The Adani Group on Thursday rejected the allegations of having “hidden foreign investors” as mentioned in a report by Organized Crime and Corruption Reporting Project (OCCRP) and termed them a “concerted bid by Soros-funded interests” to “revive the meritless Hindenburg report”.
Citing review of files from multiple tax havens and internal emails of Adani Group, George Soros-owned non-profit media OCCRP said its probe found at least two instances where the investors bought and sold Adani stock through such offshore structures.
Rebuffing the allegations in a statement, the group said: “We categorically reject these recycled allegations. These news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report. In fact, this was anticipated, as was reported by the media last week. These claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over-invoicing, transfer of funds abroad, related party transactions and investments through FPIs.”
The group of companies also clarified that an independent adjudicating authority and an appellate tribunal had confirmed that “there was no over-valuation and that the transactions were in accordance with applicable law”.“It is unfortunate that these publications, which sent us queries, chose not to carry our response in full,” the group said.
In an article on Thursday, the OCCRP said millions of dollars were invested in a few publicly-traded stocks of India’s Adani Group via “opaque” Mauritius funds that concealed the involvement of alleged business partners of the Adani family.