Welfare Party demands probe into allegations against Adani Group

Welfare Party of India national president Dr SQR Ilyas said the Hindenburg report has alleged Adani Groups of scams and financial frauds and named the Conglomerate as “The Largest Con in Corporate History”. He said that the report contributed to its extraordinary growth to the brazen scheme of stock manipulation and accounting frauds over the decade.

It said this abnormal growth could also be a result of the unholy friendship with the Modi government pointing to crony capitalism which cannot be ruled out, the Ilyas said.

He said the exposure of institutions such as the Life Insurance Company of India (LIC) and the State Bank of India (SBI) to the Adani Group has serious implications for financial stability and added that crores of Indians would be affected whose savings are stewarded by these financial institutions.

He pointed at the Hindenburg report, which has described the Adani Group as “deeply over-leveraged”, and said the allegations are very serious and they require immediately an independent investigation by those who are responsible for the stability and security of the Indian financial system, namely the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI).

Dr Ilyas concluded by stating that it will not come as a surprise if the Modi Government comes forward in support of the Adani group, which will only expose the illegal nexus with the ruling dispensation.