Congress Alleges Govt Trying to Conceal ‘India’s Biggest Scam’; Says Truth Is Surfacing

Citing media reports that SEBI has warned two offshore funds holding Adani Group shares, the Congress party said the delayed probe has benefited the conglomerate for over two years.

Congress general secretary in-charge of communications, Jairam Ramesh, said the “double-engine” Modani saga continues.

He said on X, “SEBI has reportedly threatened two Mauritius-based offshore funds controlled by Elara Capital --Elara India Opportunities Fund and Vespera Fund -- with penalties and licence cancellations for failing to provide shareholding details.”

Ramesh said, these funds have been accused of "stock parking"

“The two funds have reportedly offered to settle the matter without admitting guilt and paying a token fee, which is the course of action most convenient for Modani,” the Congress leader said.

He said that during December 2022, 98.78% of the India Opportunities Fund was invested in three Adani Companies, while in June 2022, 93.9% of Vespera was invested in Adani Enterprises.

“SEBI's actions might appear on the surface to represent progress, but the fact is that the Supreme Court had required this investigation to be completed in two months, but it has dragged on for more than two years.

The only people who have benefited from this delay are Modani,” Ramesh said.

Try as the government may to cover up "India's biggest scam", the truth is coming out, he asserted.

“And if not via India's compromised institutions, they will come out through foreign jurisdictions that Modani cannot bribe, bully, or co-opt,” Ramesh said.