Economy

Panama Papers: Adanis welcome probe by Centre

Virendra Pandit Ahmedabad | Updated on January 20, 2018

panama





The Adani Group has welcomed the multi-agency probe announced by the Centre into the controversial “Panama Papers” issue, and clarified that Vinod Adani, elder brother of Group Chairman Gautam Adani, is an NRI for 30 years having business interests abroad.

In a statement here, the $10-billion diversified group, while referring to this week’s media reports about the Panama Papers disclosures, said, “It is strange that Gautam Adani’s name is mentioned in the headlines though he is not the account holder; the story actually pertains to Indians having not legitimate bank accounts abroad.”

The group described it as a “deliberate attempt” to draw Gautam Adani’s name, not just to mislead the readers at large but also to “mischievously sensationalize” the matter.

NRI for 30 years

It may be noted that the reported account holder, Vinod Adani, elder brother of Gautam Adani, has been a Non- Resident Indian (NRI) for about 30 years and has his own established business interests outside India, the statement said.

The Adani group and the Indian resident members of the Adani family always conduct transactions within the framework of extant regulatory guidelines and provisions.

“We welcome the government initiatives to reach to the bottom of this matter pertaining to the black money trail including Panama leaks and assure our fullest cooperation in any kind of investigation for that matter”.

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Published on April 06, 2016
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