A US company has accused Asia’s richest man Gautam Adani’s companies of accounting fraud and stock manipulation.
A comprehensive report has been issued in this regard by the American short selling company Hindenburg.
“We are releasing the results of our 2-year investigation and presenting evidence that proves that the $218 billion Adani Group has been involved in a decades-long stock manipulation and accounting fraud scheme,” the report said.
The report also used the words of the biggest fraud in corporate history for Gautam Adani’s group of companies.
The report alleged that the Securities and Exchange Board of India obstructed the US company’s investigation into Adani Group’s offshore funds.
The report also detailed the Adani family’s offshore companies in several countries, including the UAE, and claimed that these companies were used for corruption, money laundering and tax evasion.
As a result of this report, the share value of Gautam Adani’s companies fell significantly.
Adani Group has not yet responded to the report.
The report comes at a time when Gautam Adani is aggressively venturing into new business areas by making his presence felt internationally.
A close relationship with Indian Prime Minister Narendra Modi is also believed to be the secret behind the success of Gautam Adani’s business empire.
After becoming a billionaire in 2008, Gautam Adani is now the fourth richest person in the world and the richest person in Asia with $119 billion.