Congress alleges 2 offshore Adani-linked funds appeared on IT dept radar

Congress alleged that two offshore Adani-linked funds appear to have been on the radar of Indian tax authorities since at least 2014 with no action evident other than one or two routine notices

The Congress on Tuesday alleged that two offshore Adani-linked funds appear to have been on the radar of Indian tax authorities since at least 2014 with no action evident other than one or two routine notices, as it reiterated that only a JPC can unearth the truth in the whole matter.

The Congress cited a media report which claimed that at least two Mauritius companies which invested in the Adani Group and found mention in the Hindenburg Group's Adani report were on the radar of Indian tax authorities for over a decade.

Tagging the media report, Congress general secretary Jairam Ramesh said, "This is now a familiar pattern: two offshore Adani-linked funds appear to have been on the radar of Indian tax authorities since at least 2014, with no action evident other than one or two routine notices for information."

"Like SEBI, was the otherwise hyperactive Income Tax department also forced to sleep on the job during Mitr Kaal?" Ramesh said on Twitter.

"That's why we have been repeatedly saying that only a JPC can unearth where the more than RS 20,000 crore unaccounted funds that were invested in Adani came from," he asked.

The Congress has been alleging that the Adani group has indulged in "financial malpractices" as reported by US-based short seller Hindenburg Research. The short-seller had made a litany of allegations, including fraudulent transactions and share-price manipulation, which led to the stock crash of Adani group shares.

The Adani group has, however, denied all the allegations and said there has been no wrongdoing on its part.

The Congress had earlier come out with a set of 100 questions on the Adani issue and sought answers from Prime Minister Narendra Modi, asking him to break his silence on the matter.