The Congress on Monday expressed shock at the Narendra Modi government “misleading Parliament” about market regulator Sebi investigating Adani companies, and wondered whether a “restraining hand from above” had prevented any such probe.

The comments came after the Securities and Exchange Board of India (Sebi) told the Supreme Court that the claims that it had been investigating the Adani group since 2016 were “factually baseless”.

“The Minister of State for Finance, Pankaj Chaudhary, told the Lok Sabha on July 19, 2021 that Sebi was investigating the Adani Group,” Congress communications chief Jairam Ramesh said.

“Now Sebi tells the Supreme Court that they have not been investigating any of the serious allegations against Adani!” Ramesh added.

(Left) Prashant Bhushan and Mahua Moitra. File photos

“Which is worse — misleading Parliament, or being fast asleep as lakhs of investors are duped by alleged money-laundering and round-tripping using offshore shell companies? Or even worse, was there a restraining hand from above?” Ramesh asked.

Trinamul MP Mahua Moitra had asked in the Lok Sabha: “Will the minister of finance be pleased to state whether the FPIs (foreign portfolio investments) and/ or Adani entities are under investigation by Sebi, IT (income tax), ED (Enforcement Directorate), DRI (Directorate of Revenue Intelligence), MCA (ministry of corporate affairs) for suspicious transactions and if so, the details thereof and if not, the reasons thereof.”

The minister of state for finance had replied: “Yes, Madam. Sebi is investigating some Adani group companies with regard to compliance with Sebi regulations.”

The minister had added: “Further, the DRI is investigating certain entities belonging to the Adani group of companies under laws administered by it. As far as investigation under (the) Income Tax Act, 1961, is concerned, disclosure of information regarding specific taxpayer is prohibited except as provided under Section 138 of (the) Act. No such investigation is going on in the ED.”

One of those who have petitioned the Supreme Court seeking a probe into the allegations of financial wrongdoing against the Adani group — as levelled by US short-seller Hindenburg Research — had alleged that Sebi had been probing the business conglomerate since 2016.