OCCRP claims that Mauritius-based secretive funds invested millions in Adani stock, likening it to Hindenburg 2.0.

The Organised Crime and Corruption Reporting Project (OCCRP), an organization funded by individuals like George Soros and Rockefeller Brothers Fund, has made new allegations against the Adani group. According to OCCRP, they claim that Mauritius-based “opaque” investment funds, associated with partners of the promoter family, invested hundreds of millions of dollars in publicly traded Adani group stocks.

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This follows a previous incident where a U.S. short seller had accused Adani of accounting fraud, stock price manipulation, and improper use of tax havens, resulting in a significant drop in the value of Adani group stocks.

OCCRP’s investigation involved reviewing files from multiple tax havens and internal Adani Group emails. They found instances where these mysterious investors, Nasser Ali Shaban Ahli and Chang Chung-Ling, who have ties to the Adani family and were directors/shareholders in group companies, bought and sold Adani stock through offshore structures. The investigation revealed that these investors coordinated their trading with the Adani family and made substantial profits.

The Adani group responded to the allegations, stating that the Mauritius funds had already been named in the U.S. Hindenburg report and dismissing the fresh allegations as baseless and rehashed from the previous claims. They emphasized compliance with all applicable laws and regulations related to public share holdings.

OCCRP raised concerns about Ahli and Chang’s stake in the Adani Group, questioning whether they were acting on behalf of Adani promoters, which could violate Indian listing law if insiders collectively owned over 75%. While there’s no direct evidence linking their investments to the Adani family’s funds, OCCRP suggested that their trading appeared coordinated with the family’s actions.

The OCCRP also highlighted the remarkable growth of the Adani Group from under $8 billion in market capitalization in 2013 to $260 billion in the previous year. The conglomerate operates across various sectors including transportation, natural gas distribution, coal trade and production, power generation, road construction, data centers, and real estate.

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