A US-based financial forensic firm has alleged that India’s Adani Group, led by the world’s third-richest person Gautam Adani, is involved in a massive and “brazen stock manipulation” and “accounting fraud scheme.”

In a report published yesterday (Jan. 24), the New York-based short seller said the $218 billion conglomerate was “pulling the largest con in corporate history.”

“We have identified 38 Mauritius shell entities controlled by Vinod Adani or close associates. We have identified entities that are also surreptitiously controlled by Vinod Adani in Cyprus, the UAE, Singapore, and several Caribbean Islands,” the report said, referring to Gautam Adani’s elder brother Vinod Adani.

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