These records reveal that substantial amounts of money flowed into publicly traded Adani Group stocks via 'opaque' funds based in Mauritius. Alleged business associates, widely acknowledged to be linked to the majority shareholders of the Adani family, were responsible for these investments. OCCRP's insightful endeavors included investigating documents from different duty shelters, bank records, and inner Adani Gathering messages to uncover this issue. The report discloses that in at least two instances, representing Adani stock holdings valued at one point at $430 million, the investors had close ties to the Adani family. Nasser Ali Shaban Ahli and Chang Chung-Ling, the two individuals in question, not only maintained long-standing business connections with the family but also served as directors and shareholders in Adani Group companies and firms associated with Vinod Adani, a senior member of the family.

These records give proof that these financial backers participated in the broad trading of Adani stocks through the Mauritius reserves, bringing about critical benefits. The utilization of offshore structures helped conceal their involvement, and it was revealed that the management company overseeing their investments paid a Vinod Adani company for advisory services. The report brings up an urgent issue: Should Ahli and Chang be viewed as following up for Adani 'advertisers,' a term utilized in India to mean larger part entrepreneurs? If this is indeed the case, OCCRP points out that their stake in Adani holdings would exceed the 75 percent limit allowed for insider ownership.

These revelations by OCCRP come in the wake of accusations in January by US-based short-seller Hindenburg Research, which alleged improper business dealings within the Adani Group, including the use of offshore entities in tax havens such as Mauritius.

Adani Gathering energetically denied these charges, stating its unflinching adherence to lawful structures. Nevertheless, these claims initially led to a $150 billion loss in market value for Adani Group stocks, with a remaining $100 billion decrease even after some debt repayment and the restoration of investor confidence.

In response to OCCRP's findings, a representative of the Adani Group reaffirmed that the Mauritius funds had already been mentioned in the 'Hindenburg report' and cited the Supreme Court's expert committee, which found regulatory efforts to investigate the matter inconclusive. 

The agent declared that these charges were unconfirmed and emphasized the Gathering's consistency with all material regulations. It is noteworthy that Nasser Ali Shaban Ahli and Chang Chung-Ling did not respond to OCCRP's requests for comment.

In a meeting with The Watchman, Chang prevented any information from getting secret Adani stock buys yet didn't explain whether he had made such speculations.

Vinod Adani also remained silent on these developments, although the Adani Group had previously denied his involvement in the conglomerate's operations. However, in March, it was acknowledged that he was part of the 'promoter group.'

After the revelations by Hindenburg Research in January, the Supreme Court established an expert committee to investigate these allegations.

The board of trustees' decisions, delivered in May, uncovered that SEBI had been researching the Adani Gathering for quite a long time, thinking that a few public investors may be fronts for Adani Gathering advertisers. 

In 2020, SEBI initiated an investigation into 13 overseas entities holding Adani stock, but this inquiry encountered significant obstacles, as detailed in the report

Writer: Chintu nath