‘Finally the loop is closed’, says Hindenburg on OCCRP’s fresh claims of ‘opaque’ funds invested in Adani stock

US-based short-seller Hindenburg Research reacted to the fresh claims by the Organized Crime and Corruption Reporting Project (OCCRP) against the Adani Group, saying, “Finally, the loop is closed.” In a post on X (formerly, Twitter), Hindenburg Research said, “Finally, the loop is closed. The Financial Times and OCCRP report that offshore funds owning at least 13 per cent of the free float in multiple Adani stocks were secretly controlled by associates of Vinod Adani, masking the relationship with 2 sets of books.”

Exclusive documents obtained by OCCRP revealed that hundreds of millions of dollars were invested in publicly traded Adani stock by alleged business associates who have widely reported ties to the group’s majority shareholders, the Adani family. OCCRP has obtained documents including files from multiple tax havens, bank records, and internal Adani Group emails that shed light on the matter. The details shared in the report reaffirms the claims made by Hindenburg Research earlier this January against Adani Group. 

The OCCRP report identified Nasser Ali Shaban Ahli and Chang Chung-Ling as the two most significant investors in the broader scheme as outlined by Hindenburg. “The two men, Nasser Ali Shaban Ahli and Chang Chung-Ling, have longtime business ties to the family and have also served as directors and shareholders in Adani Group companies and companies associated with one of the family’s senior members, Vinod Adani,” the nonprofit media organization said in its report. 

Adani Group has dismissed the claims made in the report, calling it “recycled allegations”. “We categorically reject these recycled allegations. These news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report,” Adani Group said in a statement. 

It further added, “These attempts are aimed at, inter alia, generating profits by driving down our stock prices and these short sellers are under investigation by various authorities. As the Hon’ble Supreme Court and SEBI are overseeing these matters, it is vital to respect the ongoing regulatory process.”