'Adani scam' exposed role of tax havens in hiding violation of Indian regulations: Congress
New Delhi (PTI): The Congress on Thursday alleged that the "Adani scam" has exposed the role tax havens play in hiding large-scale violation of Indian laws, and said the issue should have discussed at the recent G20 Summit.
It also said that if a Joint Parliamentary Committee (JPC) probe is ordered into the allegations against the Adani Group, it will have to make sure that any loopholes for round-tripping and money-laundering are effectively shut.
In a post on X, Congress general secretary Jairam Ramesh said the rise in Indian outward direct investment in the past 25 years has been a sign of deepening globalisation.
"However, it is disturbing that offshore tax havens like Bermuda, Jersey and Cyprus rank among the top 10 destinations for Indian investment, according to the RBI," he said.
This is in addition to Mauritius that has long been suspected as a preferred destination for Indian money-laundering and round-tripping, the Congress leader noted.
"The Adani MegaScam has exposed the critical role such tax havens play in hiding the large-scale violation of Indian laws and regulations. These violations are hollowing out our economy and affecting the credibility of our stock markets," Ramesh said.
"The G20 was the right forum to take up this issue and ensure concrete action against tax havens. But the Prime Minister was busy projecting his own image rather than protecting India's interests," he claimed.
"A JPC into the Adani MegaScam will have to make sure that any remaining loopholes for round-tripping and money-laundering are effectively shut," the Congress leader said.
The Congress and other opposition parties have been demanding a JPC probe into the Adani issue and will take up the issue during the upcoming special session of Parliament from September 18 to 22.
US short-seller Hindenburg Research, in a report released on January 24, alleged accounting fraud, stock price manipulation and use of tax havens by the Adani Group, triggering a stock market rout.
The Adani Group has denied all allegations by Hindenburg.
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Kalaburagi: 22-yr-old driver killed on spot as pickup vehicle crashes into bridge on NH in Afzalpur
Kalaburagi: The driver of a pickup truck transporting fish was killed on the spot as the vehicle rammed into a bridge on the National Highway bypass in Balurgi village of Afzalpur taluk early Friday morning.
The deceased has been identified as Anil Dasharatha Bhovi (22), a native of Bandarwada village in Afzalpur taluk. He was reportedly driving from Jewargi to Solapur, when he lost control of the vehicle and crashed into a bridge on the bypass in Balurgi. Anil Said to have died on the spot due to the intensity of the crash.
Afzalpur Police have said that the body of the driver has been sent to the Afzalpur Government Hospital and will be handed over to the family after completion of the postmortem examination.
A case has been registered in this regard at the Afzalpur Police Station and investigation is underway.
