In a fresh report after the controversial Adani-Hindenburg saga, Adani Group has now been alleged to have been involved in stock price manipulation with the help of two mascots, reportedly having ties to Vinod Adani.

The report published by the Organized Crime and Corruption Reporting Project (OCCRP) today, obtained exclusive documents including files from multiple tax havens, bank records, and internal Adani Group emails.

The documents reveal an investment of hundreds of millions of dollars in publicly traded Adani stocks through opaque investment funds coming from Mauritius.

The report alleges that some of the public investors in the Adani stocks were, in fact, insiders, which is not only against the Indian law but can also be termed as ‘stock price manipulation’, as insiders may have a hold of more than 75% of the ‘public’ stocks.

Ahli and Chang’s connections with Adani

Two names revealed in the report - Nasser Ali Shaban Ahli and Chang Chung-Ling, reportedly have longtime business ties to the family and have also served as directors and shareholders in Adani Group companies and companies associated with one of the family’s senior members, Vinod Adani.

According to the documents, in Jan 2017, Ahli and Chang secretly controlled at least 13% of the free float shares available to be traded by the public in three of the four Adani companies listed at the time, including the group’s flagship Adani Enterprises.

At one time in June 2016, these two held 8% to 14% of the free-floating shares (shares available to trade in the stock market) of Adani Group in Adani Power, Adani Enterprises, Adani Ports, and Adani Transmissions.

The money invested by these two has a very complex trail, making it extremely hard to follow. It went through four different companies and ended up in a Bermuda-based investment fund named the Global Opportunities Fund (GOF).

Claims of 75% purchase

If claims of them being insiders are true, then Ahli and Chang, so-called ‘promoters’ of Adani Group, were the insiders. That would mean the Adani Group owned more than 75% of stocks, the limit allowed by Indian law. 

Not only owning more than 75% of shares would be illegal, but it would be labelled as ‘stock market manipulation’.

The insiders used an off-shore structure, through Mauritius funds, and Adani stocks were bought and sold making a considerable profit. A management company in charge paid Vinod Adani for the investments.  

No comments from Ahli and Chang

According to the report, both Ahli and Chang have not responded to OCCRP’s request to comment.

In an interview with a British daily, Chang said that he was unaware of any secret purchases of Adani stock. Moreover, he reportedly counter-questioned the journalists about their interest in his investments and uttered, “We are a simple business”.

Adani Group rejects “recycled allegations”

In a statement, the conglomerate reportedly mentioned, “We categorically reject these recycled allegations. 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.” 

The statement said, “In fact, this was anticipated, as was reported by the media last week.” 

Previous allegations

 The OCCRP report comes just after months of the Hindenburg report, titled "the largest con in corporate history" in Jan 2023, which claimed accounting fraud, stock price manipulation, and improper use of tax havens by Adani Group.

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