India’s main opposition party, the Congress Party, has accused Prime Minister Narendra Modi’s government of failing to apply political pressure to investigate alleged financial misconduct by the Adani Group- citing links to Cyprus.
Congress spokesperson Jairam Ramesh highlighted a Cyprus-based fund, New Leaina, which allegedly invested around $420 million in Adani companies. He claimed that the fund is linked to offshore structures created by Amicorp, a firm said to have ties to Vinod Adani, the brother of the group’s founder.
Congress alleges that India’s stock market regulator, SEBI, has struggled to pursue its investigation due to a lack of cooperation from tax havens such as Cyprus and Mauritius, as well as insufficient pressure from Indian authorities.
The timing of these statements coincides with Prime Minister Modi’s official visit to Cyprus, which Congress claims is “no coincidence.”
The Adani Group has consistently denied all allegations, stating that it complies with all regulatory and transparency requirements. The controversy was reignited following reports by U.S.-based Hindenburg Research, which accused the conglomerate of stock manipulation and opaque dealings.
Ramesh also pointed to the historical context, reminding reporters that India supported Cyprus’s independence from Britain in the 1950s, a stance that strained relations with Turkey at the time.
In case you’re just catching up on the story:
The Adani Group is one of India’s largest business conglomerates, involved in energy, transport, and infrastructure. In 2023, it was accused by U.S. firm Hindenburg Research of stock manipulation and using offshore funds to obscure financial dealings. The group has denied all allegations. India’s opposition now claims Cyprus-based companies were part of those offshore links- raising questions during PM Modi’s visit to the island.
Also read: Indian Prime Minister Modi to visit Cyprus
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