Telangana Minister KTR takas a dig at Central Probe Agencies over Adani Exposé

An American investment research firm today came out with an exposé of the country’s richest man Gautam Adani, and Telangana Minister KT Rama Rao had a blast with it.

The research firm Hindenburg Research published a report on its website with the title, “Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History”. Retweeting a tweet by Hindenburg Research on this, KTR dared the Central government investigating agencies to probe into the alleged scam. “I am sure no mainstream National media will report/discuss this & even Social Media platforms will be coerced by NPA Govt into removing the reoport,” he said sarcastically, while providing the link to the story.

Hindenburg claimed it was publishing the findings of their 2-year investigation, presenting evidence that the INR 17.8 trillion (U.S. $218 billion) Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.

Gautam Adani, Founder and Chairman of the Adani Group, has amassed a net worth of roughly $120 billion, adding over $100 billion in the past 3 years largely through stock price appreciation in the group’s 7 key listed companies, which have spiked an average of 819% in that period, the report alleged.

“Our research involved speaking with dozens of individuals, including former senior executives of the Adani Group, reviewing thousands of documents, and conducting diligence site visits in almost half a dozen countries,” the report said.

The group’s very top ranks and 8 of 22 key leaders are Adani family members, a dynamic that places control of the group’s financials and key decisions in the hands of a few, it claimed. 

Hindenburg Research LLC is an investment research firm which generates public reports via its website that allege corporate fraud and malfeasance.

Adani Group is the 2nd largest conglomerate in India, run by its Chairman and Founder Gautam Adani, who is currently the 3rd richest man on earth, previously having reached the #2 spot.

“We have included 88 questions in the conclusion of our report. If Gautam Adani truly embraces transparency, as he claims, they should be easy questions to answer. We look forward to Adani’s response,” Hindenburg Research said.

‘Hindenburg Research published a report without making any attempt to contact us. Timing of the report publication betrays a brazen, mala fide intention to undermine Adani Group’s reputation with objective of damaging upcoming FPO,’ says Adani Group on Hindenburg Research Report.