New Delhi, Jun 16 (PTI) The Congress on Monday claimed that a key figure in the Adani "scam" has Cypriot citizenship, and said the ongoing SEBI investigations into transactions involving the conglomerate have been hampered by lack of sharing of financial information by tax-haven countries and "lack of pressure" by India.

The opposition party's assertions come amid the ongoing visit of Prime Minister Narendra Modi to Cyprus.

"The Prime Minister is in Cyprus on his way to Canada. Of course, he would have us believe that it is a pure coincidence that a key figure in the Modani scam has Cypriot citizenship," Congress general secretary in-charge communications Jairam Ramesh said. The Cyprus-based fund New Leaina has reportedly about USD 420 million in Adani companies, he claimed.

"The 'ultimate beneficial owners' of this fund are linked to Amicorp, which is believed to have set up at least seven Adani promoter entities, seventeen offshore shell companies linked to Mr. Vinod Adani, and three Mauritius-based offshore investors in Adani Group stock," Ramesh said in his post on X.

All these transactions are part of the ongoing SEBI investigations which have been hampered by lack of sharing of financial information by these and other tax-haven countries and lack of pressure by India, Ramesh alleged.

There was no immediate reaction from the Adani Group on the claims but it has denied all such allegations made by the Congress and other entities.

The Congress has been persistent in its attack on the government since the Adani Group stocks took a beating on the bourses in the wake of US-based short-selling firm Hindenburg Research making a litany of allegations, including fraudulent transactions and share-price manipulation, on the conglomerate headed by industrialist Gautam Adani.

The Adani Group has dismissed all the charges made by the Congress and others as lies, saying it complies with all laws and disclosure requirements.

Noting that Cyprus gained independence from British rule on Aug 16, 1960, Ramesh also said that in the 1950s, India spearheaded the international campaign for the full decolonisation of the island.

In the context of today's geopolitics it is worthwhile to recall that India's championing of the independence of Cyprus in the 1950s and thereafter became a sore point in our bilateral relations with Turkey, he said. PTI ASK DV DV

Information sharing deficiencies impede regulatory probes, constraining SEBI investigations into alleged offshore-linked transactions and ownership structures. Allegations claim the securities regulator's probe into the conglomerate's transactions is hampered by lack of financial information sharing from tax-haven jurisdictions and insufficient pressure by the State. The opposition alleges a Cyprus-linked individual and a Cyprus-based fund with ties to a corporate services provider are connected to multiple offshore promoter entities and investors, which form part of the regulator's inquiries; the conglomerate denies the charges and asserts regulatory compliance.