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Decoding: Allegations Against Adani

Group by OCCRP
Following previous allegations by Hindenburg Research,
the Organised Crime and Corruption Reporting Project
(OCCRP) has made fresh accusations of stock
manipulation against the Adani Group.

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About Organised Crime and Corruption
Reporting Project (OCCRP):

OCCRP is a global network of investigative journalists with a

presence on six continents.
Established in 2006, its primary focus is on investigating
organized crime and corruption.
It disseminates its findings through local media and its website
in English and Russian.
OCCRP has been involved in covering events such as the
Pegasus spyware and the Panama Papers leak.

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 OCCRP’s Report on Adani Group:

OCCRP conducted research and released a report on the

Adani Group (AG).
The report alleges that 'opaque' funds based in Mauritius were
used to invest significant sums in publicly traded Adani Group
stocks, purportedly under the 'guidance' of individuals linked
to the promoter’s family.
The report identifies at least two instances where 'mysterious'
investors engaged in buying and selling Adani shares through
offshore structures.
It names Nasser Ali Shaban Ahli and Chang Chung-Ling,
individuals with longstanding connections to the Adani family,
who allegedly collaborated in trading Adani stocks via offshore
entities and profited substantially from questionable
transactions.

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Both Ahli and Chung-Ling were reported to have business
ties with the Adani family, serving as directors and
shareholders in Group companies and firms associated
with Gautam Adani's elder brother Vinod Adani.
OCCRP's report follows allegations made by the US-
based Hindenburg Research eight months earlier,
accusing the Adani Group of improper business dealings
involving offshore entities in tax havens.

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 Adani Group’s Response:
In response to the report's release, Adani Enterprises, the
flagship company, witnessed a 3% decline in its share
value.
Other Adani Group companies, including Adani Ports,
Adani Power, Adani Green, Adani Total Gas, and Adani
Wilmar, experienced declines ranging from 1% to 5%.
The Adani Group swiftly refuted the allegations as
'recycled and motivated.'
They asserted that this was another coordinated attempt
by interests funded by George Soros, with the
involvement of certain sections of foreign media, to
resurrect the unsubstantiated Hindenburg report.
The conglomerate deemed the timing of the report
suspicious, mischievous, and malicious.

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