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.
