Allegations and evidence seem to be piling up against Gautam Adani’s group. Already in January, Hindenburg Research accused the Indian tycoon of wrongdoing “Brazen accounting fraud, stock manipulation and money laundering”. According to a US investment research firm, a vast maze of foreign-based shell companies collectively funneled billions of dollars into companies listed on the Adani stock exchange, mainly to make people believe they were in good financial health. At the time, the Gautam Adan conglomerate responded by describing the US firm’s account as“Calculated attack in India”.
But a new investigation released in August by the Organized Crime and Corruption Reporting Project (OCCRP) reveals details of a complex offshore operation in Mauritius apparently controlled by Adani’s associates, which was allegedly used to prop up the share price of his group of companies. From 2013 to 2018.
two men who “He has a close connection with the Adani family” He reportedly spent several years buying and selling hundreds of millions of dollars worth of shares in the group. “There is evidence that the investment funds they used to buy Adan Group shares received instructions from a company controlled by a high-ranking member of the Adan family.OCCRP writes.
“too hard”
After the release of the Hindenburg Report, Indian Prime Minister Narendra Modi faced a series of questions about the nature of his relationship with Gautam Adan, with the opposition making it a major issue in Parliament. The Hindu nationalist was also questioned over allegations of favoritism the group allegedly benefited from from his government.
“One of the main elements of the opposition’s strategy for the legislative elections of 2024 is to say that this government is a small part of the elite business in its hands, and this is against the interests of ordinary citizens.confirms Milan Vaishnavi, director of the South Asia Program at the Carnegie Endowment for International Peace. But The chain of events denounced by the Hindenburg Report is too complicated to make a simple story., he warns. The researcher believes that “The average Indian does not want to believe that Modi is personally corrupt. Therefore, the attack on Adan is unlikely to be successful. Moreover, there is also no conclusive evidence directly linking him to Modi. “
Source: Le Monde
Ashley Fitzgerald is a financial whiz and a writer at Run Down Bulletin. With a passion for all things economy, she provides insightful and thought-provoking coverage of the latest economic trends and events.
