The Polit Bureau of the Communist Party of India (Marxist) has issued the following statement:
Fresh evidence has emerged about the Adani group’s manipulation of stock prices of its companies to inflate their value and assets. The Financial Times and The Guardian have, based on inputs from the Organised Crime and Corruption Reporting Project, revealed how two close associates of Vinod Adani used an investment fund in Bermuda and set-up shell companies to buy millions of dollars of shares in the Adani companies.
The report also show that the SEBI was looking into the matter of offshore funding of Adani companies in 2014 but had closed the enquiries subsequently.
Adani’s links with Prime Minister Modi has so far ensured that the regulatory authorities do not take any action against the widespread fraud and manipulation of the stock market.
The fresh evidence necessitates a serious probe and the Supreme Court has to step-in to ensure that there is no cover-up.