Congress workers stage protest in Pune, seek ED, House panel probe in Adani group

Congress workers staged a protest outside a State Bank of India (SBI) branch in Pune city on Wednesday and demanded that Adani groups financial affairs be probed by the Enforcement Directorate (ED) and also a Joint Parliamentary Committee (JPC).

Pune city Congress president Arvind Shinde and other party leaders participated in the protest outside the SBI branch near Pune collectorate.

“Our leader Rahul Gandhi has been demanding a Joint Parliamentary Committee probe into the Adani group share crash issue, but no probe has been initiated so far. SBI and LICs investments in Adani group shares have received heavy losses. Who told LIC and SBI to invest money in Adani group shares?” Shinde asked.

He said it was the Supreme Court that ordered setting up of a six-member committee to look into various regulatory aspects for stock markets, including the recent Adani Group shares crash triggered by the Hindenburg Researchs fraud allegations.

“Was it not the governments responsibility to safeguard common peoples money, which is with SBI and LIC? We demand that the Adani group be probed by the ED and the JPC,” the Congress leader said.

Adani group stocks have taken a beating on the bourses after US-based Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate. The Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

(Except for the headline, this story has not been edited by The Federal staff and is auto-published from a syndicated feed.)