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Adani’s toxic bonds


The Adani Group, under the veil of corporate ambition, has been exposed for a relentless agenda of greed including fraud, insider trading, criminal behaviour, money laundering, human rights violations and climate destruction. By continuing to back Adani, financial institutions are complicit in its deception.

Why can’t investors and banks spot the risks at Adani?

Six months ago, Hindenburg Research unveiled Adani’s “brazen accounting fraud, stock manipulation, and money laundering. Yet, the tentacles of this conglomerate’s misdeeds stretch even further. Confidential documents obtained by the Organised Crime and Corruption Reporting Project (OCCRP), shared with The Financial Times and The Guardian, have come to light, confirming Hindenburg’s allegations – vehemently denied by the Adani Group – that Gautam Adani’s brother Vinod and his associates control a “vast labyrinth of offshore shell entities” to artificially inflate Adani stock prices and move money in and out of its listed companies.

Amidst this scandal, Adani is fundraising for billions in the bond market this financial year, including refinancing of at least $2 billion in USD bonds due to mature in 2024.

Investors, banks, index providers and credit rating agencies must confront the harsh reality of their support for Adani and take their fiduciary responsibility seriously.

Adani’s toxic bondholders

Adani’s bondholders must deny new debt and divest from existing bond holdings.

Investors: Stop funding Adani or risk complicity in its deception

Current Bondholder status

Major Adani bondholder
Dropped Adani

Adani’s toxic bond underwriters

The banks underwriting Adani bonds must stop facilitating bond issuance and deny new loans to Adani Group.

Report unveils Barclays’ troubling ties with Adani

Current Underwriter status

Major Adani bondholder
Dropped Adani
Petition progress

The public is calling on Adani’s investors to immediately deny debt to Adani.

Go to petition

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