Tue May 20 07:38:37 UTC 2025: Here’s a summary of the provided text and a rewritten news article based on it:

**Summary:**

The Congress party is criticizing the Securities and Exchange Board of India (SEBI) for allegedly slow-walking an investigation into the Adani Group. The criticism stems from media reports suggesting SEBI has warned two offshore funds with penalties for failing to disclose shareholding details, accusing them of being fronts for Adani investments. Congress alleges the delay benefits the Adani Group and claims the government is attempting a cover-up. The Adani Group denies all charges, stating compliance with regulations.

**News Article:**

**Congress Accuses SEBI of Dragging Feet on Adani Group Investigation**

**New Delhi, May 20, 2025** – The Congress party has launched a scathing attack on the Securities and Exchange Board of India (SEBI), alleging the market regulator is deliberately delaying an investigation into the Adani Group. The accusations follow media reports that SEBI has threatened two Mauritius-based offshore funds controlled by Elara Capital – Elara India Opportunities Fund and Vespera Fund – with penalties and potential license cancellations for failing to provide complete shareholding information.

Congress General Secretary Jairam Ramesh stated, “The ‘double-engine’ Modani saga continues,” implying a close relationship between the Adani Group and the current government. Ramesh claims these funds are suspected of “stock parking,” acting as fronts for undisclosed Adani investments, which would violate SEBI regulations.

While the funds have reportedly offered to settle the matter by paying a token fee without admitting guilt, Congress argues that SEBI’s actions appear superficial, given the Supreme Court’s mandate for a swift resolution over two years ago. Ramesh asserted that the only beneficiary of the prolonged investigation is the Adani Group.

“Try as the government may to cover up ‘India’s biggest scam’, the truth is coming out,” Ramesh declared.

The Congress party has consistently targeted the Adani Group since the release of a report by U.S.-based short seller Hindenburg Research, which made allegations of fraudulent transactions and stock manipulation.

The Adani Group has consistently refuted all allegations, maintaining its compliance with all laws and disclosure requirements. SEBI has yet to issue a statement regarding the current accusations. The ongoing controversy raises concerns about regulatory oversight and transparency in India’s financial markets.

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