The media reports exposed opaque offshore structures that shielded some of the Indian group’s largest shareholders from public sight.
The reports were based on documents obtained by the Organised Crime and Corruption Reporting Project, a global network of investigative journalists that is part funded by Soros’ Open Society Foundations. They also revealed the existence of an investigation of the Adani Group by India’s stock market regulator that was closed after Mr Modi came to power in 2014.
Hindenburg told the FT: “The independent evidence corroborating our work is overwhelming. All eyes are on Indian regulators to see if they will act on that which is now completely obvious.” The Adani Group said: “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.”
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