Cong's Jairam Ramesh urges RBI, SEBI to probe allegations against Adani Group
New Delhi (PTI): Senior Congress leader Jairam Ramesh has written to the Reserve Bank of India (RBI) Governor Shaktikanta Das and Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and sought an investigation into allegations of financial irregularities and stock manipulation against the Adani Group.
In his letter to Das posted on Twitter on Wednesday, Ramesh urged the RBI to ensure that "excessive debt exposure" by the Adani Group currently and in the future does not destabilise India's banking system.
"The Adani Group has been described as 'deeply over-leveraged' - if the Adani Group has artificially inflated the value of its stock through manipulation by offshore shell companies and raised funds by pledging those overvalued shares, the recent sell off in stock prices is creating vulnerabilities for the Adani Group to find financing, and by implication for India's banking system," the Congress MP said in his letter dated February 14.
Ramesh called on the RBI to look into two aspects what is the true Adani Group exposure of the Indian banking system and what are the explicit and implicit guarantees that the Adani Group has been given that it will be bailed out by Indian banks if foreign funding dries up.
"Will the RBI ensure that Indian banks are not forced to step in to substitute for any shortfall in foreign financing, especially given the Adani Group's political connections," Ramesh asked.
Public sector financial institutions like the Life Insurance Corporation of India and the State Bank of India have been "unusually generous" to the Adani Group in recent years, the Congress leader alleged.
The RBI must ensure that risks to financial stability are investigated and contained, he said in his letter.
The risks of contagion from any collapse in the Adani Group's ability to secure financing must be monitored constantly, Ramesh argued.
"As the steward of the financial system, the RBI must do everything possible to protect India's banks and financial institutions, and we urge you to act in the national interest to ensure that India's taxpayers do not pay the price for the 'misgovernance' and potential 'illegalities' of one influential business house," he wrote to Das.
Ramesh also posted his letter to SEBI chief Buch on Twitter saying, many Indian citizens were disturbed by the allegations that the Adani Group has indulged in "brazen stock manipulation" and "accounting fraud" via a "vast labyrinth of offshore shell entities".
"Apart from the potential violation of several Indian laws, this goes against everything that the Securities and Exchange Board of India (SBI) stands for. We urge you to investigate all potential violations and to ensure complete transparency about who is investing in Adani Group companies," Ramesh said.
"Given the Adani Group's size and political connections, it is incumbent that such investigations are seen as fair and complete, with no favour shown to the influential business group," the Congress general secretary stressed.
Any failure to do so will cast a shadow on Indian corporate governance and on India's financial regulators, and could affect our ability to raise funds globally, he argued.
In his letter, Ramesh asked why financial institutions of national importance such as the Life Insurance Corporation of India (IIC) and the State Bank of India (SBI) have "heavily bought" Adani Group equity when most private funds have been severely underweight because of concerns over corporate governance and indebtedness.
"LIC, which 30 crore Indians trust with their life savings, has lost thousands of crores in Adani Group stock in recent days. Should we not ensure that such public sector financial institutions are more conservative in their investments than their private sector counterparts and free from pressure from above?" Ramesh said.
The inclusion of Adani Enterprises in the widely used National Stock Exchange Nifty 50 index in September 2022 occurred despite the firm's weak fundamentals, an excessive price-to-earnings ratio and a tiny free float, he alleged.
He further claimed that adding Adani Enterprises compelled supposedly conservative Nifty index funds to make significant purchases of this risky stock, including the Employees Provident Fund Organisation, India's largest pension fund.
"In recent days, global stock indices have suspended Adani Group companies while the matter is investigated, but the NSE has failed to take any similar action to protect investors," Ramesh said.
Is it not SEBI's responsibility to ensure that index investors are protected from investing in questionable firms, he asked.
"We urge SEBI to play its role as the steward of India's financial markets on behalf of the crores of Indians who have faith in the fairness of India's financial markets," the Congress leader said.
Ramesh shared the letters on Twitter and said that he has expressed the hope that a "full-fledged independent investigation will be carried on the numerous allegations against the 'PM-blessed' Adani Group".
The Congress has been demanding a Joint Parliamentary Committee probe into the allegations against the Adani Group by US-based short-seller Hindenburg.
The Adani Group has dismissed the allegations as baseless.
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Accused gunman at correspondents' dinner was believed to be targeting top officials, Blanche says
Washington (AP): The accused gunman who tried to storm the ballroom at the White House Correspondents' Association dinner with guns and knives travelled across the country before the event and is believed to have been targeting members of the Trump administration, acting Attorney General Todd Blanche said Sunday.
Blanche also said officials believe the suspect traveled by train from California to Chicago and then on to Washington, where in recent days he checked in as a guest to the hotel where one of Washington's glitziest events was being held Saturday night.
Investigators have not publicly named the suspect, but two law enforcement officials familiar with the matter have identified him to The Associated Press as 31-year-old Cole Tomas Allen of Torrance, California.
Law enforcement officials who have examined the gunman's electronic devices and his writings preliminarily believe he intended to target administration members in attendance at the dinner. He attempted to charge into the cavernous ballroom at the Washington Hilton but was tackled to the ground in a chaotic scene that resulted in shots being fired, President Donald Trump being hurried off the stage and guests ducking for cover beneath their tables.
“It does appear that he did in fact set out to target folks who work in the administration, likely including the president,” Blanche told NBC's “Meet the Press.”
The suspect is believed to have purchased the firearms he carried within the last couple of years, Blanche said. He is not being cooperative and is expected to face multiple charges on Monday.
Video posted by Trump showed the suspect running past security barricades as Secret Service agents ran toward him. One officer was shot in a bullet-resistant vest but was recovering, officials said. The gunman was taken into custody and was not injured, but was being evaluated at a hospital, police said.
“He failed,” Blanche said on CBS's “Face the Nation.” “Law enforcement did their jobs.”
Social media posts that appear to match the suspect show he is a highly educated tutor and amateur video game developer.
A May 2025 profile photo of Allen appears to match the appearance of the man in a photo of the alleged attacker being taken into custody that was posted Saturday night by Trump. The photo, posted to the social networking site LinkedIn, shows him in a cap and gown after graduating with a master's degree in computer science from California State University, Dominguez Hills.
Allen earned a bachelor's degree in 2017 in mechanical engineering from the California Institute of Technology in Pasadena. He listed his involvement there in a Christian student fellowship and a campus group that battled with Nerf guns.
The shooting at the security barricades happened minutes after the event got underway.
The Secret Service and other authorities swarmed the room as guests ducked under tables by the hundreds. Gasps echoed through the ballroom as guests realized something was happening. Hundreds of journalists immediately got on phones to call in information.
“Out of the way, sir!” someone yelled. Others yelled to duck. From one corner, a “God Bless America” chant began as the president was escorted offstage. Outside the hotel, members of the National Guard and other authorities flooded the area as helicopters circled overhead.
After an initial attempt to resume the event, it was scrapped for the night and will be rescheduled.
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