Opaque Mauritius Fund Investments in Adani Stocks Revealed: OCCRP Investigation

31 Aug 2023 , 11:10 AM

The Organised Crime and Corruption Reporting Project (OCCRP) uncovers investments of millions of dollars in publicly traded stocks of India’s Adani Group through ‘opaque’ Mauritius funds. These funds allegedly obscured the involvement of alleged business partners of the Adani family.

From files in multiple tax havens and internal Adani Group emails, OCCRP reveals instances of investors buying and selling Adani stock via offshore structures.

This revelation comes after U.S.-based short-seller Hindenburg Research’s accusations in January about Adani Group’s improper business dealings, including offshore entities in tax havens like Mauritius. 

Hindenburg Research had stated that certain offshore funds surreptitiously owned stock in Adani’s listed firms. Adani Group refuted Hindenburg’s claims, stating they were misleading and lacked evidence, emphasizing their compliance with laws. Following the January report, Adani Group’s stocks plummeted by $150 billion in market value, partially recovering in recent months after debt repayment and restoring investor confidence.

Responding to OCCRP’s investigation, Adani Group mentions that the Mauritius funds in question were previously mentioned in the Hindenburg report. The group deems the allegations baseless, unsubstantiated, and a repetition of Hindenburg’s claims.

Hindenburg’s accusations notably impacted Gautam Adani, the conglomerate’s billionaire leader, and led to a $2.5 billion share sale postponement. India’s Supreme Court appointed a panel to oversee a market regulator probe prompted by the Hindenburg report.

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