Congress Demands SIT, CBI Probe Into Adani, Citing Sebi Chief’s Conflict Of Interest

The Congress party has raised concerns about the ongoing investigation into the Adani Group by the Securities and Exchange Board of India (Sebi), asking the Supreme Court to transfer the probe to a Special Investigation Team (SIT) or the Central Bureau of Investigation (CBI). 

The party’s demand is based on what it perceives as a huge conflict of interest involving Sebi Chairperson Madhabi Puri Buch, questioning the integrity of the earlier investigation.

Jairam Ramesh, Congress's communication in-charge, criticised Sebi for its perceived delay in the investigation, alleging that this has worked to the advantage of the Adani Group and Prime Minister Narendra Modi. 

In a statement, Ramesh said, “Clearly, no institution is sacrosanct in Amrit Kaal. Did the Sebi chairperson recuse herself from the Adani investigations? Do these conflicts of interest explain the prolonged investigation, a delay that has benefited both Adani and the Prime Minister while damaging Sebi's reputation? How can a match proceed if the umpire herself is compromised? The Supreme Court, empowered by the Constitution, must transfer the investigation to the CBI or a Special Investigation Team given the likelihood of Sebi's compromise. At a minimum, the Sebi Chairperson must resign to restore Sebi's integrity.”

Adding to the controversy, the Congress cited recent HIndenburg report which mentioned that Buch and her husband had investments in offshore funds associated with close allies of Vinod Adani. The party suggested that this connection raises further doubts about the impartiality of Sebi’s investigation. 

In light of these concerns, Congress has called for Buch’s resignation to restore the credibility of the regulator and ensure a fair investigation into what they have termed the “Adani MegaScam.”