An investigation by Hindenburg Research has accused Indian billionaire Gautam Adani’s conglomerate of stock price manipulation and accounting fraud - here’s what you need to know about the scandal
These companies had a market value of $200 bn beforeFebruary 1, 2023Hindenburg Research claimed that “Adani Group has been able to operate a large, flagrant fraud in broad daylight in large part because investors, journalists, citizens and even politicians have been afraid to speak out for fear of reprisal.”
Claiming to have catalogued the entire Mauritius corporate registry, Hindenburg Research said many of those entities didn’t appear to be operational - they had no reported employees, independent addresses or phone numbers. “Despite this, they have collectively moved billions of dollars into Indian Adani publicly listed and private entities, often without required disclosure of the related party nature of the deals,” the report exposed.
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