Hindenburg Research, a US-based investment research firm, published a damning report on the Adani Group alleging that it engaged in brazen stock manipulation and accounting fraud schemes and for illegal use of tax havens
The 106-page report also named family members of Gautam Adani, namely Vinod Adani, Rajesh Adani, Samir Vora, Jatin Mehta and Priti Adani as being involved in the alleged fraud
Vinod Adani is Gautam Adani’s elder brother. The report alleges that Vinod Adani manages a vast labyrinth of offshore shell companies
Vinod Adani, who is based in Dubai, was a few weeks ago identified as the world's richest non-resident Indian (NRI). He has also been named in the Panama and Pandora papers in 2016 and 2021 respectively
Rajesh Adani is Gautam Adani’s younger brother. Hindenburg Research notes that Rajesh Adani was accused by DRI of playing a central role in a diamond trading import/export scheme and was arrested twice in 1999 and 2010
Rajesh Adani is currently serving as the Managing Director of Adani Group companies
Samir Vora is Gautam Adani’s brother-in-law. The damning report said that Vora "was accused by the DRI of being a ringleader of the same diamond trading scam and of repeatedly making false statements to regulators"
Samir Vora is currently the Executive Director of the critical Adani Australia division
The Directorate of Revenue Intelligence alleged that the Adani Group evaded taxes and laundered money to the tune of Rs 1,000 crore in trading cut and polished diamond and gold jewelry
The Adani Group denied all allegations and issued a public statement on Jan 25 saying, "The timing of the report’s publication clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation with the principal objective of damaging the upcoming FPO from Adani Enterprises, the biggest FPO ever in India."
Last year, the Adani family pledged Rs 60,000 crore towards charity to mark the 60th birthday of Gautam Adani, making this one of the biggest philanthropic commitments in India so far
Seven listed companies of the Adani conglomerate have lost a combined $48 billion in market capitalisation since Wednesday with US bonds of Adani firms also falling