File photo of Congress leader and Rajya Sabha member Jairam Ramesh. , Photo credits: Bhagya Prakash K.
The Congress on May 3 said that the Securities and Exchange Board of India (Sebi) should use all means at its disposal to get clarity on the ultimate beneficial ownership of foreign funds invested in the Adani Group.
All India Congress Committee (AICC) General Secretary (Communications) Jairam Ramesh said in a statement that public interest should not be undermined by giving the excuse of confidentiality and privacy.
The Congress statement came after a news report claimed that some foreign funds invested in Adani group companies refused to identify their beneficial owners citing client confidentiality and foreign privacy laws. Is.
“We hope that in view of the serious and credible allegations of money-laundering, round-tripping and violation of securities laws against the Adani Group, SEBI will use all means at its disposal to obtain clarity regarding the ultimate beneficial ownership of these funds.” Will use.” Said.
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He said that for decades Swiss banks used the ‘excuse’ of secrecy and privacy.
“Given the more than decade-long G20 initiative to increase international financial transparency, it would be regrettable (but not inexplicable) if the Modi government were to choose the interests of its peers over financial integrity during India’s much-hyped G20 presidency ,” Mr. Ramesh said.
The Congress leader said all these developments have made the Joint Parliamentary Committee (JPC) inquiry into the allegations even more important.