Adani Group, Owned by 4th Richest Man in The World, Gautam Adani Accused of Largest Fraud in History

Adani Group, Owned by 4th Richest Man in The World, Gautam Adani Accused of Largest Fraud in History

  • India’s giant conglomerate, the Adani Group has been accused of fraud and money laundering
  • A report published by Hindenburg Research said the group is involved in stock manipulation
  • The company called the report a malicious and discredited misinformation

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Adani Group, India’s largest corporation, owned by Asia’s richest man, Gautam Adani has been accused by a US investment company of fraud.

Hindenburg Research, an investment research firm on Tuesday, January 24, 2023, published a research document which stated that the $218 billion Adani Group was involved in stock manipulation, accounting fraud and money laundering.

Gautam Adani, Adani Group, India
Adani Group's Chairman, Gautam Adani and Jeff Bezos Credit: Bloomberg/Contributor
Source: Getty Images

The many investments of Adani Group

The group denied the allegations in a statement signed by the group’s Chief Finance Officer, Judgeshinder Singh, saying that it has always been in compliance with all laws.

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The group’s founder Gautam Adani is Asia’s richest person and was overthrown by Jeff Bezos as the third richest person in the world this week.

The group is heavily invested in port management, power generation, renewable energy, mining, airport operations, natural gas, food processing and infrastructure.

In May 2022, the group bought a small digital publishing firm. By August, Adani’s media mounted a bid for New Delhi Television (NDTV), one of the most trusted news sources in India and completed a 65 per cent takeover of the company.

Hindenburg Research said it has investigated Adani Group for two years and finds regulators in India failing to rein the group’s excesses and intimidated the media into silence.

Adani Group's many 'sins'

Specifically, Hindenburg accused the group of inflating revenue and profit figures, close family control despite the size of the group, use of offshore shell companies to conceal true ownership, among others.

Reports say the group’s CTO expressed shock over the information, calling it a malicious combination of selective misinformation and stale, baseless and discredited allegations.

Other reports say the revelation has caused the group’s stock to plummet and relegated its Chairman, Gautam Adani to the fourth position in Bloomberg’s Billionaire Index.

Indian Industrialist, Gautam Adani May Overtake Elon Musk as Second-Richest Man in the World

Recall that Legit.ng reported that In a few weeks, Elon Musk may lose his position as the second-richest person in the world to Indian billionaire, Gautam Adani.

Elon Musk has lost over $200 billion in the last year, the first man in history to ever lose that much fortune.

What is separating Musk, whose car company’s shares, Tesla has consistently posted losses in the last few weeks, from Gautam is just $ billion.

Source: Legit.ng

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