Hindenburg Research accuses India's Adani Group of improper use of offshore tax havens and flags concerns about high debt, eroding $11 billion in investor wealth
Asia's richest man Gautam Adani's group vehemently denies allegations of"stock manipulation and accounting fraud" by Hindenburg Research that plunged the group's shares and swiftly eroded $10.73 billion from Adani's wealth.
Adani, 60, is the world's third-richest person, with an estimated fortune of around $120 billion and interests ranging from Australian coal mines to India's busiest ports.that caused shares in its companies to plunge as investors rushed to sell shares in his group of companies."Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History"
Its report claims that Adani's elder brother Vinod "manages a vast labyrinth of offshore shell entities" in tax havens including Mauritius, Cyprus and several Caribbean islands.
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