The collection of industrial companies owned by India’s leading industrialist Gautam Adani has once again surrounded the Adani Group with controversies. Before the Hindenburg Report controversy was fully settled, similar allegations were again brought to the fore by another organization.
The Organized Crime and Corruption Reporting Project (OCCRP) has alleged in a report that people close to the Adani family invested millions of dollars in the Adani Group through several shell companies in Mauritius and illegally inflated the share prices of those companies. Later, they resold the shares at inflated prices and made huge profits, it said. It has been revealed that they have obtained reliable documents related to such transactions from 2013 to 2018. It is explained that these irregularities have come to light for the first time. This detail was famously published by the British magazine The Guardian. The OCCRP alleged that members of the Adani family bought shares of Adani Group companies worth billions of dollars through benami. Currently Gautam Adani is one of the richest people in the world with a wealth of 120 billion dollars.
OCCRP alleged that Gautam Adani and his brother Vinod Adani were the main actors in this scam. It revealed that these transactions were done through two shell companies owned by two foreigners who were major business partners of Vinod Adani.
Adani Group denies OCCRP’s allegations. Adani Group has alleged that the Hindenburg report, which was previously against Adani Group, has been released again by OCCRP with changes. The previous Hindenburg report and the current OCCRP report were criticized as part of efforts to tarnish the image of the Adani Group. Adani Group has clarified that Vinod Adani has no role in the affairs of Adani Group. Famous investor George Soros has investments in OCCRP. George Soros has previously supported Hindenburg’s allegations against Gautam Adani.