A billionaire Indian family with close ties to the country's prime minister, Narendra Modi, secretly invested hundreds of millions of dollars into the Indian stock market, buying their companies' own shares, newly disclosed documents suggest.
According to offshore financial records seen by the Guardian, associates of the Adani family may have spent years discreetly acquiring stock in the Adani Group's own companies during its meteoric rise to become one of India's largest and most powerful businesses. By 2022, its founder, Gautam Adani, had become India's richest person and the third richest person in the world, worth more than $120bn (£95bn).
The allegations come after a report in January, published by the New York financial research firm Hindenburg, that accused the Adani Group of pulling off the "largest con in corporate history".
It alleged there had been "brazen stock manipulation and accounting fraud", and the use of opaque offshore companies to buy its own shares, contributing to the "sky high" market valuation of the conglomerate, which had hit a peak of $288bn in 2022.
The Adani Group denied the Hindenburg claims, which initially wiped $100bn off the conglomerate's market value and cost Adani his prime spot on the world rich list. At the time, the group called the research a "calculated attack on India" and on "the independence, integrity and quality of Indian institutions".
Yet new documents obtained by the investigative journalists of the Organised Crime and Corruption Reporting Project (OCCRP), and shared with the Guardian and the Financial Times, reveal the details of an undisclosed and complex offshore operation in Mauritius - seemingly controlled by Adani associates that was allegedly used to support the share prices of its group of companies from 2013 to 2019. Up until now, this offshore network had remained impenetrable.
Denne historien er fra August 31, 2023-utgaven av The Guardian.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra August 31, 2023-utgaven av The Guardian.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Post Office boss asked about his pay and bonuses 'more than expected', says board member
The chair of the Post Office's remuneration committee has said she was surprised at how frequently the company's boss, Nick Read, asked about his pay and bonuses, given the pressure it was under due to the ongoing fallout from the Horizon IT scandal.
Murdoch property group raises offer for Rightmove to £6.2bn as deadline looms
Britain's booming wine-growing industry has been compared to \"California in the 70s\", with annual production more than doubling to 12m bottles a year, according to a report.
Viral load Social media putting rare species in danger
With its striking plumage, impressive size and rowdy displays, a capercaillie is many birders' dream. Only about 530 of the woodland grouse survive in the wild, most in Scotland's Cairngorms national park.
Toll of 20 dead in storm-hit south-eastern US could rise as flooding hampers rescues
Hurricane Helene has reportedly killed at least 20 people and left 4m consumers without power across the south-eastern United States after crashing ashore in north-western Florida late on Thursday as a potent category 4 hurricane, according to officials.
Closing borders Electoral pressures put EU's freedom of movement under threat
In 2015, when more than 1.3 million people headed to Europe, mostly fleeing a brutal war in Syria, the response of Germany's chancellor, Angela Merkel, was to say: \"Wir schaffen das\" (\"We can manage this\"), and open the country's borders.
Fight does not end here, say critics, as Wimbledon wins the go-ahead to expand
Wimbledon's controversial plans to build 39 new tennis courts have been given the green light after a deputy mayor of London ruled that the \"very significant benefits\" of the scheme outweighed any potential harm to the environment.
Sue Gray Advisers to the PM are often targets of sniping but is it sustainable?
For someone who was not even in Liverpool for the Labour party conference, Sue Gray was the subject of a remarkable amount of conversation.
Revealed Alli gave PM a further £16,000 gift of clothing
Keir Starmer was given a further £16,000 worth of clothes by the Labour peer Waheed Alli, which was declared as money for his private office, the Guardian can reveal.
Tributes paid to 'one of a kind' in seven decades on stage and screen
Maggie Smith, the prolific, awardwinning actor described by peers as being \"one of a kind\" and possessed of a \"sharp eye, sharp wit and formidable talent\", has died aged 89.
Diplomacy Netanyahu insists Israel is winning on 'seven fronts'
Israel's prime minister, Benjamin Netanyahu, shrugged off global appeals for a ceasefire in Lebanon and Gaza yesterday, using a defiant speech at the UN general assembly to denounce the world body as an \"antisemitic swamp\" and insist Israel is \"winning\" its multi-front wars.