The O
rganised Crime and Corruption Reporting Project (OCCRP) has revealed that millions of dollars were invested in publicly traded stocks of India's Adani Group through "opaque" Mauritius funds, concealing the involvement of alleged business partners of the Adani family.
The investigation, which was published on Thursday, found that offshore structures were used to facilitate the stock transactions. This echoes previous accusations by Hindenburg Research, which alleged that the Adani Group had used shell companies to launder money.
The OCCRP report said that the "opaque" Mauritius funds were used to buy shares in Adani Group companies at a time when the stock price was undervalued. This allowed the alleged business partners to make significant profits when the stock price later increased.
The report also said that the "opaque" Mauritius funds were used to buy shares in Adani Group companies without disclosing the identity of the beneficial owners. This made it difficult to track the source of the funds and to identify any potential conflicts of interest.
The Adani Group has denied any wrongdoing. In a statement, the group said that the OCCRP report was "full of inaccuracies and misleading information". The group said that all of its investments were made in accordance with the law and that it had "nothing to hide".
The OCCRP report is the latest in a series of allegations that have been made against the Adani Group in recent years. The group has been accused of using its political connections to win government contracts and of engaging in corrupt practices.
The Adani Group is one of India's largest conglomerates. It has interests in a wide range of sectors, including energy, infrastructure, and commodities. The group is controlled by Gautam Adani, one of India's richest men.
