader called for a thorough investigation into the Adani matter, saying a Joint Parliamentary Committee (JPC) should be allowed and a thorough investigation should take place into the allegations against the businessman. 

While brandishing copies of newspapers, the senior Congress party leader said that “prominent global financial newspapers have raised very important questions on the Adani matter.” 

“These are not random newspapers. These newspapers affect investment in India and the perception of India in the rest of the world. They are stating that over a billion dollars of money went from India, was circulated in different places and then came back to India,” he said. 

And questioning Prime Minister Narendra Modi's silence on the issue, he said, “Why is PM Modi silent? Why doesn't he get this investigated?” 

Posing his questions with regards to the latest set of allegations, he asked, “The first question arises: whose money is this? Is it Adani's or someone else's? The mastermind behind this is a gentleman called Vinod Adani who is the brother of Gautam Adani. There are two other people who are involved in this round-tripping of money. One is a gentleman called Nasir Ali Shaban Ahli and another is a Chinese gentleman called Chang Chung Ling.”

“So, the second question arises - why are these two foreign nationals being allowed to play with the valuation of one of the companies that controls almost all of Indian infrastructure,” Gandhi added. 

Calling the backdrop of G20 Summit a sensitive time where the reputation of the country could be tarnished by such allegations, he added, “India's reputation is at stake ahead of the G20 meet in the country. PM Modi should take action and get the Adani issue investigated.” 

Also Read - Months into Hindenburg report, OCCRP alleges Adani family’s partners used 'opaque' funds to invest in group stocks

Billionaire Gautam Adani's group of companies was hit by fresh allegations of associates of the promoter family using Mauritius-based 'opaque' investment funds to secretly invest hundreds of millions of dollars to fuel the spectacular rise in group stocks during 2013 to 2018. The charge has been denied vehemently by the conglomerate.

The Organised Crime and Corruption Reporting Project (OCCRP) alleged that hundreds of millions of dollars were invested by the Adani group in publicly traded group stocks through Mauritius-based 'opaque' investment funds, managed by partners of the promoter family. As per the report, the group companies had secretly purchased their shares from 2013 to 2018. 

(With Agency Inputs)