A two-year investigation by a short seller claims Adani Group engaged in accounting fraud worth billions of dollars
Hindenburg Research, which in the past has shorted—or bet against—companies like electric truck maker Nikola Corp and Twitter, said it holds short positions in Adani companies through U.S.-traded bonds and non-Indian-traded derivative instruments.
The industrialist began as a commodity trader in the 1980s before he founded his company Adani Group in 1988, eventually expanding it into a private infrastructure empire that operates ports, airports, and coal mines across India and the world. The group also has multiple subsidiaries through its data and cable centers and the manufacturing of defense goods. It plans to expand further through a $70 billion investment in green energy businesses in the coming year.
The report names several family members—like Gautam Adani’s brothers, Rajesh and Vinod Adani, as well as associates of the Adani Group—for their involvement in major bribery and tax evasion cases. Members of the Adani family have been the subjects of past corruption investigations carried out by the Securities and Exchange Board of India and the Directorate of Review Intelligence.
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