According to a report by the Organized Crime and Corruption Reporting Project (OCCRP), the Adani Group has been accused of using “opaque” funds to invest in its own stock, which raises questions about possible violations of Indian law .
The report claims that two men, Nasser Ali Shaban Ahli and Chang Chung-Ling, who secretly invested in the conglomerate, have close ties to its majority owners, the Adani family. Both have appeared as directors and shareholders in affiliated companies, and 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 .
In response to these allegations, the Adani Group has released a statement categorically denying them, describing them as “recycled” and “malicious.” The group emphasized that the OCCRP report did not include their complete response to the accusations. They expressed their unwavering trust in the legal due process and expressed confidence in their transparent disclosures and high corporate governance standards.
This is not the first time that the Adani Group has been embroiled in controversy. In 2022, the group was accused of using its political connections to win government contracts. The group denied these allegations as well .
The Adani Group’s rejection of these latest allegations is likely to be seen as a sign that it is confident of its position. However, given the history of controversies surrounding the group, these allegations are likely to continue to be a source of controversy for some time .
The Adani Group has rubbished these allegations calling them “recycled” and “bid by Soros-funded interests supported by a section of foreign media to revive meritless Hindenburg report”
The stock prices of Adani Group’s listed companies plummeted on Thursday morning following the release of an investigative report. The report uncovered a connection between offshore investors of the company and the family members of Gautam Adani, the billionaire founder of the Indian conglomerate. According to documents obtained by OCCRP, substantial amounts of money were invested into Adani Group’s publicly listed firms through investment funds located in Mauritius, utilizing opaque channels.
According to the report, investments made into Adani stocks through a complex chain of offshore funds were primarily carried out by Nasser Ali Shaban Ahli from UAE and Chang Chung-Ling from Taiwan. The report notes that Ahli and Chang have long had close ties with the Adani family—including serving as directors in Adani Group companies and firms linked to Vinod Adani, Gautam’s older brother. Under Indian law, a publicly traded company’s promoters can hold no more than 75% of the company’s shares, which means if Ahli and Chang acted at Adani’s behest, the company may have violated securities law .
Adani Enterprises shares fell more than 3% to $29 (Rs 2,400), before making a slight recovery to $29.6 (Rs 2,450), while other listed firms were also down between 2% and 3% at noon in India.
Gautam Adani, the Founder and Chairman of the Adani Group, is a first-generation entrepreneur who has established the company as one of the leading industrial conglomerates in India. His motto of “Growth with Goodness” fuels his vision of nation-building. The Group’s various businesses are dedicated to developing top-notch infrastructure capabilities that contribute to the rapid progress of India.
The Adani Group has rubbished these allegations calling them “recycled” and “bid by Soros-funded interests supported by a section of foreign media to revive meritless Hindenburg report”
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