It asserted the “scam” requires serious punitive action, including arrests and raids by investigative agencies.

Congress general secretary in-charge communications Jairam Ramesh said a token settlement would make Indian institutions a laughing stock whose reputation has already been tarnished by the actions of Prime Minister Narendra Modi and “his cronies”.

His remarks come amid reports that several entities connected to Adani Group have approached the Securities and Exchange Board of India (SEBI) seeking settlement in a case that alleges violations of public shareholding norms through unfair practices at four listed companies of the infrastructure conglomerate.