The Continuing Saga of the Modani Scam Investigation
Despite a clean chit from SEBI on two out of 20 matters, the Congress insists on further investigation into the alleged 'Modani Scam.' Concerns include insider trading, biased privatization, and alleged bribery schemes by the Adani Group. SEBI continues to investigate other serious allegations.
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The controversy surrounding the Adani Group, termed the 'Modani Scam' by Congress, remains unresolved despite SEBI's recent exemption of the conglomerate on limited charges. SEBI's clearance pertains only to two of the 20 inquiries initiated post the Supreme Court's directive in March 2023.
Congress spokesperson Jairam Ramesh emphasized the need for comprehensive scrutiny of what he calls the 'Modani Scam,' citing unanswered questions from the party's 'Hum Adani Ke Hain Kaun' series. This includes violations linked to insider trading and suspicious transactions involving offshore deals.
In contrast, the Adani Group has dismissed these allegations. Despite SEBI's dismissal of certain claims, investigations continue into other potentially serious breaches, underpinning the need for deeper examination of the purported collusions and privatization biases favoring Adani.
(With inputs from agencies.)
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