How the World’s 3rd Richest Man is Pulling the Largest Con in Corporate History, alleged that Adani was engaging in “a brazen stock manipulation and accounting fraud scheme.”

Adani Green Energy Ltd, Adani Transmission, and Adani Ports & Special Economic Zone were removed from the UN-backed Science Based Targets Initiative (SBTi)

Adani Green publishes in its annual results that it is redirecting funding, through collateralisation and related party transactions, to other Adani entities responsible for coal expansion

The Organized Crime and Corruption Reporting Project (OCCRP) exposed Adani’s illegal transfer of money to shell companies to manipulate Adani’s stock price, violating India’s free float laws.

OCCRP releases documents published that Adani Group companies were overcharging the Indian government and citizens for imported coal resulting in inflated prices while boosting Adani’s bottom line.

Snowcap reported that Adani Green was committing a form of investor fraud via deceitful accounting practices, inflating earnings and lying about its ability to meet renewable energy targets.

The report alleged that the Securities and Exchange Board of India (SEBI), India’s regulatory body, either turned a blind eye or actively enabled Adani’s manipulation of its financial disclosures.

As evidence of financial misconduct, corruption, deception and greenwashing mounted, Adani couldn’t get enough investors interested to raise over $1 billion in capital.