Adani family associates invested in its own stocks via funds: Report
India's billionaire businessman Gautam Adani's family secretly invested millions of dollars in its own companies via “opaque" Mauritius funds, reported the Organised Crime and Corruption Reporting Project (OCCR) in its latest article. These funds “obscured" the involvement of alleged business partners of the Adani family.
Notably, the allies of the Adani family may have spent years discreetly investing in Adani Group's own companies in the stock market during its rise in India, reported The Guardian referring to offshore financial records. Adani associates “seemingly" controlled an “undisclosed and complex offshore operation in Mauritius" to allegedly “support the share prices of its group of companies from 2013 to 2018," according to The Guardian report based on Organised Crime and Corruption Reporting Project (OCCR) article.
The OCCR review of files from multiple tax havens and internal Adani Group emails, reveals that Adani shares were bought and sold by investors through such offshore structures twice. In response to the report, Adani Group said that the Mauritius funds investigated by the report had already been mentioned in the Hindenburg report.
"Allegations are not only baseless and unsubstantiated but are rehashed from Hindenburg’s allegations," claimed Adani Group. “Contrary to your claim of new evidence/proofs, these are nothing, but a rehash of unsubstantiated allegations levelled in the Hindenburg report.
Our response to the Hindenburg report is available on our website. Suffice it to state that there is neither any truth to nor any basis for making any of the said allegations against the Adani Group and its promoters and we expressly reject all of them," said Adani Group in response to the fresh
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