The Supreme Court on Friday verbally observed that there was no material to distrust the investigation by the Securities and Exchange Board of India into allegations of round-tripping and money-laundering by the Adani Group, Live Law reported.

The bench was hearing a batch of public interest litigations seeking a court-monitored investigation into allegations by United States-based firm Hindenburg Research that the conglomerate was involved in accounting fraud and improper use of tax havens.

The court reserved its judgement on Friday.

During the hearings, advocate Prashant Bhushan, appearing for one of the petitioners, said that SEBI’s role in the matter was suspected as it was aware of the alleged violations by the Adani Group since 2014.

He referred to a letter written in January 2014 by the chief of the Directorate of Revenue Intelligence – a financial investigative agency under the Ministry of Finance – to SEBI, flagging a case it was investigating.

The case involved the alleged over-invoicing of power equipment purchased by an Adani Group company. The January 2014 letter said proceeds from the alleged over-valuation, estimated at Rs 6,278 crores, had been sent to Mauritius.

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On Bhushan’s allegations, Solicitor General Tushar Mehta said that the Directorate of Revenue Intelligence concluded its inquiry into the matter in 2017 and did not find any evidence against the Adani Group.

The tax agency, however, has asked asked the Supreme Court to allow it collect evidence from Singapore, seeking permission to restart the investigation of the alleged over-invoicing.

The chief justice said that SEBI is a statutory body entrusted with investigating stock market manipulation. “Is it proper for a court without any proper material to say that we don’t trust SEBI and we will form our own SIT [Special Investigation Team]?” he asked Bhushan, according to Live Law. “This has to be done with much calibration.”

Chief Justice Chandrachud, however, said that the regulatory body must take steps to protect the stock market due to instances of short selling.

During the hearings, Mehta also alleged that media reports were being planted to influence the actions of Indian authorities with respect to the Adani Group, Bar and Bench reported.

“There is a growing tendency of planting stories outside India to influence decisions within India,” the solicitor general said. “One example is the OCCRP [Organized Crime and Corruption Reporting Project] report.”

In August, the Organized Crime and Corruption Reporting Project published a report by journalists Ravi Nair and Anand Mangnale on alleged stock manipulation by the Adani Group. The report alleged that two investors who pumped hundreds of millions of dollars into the Adani Group through offshore funds have close ties to the conglomerate’s promoters. The report raised questions about the possible violation of Indian stock market rules.