Congress Demands JPC Probe Into Adani-Linked Offshore Funds Amid Tax Officials' Inaction

The Congress party has alleged that Indian tax authorities have been monitoring two offshore funds associated with Adani since 2014, but no significant action has been taken except for a few routine notices. In light of this, the party has called for the establishment of a Joint Parliamentary Committee (JPC) to investigate and reveal the truth regarding the matter.

The Congress highlighted a media source claiming that at least two Mauritius businesses that invested in the Adani Group and were included in the Hindenburg Group's Adani report had been on the radar of Indian tax authorities for more than a decade.

Congress general secretary Jairam Ramesh referred to the media report., "This is now a familiar pattern: two offshore Adani-linked funds appear to have been on the radar of Indian tax authorities since at least 2014, with no action evident other than one or two routine notices for information."

"Like SEBI, was the otherwise hyperactive Income Tax department also forced to sleep on the job during Mitr Kaal?" Ramesh said on Twitter.

"That's why we have been repeatedly saying that only a JPC can unearth where the more than RS 20,000 crore unaccounted funds that were invested in Adani came from," he asked.

The Congress has accused the Adani company of "financial malpractices," according to US-based short seller Hindenburg Research. The short-seller levelled numerous claims, including fraudulent transactions and share-price manipulation, which resulted in the stock drop of Adani Group shares.
The Adani group, on the other hand, has dismissed all claims and stated that it has committed no crime.

The Congress has already issued a list of 100 questions on the Adani problem, urging Prime Minister Narendra Modi to break his silence on the matter.