Shares of Adani Group’s listed companies fell as much as 2% on the morning of August 31, a day after the Non-profit Organized Crime and Corruption Reporting Project (OCCRP) released details. new on allegations that the partners of the Adani family invested. million people to buy their own shares in the corporation. through shady investment funds based in the island nation of Mauritius.
In response to the allegations, a representative for the Adani Group denied these claims and stated that “these allegations are not only baseless and baseless but are also inspired by Hindenburg’s allegations. Furthermore, it is expressly stated that all publicly traded entities of the Adani Group comply with all applicable laws, including regulations regarding public shares.
According to the report, Nasser Ali Shaban Ahli and Chang Chung-Ling have “a long-standing business relationship with the family and have also served as directors and shareholders of Adani Group companies and companies associated with a one of the senior members of the family, Vinod Adani.” “. “Vinod is the brother of Adani Group Chairman Gautam Adani.
The report claimed that documents revealing that “substantial profits were obtained” by buying and selling shares of Adani under this offshore deal obscured their involvement. The management company in charge of the “partner’s” investments also paid Vinod Adani to advise them on their investments, the report said. In January 2023, a report by the US short-selling firm Hindenburg Research stated that the Adani Group had “engaged in blatant stock manipulation and a scheme of accounting fraud for decades”. “.
On August 29, it was reported that the Securities and Exchange Commission of India (SEBI) investigation into Adani Group had revealed violations of disclosure rules by listed institutions. listing and limits on foreign fund holdings.
Among the 10 listed companies of Adani Group are Adani Power, Adani Enterprises, Adani Wilmar, Adani Transmission and Adani Total Green.
