These charges are based on closed cases from a decade ago, when the Directorate of Revenue Intelligence (DRI) looked into suspicions of unauthorized foreign fund transfers, related party transactions, and other financial crimes.
Non-profit media organization OCCRP has put pressure on the Adani Group’s shares since Thursday after alleging offshore funding in Mauritius.
Adani Group’s shares have been making headlines in the news for consecutive sessions as the company’s shares have remained under selling pressure in the second session. Adani Power’s shares opened with a drop, reaching ₹312.25 on the NSE, which is more than one percent lower compared to Thursday’s closing price. Similarly, Adani Enterprises’ shares are fluctuating between gains and losses, while Adani Green Energy, Adani Ports, Adani Total Gas, Adani Transmission, Adani Wilmar, etc., have also faced declines in the red zone. However, some of Adani Group’s shares started to recover from their intraday lows after conducting business in the red zone.
Adani News You Need to Know:
Non-profit media organization Organized Crime and Corruption Reporting Project (OCCRP) has raised concerns about offshore funding in Mauritius and has accused the Adani Group. In a new set of allegations, OCCRP claims that investors purchased and sold Adani stocks through opaque structures.
The OCCRP report states, “Based on documents obtained by OCCRP and shared with The Guardian and Financial Times – which include several tax havens, bank records, and emails within the Adani Group – shed light on how Adani stocks worth millions of dollars were publicly traded through opaque investment funds located in the island nation of Mauritius.
See OCCRP tweet below:
Accusing the Adani family of involvement in this offshore funding, the OCCRP report mentions, “Two individuals, Nasir Ali Shaban Ahli and Chang Chung-Ling, have had long-standing business relationships with the family and have also served as directors and shareholders in Adani Group companies and related entities.” One senior member of the family includes Vinod Adani.”
Adani Group Denies Allegations
However, the Adani Group has denied these allegations, stating that it’s “another solid attempt by foreign media supported by Soros-financed interests to revive an unsubstantiated Hindenburg report from a decade ago.These allegations are based on closed cases from a decade ago, when the Directorate of Revenue Intelligence (DRI) looked into claims of unauthorized international money transfers, related party transactions, and other financial crimes., and investments through FPIs. Both an independent adjudicator and an appellate tribunal had confirmed that there was no overvaluation, and the transactions were in compliance with applicable laws. The case concluded in March 2023 when the Hon’ble Supreme Court of India ruled in our favor. Clearly, as there was no overvaluation, there is no relevance or basis for these allegations on fund transfers,” stated the Adani Group.
“The objective of these efforts, among other things, is to manipulate our stock prices lower and generate profits for these speculators undergoing scrutiny by various regulators. Given that the Hon’ble Supreme Court and SEBI are overseeing these matters, it is imperative to respect ongoing processes,” the Adani Group mentioned in its exchange communication.
Approximately eight months ago, U.S.-based short-seller Hindenburg Research expressed concerns about the debt situation of Adani Group’s companies, causing a significant sell-off in Adani Group’s shares for almost a month. After that debt situation, OCCRP has now launched another major attack on Adani Group’s companies regarding its funding.
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