Double Engine Modani Saga Continues : Congress

Party General Secretary Jairam Ramesh stated that no matter how hard the government tries, the truth about India's biggest scam cannot be hidden and is coming to light.

There has been no response from SEBI or the Adani Group regarding this claim so far. However, in the past, the business group has dismissed all allegations of irregularities and corruption as baseless.

Jairam Ramesh posted on the social media platform X, "The double engine Modani saga continues. It is reported that SEBI has warned two Mauritius-based offshore funds controlled by Elara Capital—Elara India Opportunities Fund and Vespera Fund—of penalties and license cancellation for not providing shareholding-related information."

Ramesh claimed, "It is said that both these funds have offered to settle the case without admitting guilt and by paying a nominal fee, which is the most convenient way for 'Modani.'"

According to him, in December 2022, 98.78% of the India Opportunities Fund’s investments were in three Adani companies, while in June 2022, 93.9% of the Vespera Fund’s investments were solely in Adani Enterprises.

Ramesh alleged that while SEBI’s actions may appear to move forward on the surface, the reality is that the Supreme Court had directed the investigation to be completed within two months, and more than two years have now passed.