Indian Company Loses $100 Billion After American Researchers Say They Run ‘The Largest Con In Corporate History’

Indian Adani Group, a multinational conglomerate, lost over $100 billion in stock market Value after a team os researchers claimed that the company pulled “the largest con in corporate history.”

Gautam Adani is the current owner of the firm. richest Artificially inflating men around the world. “a brazen stock manipulation and accounting fraud scheme over the course of decades,” According to a 2-year study investigation Hindenburg Research is an American financial forensic company. An analysis team visited several countries to speak with former executives. They concluded that Adani Group companies had pledged shares of their stock in return for loans and assumed large amounts of debt. Additionally, they had benefited from the establishment of shell companies by family members.

Vinod Adani (the elder brother of Gautam) is alleged to control 38 shell companies in Mauritius. These include those located in Cyprus, Singapore and the United Arab Emirates. Many of these companies appear to employ zero workers and have no online presence. Researchers discovered that this was a deliberate attempt to hide the true nature the companies. “rudimentary,” citing the fact that 13 of the companies’ websites were created on the same day and contain little more than stock photos.

Adani Group has interests in a variety of sectors, including port management, electric power and mining, oil and natural gas, and food processing. After the publication of the report last Wednesday, Gautam Adani fell from being the third-richest person on the planet down to the seventeenth.

The shell companies exist for stock parking, stock manipulation, and laundering money through Adani’s private companies “onto the listed companies’ balance sheets in order to maintain the appearance of financial health and solvency,” Hindenburg Research reported that offshore companies make up a large portion of the largest public holders Adani Group stock. According to the report, Rajesh Adani (the younger brother and sister-in-law) and Samir Vora (the brother and sister-in-law of Gautam Adani), were promoted to top executive positions within the empire despite their involvement with alleged offshore diamond trading frauds. Indian authorities launched several investigations into the family in the last two decades.

Adani Enterprises, Adani Group’s flagship publicly traded business, has seen shares drop by more than 52% in five days. Hindenburg Research stated that they have taken a short position through American-traded bonds as well as various derivatives.

Adani Group published “Adani Group” document Hiring Hindenburg Research executives “Madoffs of Manhattan” They stated that they were conducting an investigation. “a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive.” Hindenburg Research was also accused by the company of launching an advertisement “attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” Leading the investors to Rebut This document “largely confirmed our findings and ignored our key questions.”

India’s economy is thriving Grown The country has grown significantly over the past decades, despite corruption and lack of sound institutions. The nation is scheduled to become the world’s third-largest economy in the next decade and most populated nation this year, surpassing longtime geopolitical rival China for the latter distinction.