‘Was I-T department also forced to sleep on the job’: Congress cites Express report on Adani, reiterates demand for JPC

The report had noted, "At least two Mauritius companies which invested in the Adani Group companies and found mention in the Hindenburg Group’s Adani report were on the radar of Indian tax authorities for over a decade."

"Like SEBI, was the otherwise hyperactive Income Tax department also forced to sleep on the job during Mitr Kaal?" he wrote, reiterating the demand for a Joint Parliamentary Committee (JPC) on Adani.

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Citing a report in The Indian Express, Congress leader Jairam Ramesh Tuesday said that “in a familiar pattern,” two offshore Adani-linked funds, which appear to have been on the radar of Indian tax authorities since at least 2014, had no action taken against them, other than routine notices for information.

“Like SEBI, was the otherwise hyperactive Income Tax department also forced to sleep on the job during Mitr Kaal?” he wrote, reiterating the demand for a Joint Parliamentary Committee (JPC) on Adani.

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This is now a familiar pattern: two offshore Adani-linked funds appear to have been on the radar of Indian tax authorities since at least 2014, with no action evident other than one or two routine notices for information.

Like SEBI, was the otherwise…

— Jairam Ramesh (@Jairam_Ramesh) May 30, 2023

The report had noted, “At least two Mauritius companies which invested in the Adani Group companies and found mention in the Hindenburg Group’s Adani report were on the radar of Indian tax authorities for over a decade.”

As Sebi got another three months from the Supreme Court earlier this month to complete its probe, records accessed by The Indian Express during the 2017 Paradise Papers investigation show that Mavi Investment Fund Ltd (now APMS Investment Fund Ltd) had received a notice from the Mauritius Revenue Authority (MRA) in September 2012. This notice was to share information, and for onward transmission to the Indian tax authorities under the Double Taxation Avoidance Agreement, it read.

In its Adani report, Hindenburg Research named five Mauritius entities — APMS Investment Fund (earlier Mavi Investments), Albula Investment Fund, Cresta Fund, LTS Investment Fund and Lotus Global Investment Fund under the control of an alleged “stock parking entity” Monterosa Investment Holdings (BVI) — that collectively held substantial stakes in Adani group companies over one and a half decade.

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