In the wake of reports that an investigation into Adani Group companies is underway, Mahua Moitra, a Lok Sabha member from West Bengal, has written to India’s Finance Minister Nirmala Sitharaman.
This letter requests an investigation into Adani Group companies involving foreign portfolio investments (FPIs) with a significant stake in these firms.
Earlier this month Pankaj Chaudhary, India’s Minister of State for Finance, told the Indian parliament that the country’s market regulator and customs authorities are looking into some of Adani Group companies for breaking rules.
“Written again to Hon’ble FM, RBI, CBDT, ED, DRI et all [sic] demanding an urgent investigation into over-invoicing by Adani companies, round-tripping of funds & dodgy FPI investments.” Mahua Moitra said on Twitter, referring to the letter she submitted to Finance Minister Nirmala Sitharaman.
After a prior letter on July 21, she appears to have written a second letter. In the letter, she stated, “While this information may already be known to officials, I believe that it is important that [the] nation knows the truth behind many of these allegations as the Group is being handed several strategic assets of the nation. By its own admission, the group will control 40% of air, sea, and logistics infrastructure soon… Further, it seems that delisting of Adani Power in order to hide this fraud needs to be seriously looked into given allegations that have come to the fore.”
On July 19, the business issued a statement clarifying the situation, saying, “We have always been transparent with all our regulators and have full faith in them… Adani Group is a responsible corporate citizen and strongly believes in compliance of applicable laws and adheres to prudent corporate governance framework.”
