Months into Hindenburg report, OCCRP alleges Adani family’s partners used 'opaque' funds to invest in group stocks
Launching a salvo at Adani Group, OCCRP said that it found two cases where Adani family members bought and sold Adani Group shares. It further said that two people from Mauritius' Global Opportunities Fund have links with Vinod Adani, the elder brother of Gautam Adani.
In more trouble for the embattled Adani group, the Organised Crime and Corruption Reporting Project (OCCRP) dealt a heavy blow to the Indian business group on Thursday (August 31), alleging that its hundreds of millions of dollars were invested in publicly traded group stocks through Mauritius-based 'opaque' investment funds, managed by partners of the promoter family. The news created a riot in Adani group shares on Thursday, after OCCRP alleged questionable practices in the Indian group’s business.
According to reports, the group companies had secretly purchased their shares from 2013 to 2018.
- अदानी ग्रुप (Adani Group) पर नया आरोप
- OCCRP ने लगाया आरोप#AdaniGroup @ArmanNahar pic.twitter.com/ndVvpT8TCF
— Zee Business (@ZeeBusiness) August 31, 2023
ALSO READ: OCCRP alleges Mauritius-based opaque funds invested in Adani stocks
Even as the group denied the allegations, the news affected Adani Group shares' performance badly, which were facing heavy selling pressure.
A report by US-based Hindenburg Research, released in January, alleging account fraud, stock manipulation and improper use of tax havens had wiped out close to $150 billion in value of Adani group stocks.
OCCRP said it had used a number of files from multiple tax havens and internal Adani Group emails to back its claims against the business group.
Training its guns at Adani Group, OCCRP said that it was not clear in the public shareholding whether these shares were with the people associated with the Adani family.
Launching a salvo at Adani Group, OCCRP said that it found two cases where Adani family members bought and sold Adani Group shares.
In a scathing attack against the group, the OCCRP report said that two people from Mauritius' Global Opportunities Fund have links with Vinod Adani, the elder brother of Gautam Adani.
OCCRP also claimed that the objective of the fund is to buy and sell shares of Adani Group.
Adani Group refuted the allegations, alleging OCCRP was trying to make profit by targeting shares of Adani Group.
The business group said that an agency investigation regarding the short sellers matter is already underway.
Yet another horrible day for Adani group stocks
All Adani Group stocks suffered losses on Thursday, with the flagship company Adani Enterprises’ shares falling as much as 5.1 per cent to Rs 2,385 apiece in intraday trade.
At 2 pm, while the Adani Enterprises stock was down 2.8 per cent at Rs 2,443.9 apiece on BSE, shares in ACC, Ambuja Cements, Adani Ports, Adani Power, Adani Energy Solutions, Adani Green Energy, Adani Total Gas, Adani Wilmar and NDTV were struggling against losses of up to four per cent.
(With inputs from agencies)
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