Adani Group denies charges in alleged serious financial fraud allegations IG News

Adani Group rejected the allegations in a report by the Organized Crime and Corruption Reporting Project (OCCRP). Adani Group said that these allegations have been made by that section of the foreign media which is funded by George Soros. Adani Group said- This seems to be another concrete attempt to revive the rejected Hindenburg Report. Let us tell you that OCCRP Report and Guardian have accused Adani Group of secretly investing money in its own shares through two foreign investors.

The Adani group said the claims made in the OCCRP report are based on closed cases dating back a decade. Which was investigated by the Directorate of Revenue Intelligence (DRI). It had probed allegations of transfer of funds abroad, related party transactions and investments through FPIs (foreign portfolio investors).

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The Adani Group said – “Both an independent adjudicating authority and an Appellate Tribunal had confirmed that there was no overvaluation and that all transactions were in accordance with applicable law. The matter was finalized in March 2023 when the Supreme Court of India Awarded in our favor. It is clear that since there was no overvaluation, these allegations on transfer of funds have no relevance or basis.”

Adani Group said that “FPIs are already part of the investigation by SEBI. According to the Supreme Court-appointed expert committee, there is no evidence of violation of minimum public shareholding (MPS) requirements or manipulation of stock prices against the group. ”

The Adani group alleged that “It is unfortunate that these publications (OCCRP, The Guardian) did not publish our complete response to the questions sent to us. All the short sellers are being investigated by various authorities.”

The company said that it is important to respect the existing regulatory process. Because both the Supreme Court and the Securities and Exchange Board of India (SEBI) are monitoring the matter. Adani Group said- “We have full faith in the due process of law and are confident of the quality and corporate standards of our disclosures. In light of these facts, the timing of these news reports is suspicious, mischievous and malicious. reject.

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According to the company, the CBI also probed allegations of over-valuation and over-invoicing of power transmission equipment. It closed the case on 15 July 2015.

The Enforcement Directorate (ED) has found that 18 companies, including foreign portfolio investors and foreign institutional investors in tax havens, were the biggest beneficiaries of short selling in shares of Adani group companies after the Hindenburg report, which led to the market crash in January. Was. ED has shared its findings with SEBI. Sources say that the probe agencies may probe money laundering and other charges against these companies.