Adani Scam: On Tuesday, the Congress criticized media reports that claimed SEBI had issued penalties to two offshore funds that owned Adani Group shares. The Congress said that while the market regulator’s actions may seem like progress at first, the investigation has been ongoing for more than two years, and the conglomerate has benefited from the delay.

Neither the Adani Group nor the Securities and Exchange Board of India (SEBI) responded to the allegations right away. The “double-engine” Modani drama goes on, according to Congress general secretary in-charge of communications Jairam Ramesh.

Jairam Ramesh Statements:

Jairam Ramesh took his X account and said, “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.”

According to Ramesh, these funds have been charged with “stock parking”, that is, using them as fronts for Benami Adani investments in their businesses, which is against SEBI regulations. “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 leader of the opposition said.

According to him, three Adani companies received 98.78% of the India Opportunities Fund in December 2022, while Adani Enterprises received 93.9% of Vespera in June 2022.

Take a look at the post:

The double-engine Modani saga continues.

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. These…

— Jairam Ramesh (@Jairam_Ramesh) May 20, 2025

At first glance, SEBI’s actions may appear like progress, but in reality, the inquiry has dragged on for over two years, despite the Supreme Court’s order to complete it within two months.

Ramesh claimed that only Modani has benefited from this delay. He asserted that the government’s attempt to cover up “India’s biggest scam” is failing, and the truth is steadily coming out.

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

After the U.S.-based short-seller Hindenburg Research accused Gautam Adani’s conglomerate of fraudulent transactions and share-price manipulation, Adani Group stocks plunged on the bourses. These revelations prompted the Congress party to step up its attacks on the government. The Adani Group rejected all the allegations from Congress and others, claiming it complies with all laws and disclosure requirements.

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