Congress cites OCCRP report to renew allegations over Adani Group stakes

The Congress on Wednesday referred to a report by the Organised Crime and Corruption Reporting Project (OCCRP) to allege that benami funds were used by close associates to build substantial shareholdings in the Adani Group, and renewed its demand for a Joint Parliamentary Committee (JPC) inquiry into the conglomerate.

Addressing reporters and posting on social media, Congress general secretary (communications) Jairam Ramesh claimed that fresh revelations pointed to large stakes in Adani companies being held by individuals identified as Chang Chung-Ling and Nasser Ali Shaban Ahli through offshore funds.

Citing the OCCRP report, Ramesh alleged that the two associates held shares worth billions of dollars in Adani firms until as recently as 2023, and that disclosures to a Swiss bank suggested their holdings were significantly larger than previously known.

The Congress leader said the findings raised serious concerns about transparency and regulatory oversight. He also questioned the progress of investigations by the Securities and Exchange Board of India (SEBI), noting that several matters relating to Adani Group companies remain under scrutiny.

According to Ramesh, investigations into securities transactions, alleged insider trading, compliance with minimum public shareholding norms and other issues have not reached closure despite earlier timelines indicated before the Supreme Court of India. He said the prolonged process warranted parliamentary oversight through a JPC.

The Congress further alleged that the controversy extended beyond market regulation, accusing the government of enabling preferential treatment in areas such as infrastructure privatisation and overseas contracts. It reiterated claims of alleged financial irregularities in coal imports and solar power contracts, some of which are reportedly under examination by authorities in the United States.

The Adani Group has consistently denied allegations made by the Congress in the past and has rejected earlier claims contained in OCCRP reports. There was no immediate response from the conglomerate to the latest remarks.

Prime Minister Narendra Modi has previously dismissed opposition allegations of impropriety involving the Adani Group. The Congress, however, said it would continue pressing for a parliamentary investigation, arguing that the matter involved issues of public interest and regulatory accountability.

The political dispute adds to an ongoing standoff between the ruling Bharatiya Janata Party and the opposition over corporate governance, regulatory scrutiny and the relationship between business and government.

With PTI input