The Congress✱ on Thursday alleged that the "Adani scam" has expose💖d 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 agains𒊎t the Adani Group, it will have to make sure that any loopholes for round-tripping and money-laundering are effectiv🌱ely shut.
In a post on X, Congress general secretary Jairam Ramesh said the rise in Indian outward direct𝐆 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 amಌong the top 10 destinations for Indian investment, according to the RBI," he said.
This is in addition to Mauritius t🐠hat 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 ౠsaid.
"The G20 was the right forum to take up this issue and ensure concret🤡e action against tax havens. But the Prime Minister was busy projecting his own image rather than protecting India's interests," he c💖laimed.
"A JPC in🍌to 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 Septe🔯mber 18 to 22.
US short-seller Hindenburg Research, in a report released on January 24, alleged accounting fraud, stoc﷽k price manipulation and use of tax havens by the Adani Group, triggering a stock market rout.
Th♊e Adani Group has denied all allegations by Hindenburg.
