Friday, December 8, 2023

Hindenburg 2.0: Adani Group accused of secret share trading in OCCRP report

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Fresh sets of allegations of ‘stock manipulation’ against Adani Group by Organised Crime and Corruption Reporting Project (OCCRP) have been causing huge chaos in the Indian stock market.

The report claimed that Gautam Adani’s family invested millions of dollars in its own companies via “opaque” Mauritius funds.

The new documents obtained by reporters reveal two men who spent years trading hundreds of millions of dollars’ worth of Adani Group stock are Nasser Ali Shaban Ahli and Chang Chung-Ling.

Both have close ties to the Adani family, including appearing as directors and shareholders in affiliated companies. Records show that the investment funds they used to trade in Adani Group stock received instructions from a company controlled by a senior member of the Adani family, Vinod Adani, elder brother of Gautam Adani.

American short-seller, Hindenburg, made similar claims of ‘stock manipulation’ against the Indian conglomerate in January this year.

The OCCRP report on offshore funding impacted share value of Adani firms. All Adani group stocks tumbled within few minutes after market opening on Thursday.

“Adani Power shares fell by 3 per cent during early trade, whereas, Adani Transmission share price plunged by 3.3 per cent in morning. Similarly, Adani Enterprises shares fell by 2.50 per cent. Continuing the downward trend, Adani Total Gas shares also fell by 2.50 per cent during Thursday deals,” read Live Mint report.

Congress former chief Rahul Gandhi said, speaking about new allegations: “It is very important that the Prime Minister of India Mr Narendra Modi clears his name and categorically explains what is going on. At the very least, A JPC should be allowed and a thorough investigation should take place. I don’t understand why the PM is not forcing an investigation? Why is he quiet and people who are responsible are put behind bars? This is raising very serious questions on the PM just before G20 leaders come here…It is important that this issue is made clear before they (G20 leaders) arrive.”

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