Research Firm Flags Serious Violations In Adani Industries!

No one can deny the fact that Gujarat-based business magnate Gautam Adani rose to super fame in the past few years. His rise can be seen before and after the Pandemic. When everyone went through a tough time with Covid, Gautam Adani started seeing a big growth in his wealth.

Gautam Adani not only surpassed Mukesh Ambani but also reached places where he could not. He became the richest person in the world by surpassing many American billionaires. The way Gautam Adani expanded his business empire from the ports to airports raised many eyeballs.

The opposition parties and political observers raised new doubts that Gautam Adani might have been involved in wrongdoings as he cannot do that without doing all that. There is also a criticism that the schemes implemented by the union government are benefiting Gautam Adani.

Putting Gautam Adani and his empire in big question, a leading research firm Hindenburg carried out a report on his way of operations and alleged several violations. The firm alleged that Gautam Adani is manipulating the shares and their prices.

The Hindenburg Research not only cited violations, but it also said that the company was involved in manipulating the share prices, money laundering, and financial irregularities. The company alleged that Gautam Adani industries took massive loans in other nations citing the manipulated share prices of the listed companies.

Giving a detailed insight into that, the research company alleged that Adani industries might have forced the promoters to increase the prices of shares so that they can go for the loans. Hindenburg Research also said that there is a money laundering angle as money came to Adani industries from shell companies.

Hindenburg Research worked on this for over two years and examined a lot of documents and interviewed many employees. Tracking the history of Adani industries in the past eight years the American company also researched the shell companies that were set up in Mauritius, the Caribbean, and UAE.

Talking about Adani industries frequently changing the Chief Finance Officers, the research company asked why they were changed if there are no violations. On the other hand, the shares of the listed companies of Adani Industries fell massively and Adani lost thousands of crores.

Hindenburg Research has a grand record of unearthing big scams. It takes up cases and goes for detailed investigation. Only after getting satisfied that it has concrete evidence it published the report. This made people raise doubts about Gautam Adani. If his business empire collapses then it leaves a big impact on the Indian economy.
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