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Hindenburg Research, an investment research firm, recently published a report on the Adani Group, one of India’s largest conglomerates. The report detailed a number of questionable practices by the group’s various companies, including the misuse of public funds, corruption, and environmental violations.

The report, which was widely shared on social media and covered in the media, pointed to a number of troubling practices by the Adani Group.

It alleged that the group had used public funds to finance its various projects and had also engaged in what it called “crony capitalism” – a form of corruption in which public resources are used to benefit certain individuals or groups.

The report also accused the group of flouting environmental regulations in order to build its projects, and of using its political connections to gain access to state resources.


The report sparked an outcry from environmental activists and other civil society groups, who called on the Indian government to take action against the Adani Group.

The Adani Group has denied all of the allegations, claiming that the report is a “malicious, salacious and false campaign against the company.”

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The report also drew attention to the fact that the Adani Group is one of the biggest beneficiaries of the Indian government’s controversial “ease of doing business” policies, which have been criticized for being overly friendly to big business and for leading to an increase in crony capitalism.

Hindenburg Research’s report is the latest in a string of exposés that have put the Adani Group in the spotlight. The group has come under fire for its various projects and activities, and the report has raised further questions about its practices.

The Indian government is now under pressure to investigate the allegations and take action against the group if necessary.

A recent report from Hindenburg Research has revealed that the company has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.

The report, released in June 2020, reveals that the Adani Group has been manipulating its stock prices by using “round-tripping”, a process where companies buy and sell shares of their own stock to artificially inflate its value.

This practice is illegal in India, as it can be used to manipulate stock prices and mislead investors. The report also accuses the Adani Group of hiding debt, inflating profits, and understating losses.

The report also claims that the Adani Group has been engaging in a series of accounting frauds to artificially inflate its profits. These include the use of related party transactions to inflate revenue, hiding losses through shell companies, and manipulating its financial statements.


The report further alleges that the Adani Group has been using accounting gimmicks to hide losses, including the use of off-balance sheet entities to move debt off its books.

The Adani Group has denied the allegations, calling them “baseless” and “malicious”. However, it is worth noting that the report was compiled after a thorough review of the company’s financial records, and its findings are backed up by independent analysis from a number of experts.

The report’s findings have sent shockwaves throughout the Indian corporate world, and have exposed the extent to which the Adani Group has been engaged in stock manipulation and accounting fraud.

The findings have also raised serious questions about the company’s corporate governance practices and its commitment to transparency.

The Adani Group has come under increased scrutiny in recent years, due to its involvement in numerous controversial projects. The company’s stock has also been underperforming for some time, raising further questions about its financial health.

The report from Hindenburg Research has only further damaged the company’s reputation, and it remains to be seen how the company will respond to the allegations.

Rajesh Adani, the Chairman of the Adani Group, was recently accused by the Directorate of Revenue Intelligence (DRI) of diamond trading fraud.

The DRI, India’s apex intelligence agency for customs and revenue, alleged that Adani had been involved in fraudulent import and export activities, involving diamonds worth Rs. 733 crores.

The DRI claims that Adani, along with his associates, had misused the Export Promotion Capital Goods Scheme to illegally export diamonds from India to Hong Kong.

Under this scheme, goods are imported into India duty-free for use in the production of export goods. The DRI alleges that Adani used the scheme to export diamonds, which were then re-imported back into India as finished goods, thus avoiding paying customs duties.

The DRI has initiated proceedings against Adani and his associates and is seeking to recover the alleged dues. The matter is currently ongoing, and the final outcome is yet to be determined.

Regardless of the outcome, the case has cast a shadow over Adani’s business empire, which stretches across several industries, including energy, logistics, ports, and real estate. It has also raised questions about the Adani Group’s commitment to ethical business practices.

Gautam Adani’s brother-in-law, Samir Vora, has been accused by the Directorate of Revenue Intelligence (DRI) of being a ringleader of a diamond trading scam.

According to the DRI, Vora and his associates have been found to have been involved in a scam involving the illegal import of diamonds worth over Rs. 300 crores.

The investigation by the DRI began in April 2018 when they received a tip-off about a possible diamond smuggling operation being conducted by Vora and his associates.

Upon further investigation, the DRI found that Vora and his associates had been importing diamonds from the UAE and other countries without declaring them to the Customs authorities.

Furthermore, the DRI also found that Vora and his associates had been using fraudulent documents to evade the payment of customs duties on the diamonds.

The DRI has filed a complaint against Vora and his associates, accusing them of “evading customs duty and misusing various permits to facilitate the illegal import of diamonds”.

According to reports, the DRI also believes that Vora and his associates have been involved in money laundering activities to disguise the proceeds of the diamond trading scam.

Vora is a businessman and a close associate of Gautam Adani, the chairman of the Adani Group. Vora is married to Gautam Adani’s sister, Jyoti, and is believed to have been involved in several business deals with the Adani Group in the past. However, Adani has denied any involvement in Vora’s alleged diamond trading scam.

The DRI has launched a full-fledged investigation into the matter and has asked the Customs authorities to investigate all those involved in the scam.

If Vora and his associates are found guilty, they could face up to five years in jail and a hefty fine. The case is currently pending in the Gujarat High Court.

This is not the first time that Vora has been accused of involvement in illegal activity. In 2013, Vora was arrested by the Anti-Terrorism Squad (ATS) of the Gujarat Police in connection with an alleged money laundering case. However, he was later released on bail.

The latest allegations against Vora are yet another reminder of the need for strict enforcement of laws against illegal activities. It is important for the authorities to take strong action against those found guilty of such activities to ensure that the rule of law is respected and maintained.