Fresh troubles for Adani: What is OCCRP and its allegations against the family-led group

Produced by: Tarun Mishra
Designed by: Mohsin Shaikh

Amidst mounting allegations sparked by the Organised Crime and Corruption Reporting Project (OCCRP), the Adani Group has found itself in another heated clash over accusations of financial misconduct

Fresh Troubles for Adani

Established in 2006, the Organised Crime and Corruption Reporting Project (OCCRP) is a worldwide consortium of investigative journalists, with a presence spanning six continents. This network is dedicated to exposing instances of organised crime and corruption. The project disseminates its investigative findings through local media platforms, while its website hosts content in both English and Russian

Who is OCCRP ?

OCCRP's investigation has allegedly revealed intricate dealings involving significant investments in publicly traded Adani Group stocks via "opaque" Mauritius funds. The report underscores the alleged obscurity surrounding business partners associated with the Adani family

OCCRP's Report

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Responding sharply to OCCRP's report alleging the use of "opaque" Mauritius funds to manipulate publicly traded stocks, the Adani Group has launched a vigorous counterattack, vehemently denying the allegations

Allegations and Counterclaims

The conglomerate has questioned the timing of these allegations, deeming them suspicious and orchestrated. The Adani Group categorically rejected the revived allegations, characterising them as part of a calculated bid by George Soros-funded interests and certain media outlets to bring back the discredited Hindenburg report

Timing and Motive

The Adani Group linked the fresh allegations to a concerted campaign by George Soros-funded interests and certain segments of the foreign media, portraying it as an effort to tarnish their reputation

The Fight Against
George Soros

Citing more than financial harm, the group contends that these efforts to artificially lower stock prices are under scrutiny by regulatory authorities, signalling potential legal consequences for those behind the manipulation

Counteracting Manipulation

Highlighting the findings, the report allegedly uncovered instances where investors reportedly engaged in intricate offshore transactions involving Adani stock trading

Offshore Transactions

The OCCRP report came nearly eight months after US-based short-seller Hindenburg Research's accusations on Adani Group of improper business dealings, including the use of offshore entities in tax havens

Previous Allegations

The Adani Group faces a crucial juncture, grappling with renewed allegations while firmly maintaining their innocence. The allegations' impact on stock prices and the ongoing regulatory investigations underscores the complexity of the situation

Implications and Conclusion

Market regulator SEBI has told the Supreme Court that it's still waiting for information from five tax havens about who the actual owners are behind foreign investors in the Adani Group. News reports say SEBI has finished looking into 22 out of 24 cases it was investigating. The Supreme Court was supposed to hear this case on August 29th but has postponed it further to an unknown date

Next Hearing