File photo of Jairam Ramesh.
| Photo Credit: Reuters
A day after the SEBI’s clean chit to the Adani Group in the Hindenburg matter, the Congress on Friday (September 19, 2025) said there is a continued need to investigate the “scam” in all its dimensions as it extends far beyond the scope of investigations by the market regulator.
Congress general secretary in-charge communications Jairam Ramesh said in a statement that contrary to the managed headlines, the commercial partner in “Modani Enterprises” has now received a “clean chit” from SEBI only in two of the 20 matters being investigated by it under a Supreme Court-mandated probe.
In a statement, Mr. Ramesh said there is continued need to investigate the “Modani Scam” in all its dimensions.
He also shared a set of questions the party had posed in the 100-question-series “Hum Adani Ke Hain Kaun” (HAHK), and said they remain unanswered.
The Congress leader noted that the Supreme Court on March 2, 2023 had directed SEBI to “conclude the investigation within two months” following the Hindenburg Report.
“Yet, the first SEBI orders were delivered only after two years and seven months, following repeated extensions and delays.
“We now await SEBI’s findings on the remaining 22 matters, which include allegations of insider trading in Adani Group companies, violations of rules relating to minimum public shareholding, and the 13 ‘suspicious transactions’ that SEBI told the Supreme Court on August 25 2023, that it was investigating. These involve offshore dealings by close Adani associates Nasser Ali Shaban Ahli and Chang Chung-Ling,” he said.
“The Modani scam, however, extends far beyond the scope of SEBI’s investigations,” he asserted.
Raising the issues the Congress had flagged in its list of hundred questions in the HAHK series of questions to the prime minister, he said it also encompasses the alleged misuse of agencies such as the ED, CBI, and Income Tax Department to “force” companies to sell off their assets to the Adani Group.
Mr. Ramesh also alleged that a ₹2,000 crore “bribery scheme allegedly orchestrated by Gautam Adani and seven associates to secure high-priced solar power contracts in India — regarding which the Modi government has refused, for nearly a year, to serve a US SEC summons.”
He said the Congress has also been demanding a probe into “biased privatisation” of critical infrastructure like airports and ports for the benefit of the Adani Group and the import of “over-invoiced” coal by Ahli and Chang, which contributed to sharp increases in the prices of electricity drawn from Adani power stations in Gujarat.
Gujarat-based Adani Group has repeatedly denied all the allegations.
In a big boost to Adani, markets regulator SEBI on Thursday (September 18, 2025) cleared the billionaire and his group of stock manipulation allegations made by Hindenburg Research, saying fund transfer between group companies did not fall foul of any regulation.
The SEBI, in two separate detailed orders, said the allegations of insider trading, market manipulation, and violations of public shareholding norms were found to be unsubstantiated after a detailed investigation.
Hindenburg, which has since shut down, in January 2023 published a damning report against the Adani Group, alleging Adicorp Enterprises Pvt Ltd, Milestone Tradelinks Pvt Ltd, and Rehvar Infrastructure Pvt Ltd were used as a conduit to route funds from various Adani Group companies to fund publicly listed Adani Power Ltd and Adani Enterprises Ltd.
Published – September 19, 2025 02:44 pm IST
