Amarinder Singh Raja Warring, President of the Punjab Pradesh Congress Committee and Member of Parliament from Ludhiana, led a massive protest with senior Punjab Congress leaders against the BJP government following recent revelations by Hindenburg Research regarding the financial fraud perpetrated by the Adani Group, and the involvement of SEBI Chief Madhabi Buch and her husband in the scam.
The protest, which took place outside the Punjab Congress Bhawan in Chandigarh, saw Punjab Congress leaders peacefully marching toward the Governor’s office to hand over a memorandum. However, they were stopped and detained by the Chandigarh Police.
Warring sharply criticized the BJP government’s mishandling of the stock market situation and the consequent financial losses. “The stock market crash following the BJP’s electoral failure has inflicted unprecedented damage on ordinary investors, especially the middle class.
We are witnessing the consequences of misleading investments encouraged by PM Modi and HM Shah, who were aware of the inaccuracies in exit polls but still fueled market expectations,” he stated.Adding to the gravity of the situation, Warring highlighted that despite Gautam Adani’s younger brother, Rajesh Adani, being arrested twice for forgery and tax fraud, and his elder brother Vinod Adani’s involvement in offshore shell companies, no action has been taken. “Hindenburg Research found 38 such companies owned by Vinod Adani in Mauritius, with others in the UAE, Singapore, and Cyprus. These companies are used to falsely project growth in the Indian market and manipulate the stock and share market to attract investments from the Indian populace. Despite these findings, the BJP government has shielded Adani, and SEBI has issued a clean chit, revealing a clear conflict of interest.”
The Punjab Congress Chief underscored the need for a thorough and unbiased investigation. “We have been consistently demanding a Joint Parliamentary Committee (JPC) probe into the Adani scandal. A JPC would ensure a comprehensive investigation by representatives from various parties, providing transparency and accountability.
However, the Supreme Court’s decision to allow SEBI to handle the probe, despite its alleged conflicts, raises serious questions about the integrity of the investigation.”Warring also addressed recent developments involving Hindenburg’s August 2024 report, which further implicated SEBI officials.
The latest allegations against SEBI Chief Madhabi Buch and her husband are deeply concerning. Their reported involvement with offshore entities connected to Adani’s financial misconduct only adds to the urgency for a JPC investigation. The denials from Buch and Adani are insufficient to address the gravity of the situation,” Warring stated, demanding the immediate resignation of SEBI Chairperson Madhabi Buch.
Warring also questioned the role of SEBI Chairperson Madhabi Puri Buch, whose career has been marked by her involvement with the Adani Group. “Madhabi Buch’s close ties with the Adani Group are no secret. Back in 2015, she invested in Global Dynamics Opportunities Fund, linked to Vinod Adani’s shell company.
She also holds a 99% stake in Agora Partners, a Singapore-based firm that she claims is non-operational, yet still exists. It is clear that the SEBI Chairperson has personal benefits in ensuring Gautam Adani and his companies receive a clean chit. This blatant conflict of interest is unacceptable, and we demand her immediate resignation.”
In conclusion, Warring emphasized that the future of the nation is being jeopardized for the benefit of a select few. “While the middle class’s hard-earned money is drained during such scams, booming businesses and their owners continue to thrive due to government aid and support.
It is imperative that justice is served, and strict action is taken. We must set a precedent to ensure that such misuse of public funds and manipulation of the stock market does not go unpunished. The people of India deserve answers and accountability, and we will not rest until the truth is uncovered and those responsible are held accountable.”
The protest was attended by a score of senior Punjab Congress leaders such as Dr. Dharamvir Gandhi ji, Rana Gurjeet ji, Mohammad Sadiq ji, Sukhpal Singh Khaira ji, Hardev Singh Laadi ji, Jasbir Singh Gill ji, Simarjit Singh Bains ji, Harminder Singh Gill ji, Balbir Singh Sidhu ji, Kuljit Singh Nagra ji, Gurkirat Singh Kotli ji, Rana KP ji, Harpartap Singh Ajnala ji, Lakhvir Singh Lakha ji, Kuldeep Singh Vaid ji, Gursharan Kaur Randhawa ji, Mohit Mohindra ji, and Isherpreet Singh Sidhu ji.