OCCRP Report on Adani Group: Adani Group is in trouble once again. A new report has leveled serious allegations against the company, claiming that partners from the Adani family have used ‘obscure’ funds to invest in the stake. All the stocks of Adani Group fell as soon as this news came.
The Organized Crime and Corruption Reporting Project (OCCRP) released a report on Thursday. According to reports, millions of dollars have been invested in shares of some publicly traded companies of the Adani Group through an “obscure” Mauritius fund, which has “obscured” the stakes of alleged business partners of the Adani family. have done.
Two cases came under investigation
Non-profit media organization OCCRP said the investigation uncovered at least two cases, based on a review of internal email files from several tax havens and the Adani Group. In these cases, Adani Group investors have bought and sold Adani stock through an offshore structure.
Connection to the Hindenburg Report!
The new report comes after US-based short-seller Hindenburg Research in January accused Adani Group of wrongful business dealings, including the use of entities in tax havens such as Mauritius. The report said that Adani had a stake in some hidden funds in listed companies. However, the company termed these claims as misleading and unsubstantiated. The company claimed that it had complied with the rules.
What did Adani Group say?
According to ET, in a statement to OCCRP, the Adani Group said the name of the Mauritius fund probed by journalists had already been mentioned in the Hindenburg Report. The company said these allegations are not only baseless but also repeat Hindenburg allegations. The company said that all laws have been complied with.
Adani stock falls sharply
Adeni Enterprises was trading 2.06 percent lower at Rs 2,461.45 per share on the NSE. Shares of Adani Green Energy fell 2.65 percent to Rs 944.90 per share. Adani Port fell 1.52% to Rs 806.55, Adani Power fell 2.77% to Rs 319.30, Adani Total Gas fell 2.08% to Rs 638.90, Adani Transmission fell 2.84% to Rs 817.85, Adani Wilmar fell 1.29% to Rs 231.20, Adani Toll Gas fell 2.84% to Rs 231.20. The percentage fell to 817.85 rupees. 438 to Rs 35 per cent, NDTV was trading down 0.91 per cent at Rs 217.10 and ACC was trading down 1.35 per cent at Rs 1,973.50.
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