Key Takeaways
- The Adani group denied fresh allegations of market manipulation, citing a Supreme Court ruling in its favor.
- International reports, including the Guardian and Financial Times, claim the conglomerate engaged in stock‑trading irregularities.
- The allegations reference a past Hindenburg report and accusations of over‑invoicing and fund transfers investigated by the DRI.
- Senior Congress leader Jairam Ramesh is demanding a Joint Parliamentary Committee probe into the matter.
New Delhi: In a fresh blow to billionaire Gautam Adani-led Adani Group, multiple international media reports on Thursday alleged market manipulation by the conglomerate citing offshore financial records.
Adani group in a media statement refuted all the allegations and stated that the 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.
“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 (foreign portfolio investors),” it said.
The statement further said, “An independent adjudicating authority and an appellate tribunal had both confirmed that there was no over-valuation and that the transactions were in accordance with applicable law. The matter attained finality in March 2023 when the Hon’ble Supreme Court of India ruled in our favour. Clearly, since there was no over-valuation, there is no relevance or foundation for these allegations on transfer of funds.”
Basing their reports on documents obtained by the Organised Crime and Corruption Reporting Project (OCCRP), the Guardian newspaper said that associates of the Adani family may have spent years discreetly acquiring stock in the Adani Group’s own companies.
This occurred during the conglomerate’s meteoric rise to become one of India’s largest and most powerful businesses.
Financial Times also reported on the alleged stock manipulation and said, “An intricate paper trail shielded two key Adani Group investors from regulators – until now. Documents shared with us reveal their share trading and how authorities investigated market manipulation.”
Senior Congress leader and spokesperson Jairam Ramesh has again demanded a Joint Parliamentary Committee (JPC) probe into fresh allegations against Adani group.
