On Thursday, the Adani Group became embroiled in new claims presented by the Organised Crime and Corruption Reporting Project (OCCRP).
The OCCRP report alleges that “opaque” Mauritius funds were used to funnel substantial investments into the publicly traded stocks of the Adani Group, purportedly masking the involvement of business partners associated with the Adani family.
This allegation arises following earlier assertions made by Hindenburg Research. It is a US-based short-selling firm, which accused the conglomerate of questionable business methods, including manipulating stock prices.
OCCRP’s secret share trading allegation
The Organised Crime and Corruption Reporting Project (OCCRP) published a report accusing Adani Group of routing investments in its publicly traded stocks through “opaque” Mauritius funds. OCCRP claimed these funds obscured the involvement of alleged Adani family business partners.
About OCCRP?
The OCCRP is a global network of investigative journalists focused on exposing corruption. It is funded by organizations including George Soros’ Open Society Foundation (OSF) and Rockefeller Brothers Fund. OCCRP may be noted that George Soros has previously aligned with the Hindenburg report. It was for raising questions about PM Narendra Modi’s ties with Gautam Adani.
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Adani Group’s response on OCCRP
The Adani Group immediately rejected OCCRP’s allegations as “recycled.” They labeled the report as an orchestrated effort by interests associated with George Soros, supported by sections of foreign media, to revive the “meritless” Hindenburg report. The conglomerate emphasized that the timing of the report was suspicious, mischievous, and malicious.
“We categorically reject these recycled allegations. These news reports appear to be yet another concerted bid by Soros-funded interests. It is supported by a section of the foreign media to revive the meritless Hindenburg report. In fact, this was anticipated, as was reported by the media last week,” Adani Group said.
Adani Group shares under pressure
After the report was published, Adani Enterprises, the main company of the group, witnessed a 3 percent decrease in its share value. Other companies under the conglomerate, such as Adani Ports, Adani Power, Adani Green, Adani Total Gas, and Adani Wilmar, encountered drops ranging from 1 to 5 percent.
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