Adani Group: The troubles of Gautam Adani, chairman of Adani Group and India’s second richest man, are not showing any signs of abating. According to media reports, market regulator SEBI is going to investigate the relations between Adani Group and Gulf Asia Trade and Investment Fund. It is being told that the market regulator of India (SEBI) is investigating the relationship between Adani Group and a fund incorporated in the British Virgin Islands to see if there were violations of share ownership rules. Sources said that this fund is called Gulf Asia Trade and Investment. According to a check of its website last month, it is owned by Dubai-based businessman Nasser Ali Shaaban Ahli. Organized Crime and Corruption Reporting Project (OCCRP) and the fund has invested in several listed Adani firms, according to data provided to Reuters by the Investigative Journalists Group. The probe is part of SEBI’s probe into the Indian group, following a January report by short-seller Hindenburg Research. It said offshore shell companies secretly owned stock in Adani-listed firms, raising governance concerns.
What is the allegation of OCCRP?
Organized Crime and Corruption Reporting Project (OCCRP) has released a report on the Indian corporate house Adani Group. In this report, the institute has alleged that millions of dollars were invested in the shares of some publicly traded companies of the group through an opaque Mauritius fund, which has obscured the stake of the alleged business partners of the Adani family. This claim is being made by the institute on the basis of review of files from several tax havens and internal emails of Adani Group. It is being claimed that two such cases have come to light in their investigation. OCCRP has made serious allegations saying that investors of Adani Group have bought and sold Adani stocks through offshore structures.
Adani Group suffered a loss of 100 billion dollars due to Hindenburg
After the Hindenburg report, the valuation of Adani Group’s stocks reduced by $100 billion. However, after Hindenburg’s report, Adani Group had completely rejected Hindenburg’s allegations. According to the report, SEBI said that its investigation in 22 out of 24 cases has been completed. In the two cases in which interim reports have been submitted, investigation is being done on 13 foreign entities of Adani Group. However, the report has not yet been made public by SEBI. But, market experts say that according to the current report, the case of violation by Adani Group is a technical one in which monetary penalty can be imposed after the completion of the investigation.
What is Organized Crime and Corruption Reporting Project?
Organized Crime and Corruption Reporting Project (Organized Crime and Corruption Reporting Project – OCCRP) is an international non-profit organization that investigates and publishes information on corruption, crime, and organized crime. The main objective of OCCRP is to create partnerships in the fight against corruption and crime and to promote social change. This institute is associated with people like American billionaire George Soros and Rockefeller Brothers Fund. OCCRP works to raise awareness of society through its publications, research, and documentaries and makes a significant contribution to the fight against corruption and crime in various nations.