Who was protecting this company? What are its connections to those in power? senior advocate questions
NEW DELHI — Senior advocate and activist Prashant Bhushan has raised questions over allegations that a company reported fake exports worth nearly ₹15 lakh crore over a 12-year period without detection by authorities.
In a post on X, Bhushan asked, “How could ₹15 lakh crore of fake exports be shown by a company for 12 years without being detected? Was this ₹15 lakh crore laundered money coming from tax havens? Who was protecting this company? What are its connections to those in power? This photo may offer a clue.”
Bhushan also shared a photograph of businessman Rajesh Mehta, suggesting it could provide leads into the matter. The post referred to a report by journalist Paranjoy Guha Thakurta, who mentioned a show-cause notice reportedly issued to six Adani Group companies and questioned Mehta’s alleged association with the conglomerate.
According to Thakurta, India’s market regulator, the Securities and Exchange Board of India (SEBI), has issued show-cause notices to several Adani Group companies over alleged violations of stock market regulations. Such notices typically mark a preliminary step in regulatory proceedings, after which companies are required to respond before further action is considered.
The issuance of these notices was disclosed by the companies in filings to stock exchanges. Details of the notices, however, are not publicly available.
The Adani Group has previously denied allegations of financial misconduct and has maintained that it complies with all applicable laws and regulations.
This is not the first instance of regulatory scrutiny involving the group. In 2007, following a year-long investigation, SEBI barred several Adani Group companies and their promoters from participating in stock market activities for two years over alleged manipulation of share prices of Adani Exports Ltd (now Adani Enterprises Ltd) between 1999 and 2001.
At the time, the entities were accused of acting in collusion with stockbroker Ketan Parekh to rig share prices. A Joint Parliamentary Committee had examined the matter.
The latest allegations come amid renewed scrutiny of export-import transactions and offshore financial flows. However, no official findings establishing wrongdoing by the individuals or entities mentioned in Bhushan’s post have been cited so far.
