Stock Market

Adani Clan’s Pals Allegedly Play Hide-and-Seek with Murky Money in Stock Game

Hey there! Buckle up because I’ve got some spicy news for ya. So, get this: The Adani family, the big shots of India’s business world, have some friends who seem to be up to some sneaky business. The Organised Crime and Corruption Reporting Project (OCCRP) just dished out an article claiming millions of dollars went into Adani’s stocks through some shadowy funds from Mauritius. Talk about a twist!

The report pulled from a hodgepodge of documents from tax hideouts and inner Adani Group chats. Apparently, Nasser Ali Shaban Ahli, our man from Dubai, and Chang Chung-Ling from Taiwan (both with tight ties to the Adani family) might have used these offshore piggy banks to play the Adani stock game.

Now, before we jump the gun, Reuters hasn’t given the all-clear to OCCRP’s claim. And guess what? Neither Ahli nor Chang threw in their two cents when Reuters reached out. But the Adani Group? Oh boy, they went on full defense mode, rubbishing these claims like yesterday’s news. And let’s not forget, Gautam Adani, the big man of the Adani empire, was riding high on the world’s third-richest man list till this scandal ruffled his feathers earlier this year.

Following some accusations from U.S. short-seller Hindenburg Research, the Adani stocks took a nosedive. And now, this fresh piece from OCCRP has thrown another spanner in the works, making folks question how the Adani Group does business.

Lakshmanan R., a keen-eyed analyst from CreditiSights, mused, “If these claims hold water, it might be a big no-no as per Indian market rules. Who knows, the authorities might dig even deeper into Adani’s backyard.”

SEBI, the big kahunas of Indian stock regulation, stayed mum when Reuters came knocking. But post the January news, the Adani stocks saw a whopping $150 billion dip. Ouch!

Now, onto the family ties and money trails. During their high-rolling days in 2016, Ahli and Chang held a chunk of shares in some Adani companies. These shares were sailing smoothly in Mauritius funds, with a whopping value of $430 million at one point. But here’s the kicker: there’s no solid proof that the Adani family funded these two. Yet, some sneaky documents hint that their stock moves might’ve had a little nudge from the Adani fam.

Hindenburg, never one to shy away, gave a virtual nod to the OCCRP findings, saying it echoed their earlier concerns about these murky dealings. But Adani? They’re singing the same old tune, saying they’ve always played by the book.

To cap it off, India’s top court is eyeballing a SEBI probe based on Hindenburg’s report. Last week, SEBI whispered that their report is almost ready, but they’re wrestling with some intricate offshore details. Meanwhile, OCCRP had a chat with Chang, and he played the innocent card, wondering aloud why his other ventures didn’t spark any curiosity.

Well, isn’t that a roller coaster of a story? Only time will tell where this leads. But for now, grab your popcorn, folks. This show’s just getting started!

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