New Delhi: After the scathing Hindenburg report in January, the Adani Group has been struck by another ‘bouncer’ as Organised Crime and Corruption Reporting Project (OCCRP) on Thursday levelled fresh allegations against the Indian conglomerate.
OCCRP, a global network of investigative journalists focused on exposing corruption, has alleged that ‘opaque’ Mauritius funds were used to funnel substantial investments into the publicly traded stocks of the Adani Group, to mask involvement of business partners associated with the Adani family.
The Opposition was quick to pounce on the OCCRP report and reiterated doubts about Adani Group’s connections with Prime Minister Narendra Modi.
“This is not an Adani issue, this is a ‘MODANI’ issue. The real issue is the relationship between PM Modi and Adani,” said Congress MP Jairam Ramesh.
“From 28th January to 28th March, Congress party asked 100 questions to PM Modi regarding Adani. We have no information that who owns Rs 20,000 crores in Adani’s shell companies. Rahul Gandhi spoke on the issues of Adani in Lok Sabha and he was disqualified from Parliament,” Ramesh elaborated.
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Another Congress leader Randeep Singh Surjewala questioned Adani Group;s investments.
“The Cat’s out of the Bag on Adani! Vinod Adani’s associates, Nasser Ali Shaban Ahli and Chang Chung-Ling, who invested US $430 Million in Adani Companies! Is this sufficient evidence of Stock Manipulation?” Surjewala wrote on microblogging site X.
“Why couldn’t SEBI & Supreme Court appointed ‘Expert Committee’ find this? Who are Mauritius based Emerging India Focus Fund (EIFF) and EM Resurgent Fund (EMRF)? Who are Lingo Investment Ltd (BVI), owned by Chang; Gulf Arij Trading FZE (UAE), owned by Ahli; Mid East Ocean Trade (Mauritius), of which Ahli was the beneficial owner; and Gulf Asia Trade & Investment Ltd (BVI), of which Ahli was the controlling person? Aren’t the connections clear?” Surjewala posted.
“Was money siphoned off by over-invoicing being rerouted through offshore vehicles as stated in the news story? Who’ll investigate? Will Supreme Court now take note? Does this not prove the immediate need for a JPC probe?” he further asked.
Trinamool Congress MP Mahua Moitra launched a veiled attack, calling Adani Group BJP’s best friend.
“There is a pattern that all allegations post 2014 magically disappear for the best friend of BJP. Chickens will come home to roost soon! Justice maybe delayed but it won’t be denied. Con artists no matter how sophisticated are ultimately crooks,” Moitra wrote on X.
Adani Group refuted the claims, saying they are recycled and orchestrated by interests linked to George Soros, supported by a section of foreign media, with the intention of resurrecting the Hindenburg report and tarnishing the group’s reputation.
OCCRP is funded by several organisations including Soros’ Open Society Foundation (OSF) and Rockefeller Brothers Fund. Soros had raised questions about PM Modi’s ties with Gautam Adani post the Hindenburg report.
