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Adani confronts Soros-funded interests amidst media scrutiny over business empire



Last Updated on September 1, 2023 by Robert C. Hoopes

Title: Adani Group Accused of Offshore Operations to Inflate Market Value, Faces Investigation

New allegations have emerged against the Adani Group, an Indian conglomerate, with claims that it has utilized offshore operations to boost its market value. Investigative journalists uncovered secretive investment structures and parallel sets of books, raising concerns about the company’s financial practices. These allegations follow a previous report by Hindenburg Research that had a significant impact on the company’s market value. The Adani Group has denied all accusations and called for respect for an ongoing regulatory process. The Indian market regulator has launched an investigation into the claims.

The Adani Group, an Indian conglomerate involved in various sectors, including energy, infrastructure, and mining, has come under scrutiny over allegations of using offshore operations to inflate its market value. Documents obtained by investigative journalists have raised concerns about secretive investment structures and parallel sets of books within the company.

The Organized Crime and Corruption Reporting Project (OCCRP), which is partially funded by the Open Society Foundations of billionaire George Soros, shared its research findings with media outlets such as The Guardian and the Financial Times. These outlets reported that Adani associates utilized a firm in Bermuda for their operations.

Moreover, The Guardian alleged that individuals connected to the Adani family acquired stock in Adani Group companies through a complex operation based in Mauritius. These revelations have caused further questions regarding the transparency and integrity of the company’s business practices.

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These allegations have intensified following a report from Hindenburg Research, accusing Adani of stock manipulation and leading to a significant decline in the company’s market value. The Adani Group has strongly refuted all allegations, labeling them as “recycled” and a “calculated attack” against the company.

India’s market regulator, the Securities and Exchange Board of India (SEBI), has initiated an investigation into the allegations made by Hindenburg. It has reported the nearing completion of its investigation to the Supreme Court. Opposition lawmaker Rahul Gandhi has urged Prime Minister Narendra Modi to investigate the claims and criticized his silence on the matter.

The Adani Group has close ties to Prime Minister Modi and has been perceived as one of his key business allies. Both parties have dismissed allegations of favoritism.

The Open Society Foundations defended the OCCRP’s independence and denied any attempt to discredit its work. The organization stated that it takes pride in supporting the OCCRP and its investigations.

In response to the recent media reports, the Adani Group has expressed confidence in its disclosures and corporate governance standards. It has called for respect toward the ongoing regulatory process and labeled the timing of the allegations as “suspicious and malicious.”

The Adani Group, one of India’s prominent conglomerates, is facing serious allegations of using offshore operations to inflate its market value. Investigative reports and documents obtained by journalists have raised concerns about undisclosed investment structures and manipulative practices within the company. The Indian market regulator has initiated an investigation, and opposition lawmakers are demanding Prime Minister Modi’s intervention. As the controversy unfolds, the Adani Group continues to deny all allegations and calls for respect for the ongoing regulatory process.

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