Adani Group denied a new report investigating alleged manipulation of the conglomerate's share prices, accusing its authors of conspiring to drive down its stocks for profit. / Photo: AFP
Millions of dollars were invested in some publicly traded stocks of India's Adani Group via"opaque" Mauritius funds that"obscured" involvement of alleged business partners of the Adani family, the Organised Crime and Corruption Reporting Project has said in an article. Citing a review of files from multiple tax havens and internal Adani Group emails, the non-profit global network of investigative journalists said two individual investors — Nasser Ali Shaban Ahli from Dubai and Chang Chung-Ling from Taiwan — with"longtime business ties" to the Adani family used such offshore structures to buy and sell Adani shares.
"If true, it could mean a violation of Indian financial market regulator SEBI laws for publicly listed stocks, that could sway the outcome or push SEBI to dig deeper in its ongoingDays following the January report, Adani group stocks lost $150 billion in market value and remain down around $100 billion following a recovery in recent months after it repaid some debt and regained some investor confidence.
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