Crime branch books journalist over alleged ‘forged documents’ linked to Adani investment claims

The Detection of Ahmedabad Crime Branch has registered a criminal case against journalist Ravi Nair following a complaint by Adani Ports and Special Economic Zone Ltd (APSEZ), which alleges that he circulated false and fabricated documents and made misleading claims regarding an alleged $3.9 billion investment by the Life Insurance Corporation of India (LIC) in Adani Group companies.

The complaint, filed by Dushyant Vijaybhai Joshi, deputy general manager (communications) at APSEZ, alleges that Nair published and circulated purportedly forged documents to support claims that the Government of India and LIC had directed large-scale investment of public funds into Adani Group entities following legal action initiated against the conglomerate in the United States.

According to the FIR, APSEZ contends that neither LIC nor the Department of Financial Services had issued, exchanged or approved any such documents and that the information disseminated by Nair was fabricated and intended to damage the reputation of the Adani Group while causing financial losses to the company and its investors.

Complaint traces allegations to October 2025 article

Police records state that the controversy stems from an article published on October 24, 2025, in The Washington Post, which allegedly claimed that Indian authorities and LIC had planned an investment of approximately $3.9 billion in Adani Group companies through a process involving specific approvals, conditions and bond-related transactions.

The FIR alleges that Nair, one of the authors of the article, subsequently posted related claims on his social media account, asserting that Indian officials were preparing a substantial LIC-backed investment in Adani businesses in response to legal proceedings faced by the group in the United States.

The complainant has alleged that the article and accompanying social media posts relied upon purported documents that were later found to be false and fabricated.

LIC denied authenticity of documents, says complaint

LIC has publicly rejected the claims through statements issued on its official social media platforms.

The complaint states that on October 25, 2025, LIC issued a clarification denying reports regarding any such investment proposal and reiterated that its investment decisions were taken independently and in accordance with established due diligence procedures.

Nair subsequently questioned LIC’s denial through another social media post and allegedly shared screenshots of documents which, according to the complainant, were forged.

Following the posts, APSEZ wrote to LIC on October 27, 2025 seeking clarification regarding the authenticity of the documents cited in support of the allegations.

Police records state that LIC issued a further clarification on October 28, 2025, asserting that it had neither issued nor received any such documents and that it had not been directed by the Government of India to make investments in Adani Group companies.

The complaint also refers to correspondence dated October 30, 2025 in which LIC reportedly shared copies of its public clarifications and stock exchange disclosures made to the Bombay Stock Exchange and National Stock Exchange.

‘Investors suffered losses’

The complainant has alleged that the publication of the article and subsequent social media posts adversely affected the reputation of the Adani Group and created uncertainty among domestic and international investors.

The dissemination of the alleged false information caused substantial financial losses to the group and discouraged potential investors from investing in Adani companies.

The complaint further alleges that Nair knowingly prepared, used and circulated fabricated documents as genuine with the intention of tarnishing the image of the Adani Group and obtaining financial benefit.

Earlier representation, probe transferred

The FIR states that APSEZ had initially approached the Superintendent of Police in Gandhinagar with a written representation on November 20, 2025. After a preliminary inquiry, the matter was transferred to Ahmedabad City Police for further investigation.

The company has submitted supporting documents to investigators, including screenshots of the social media posts, copies of the article, correspondence exchanged with LIC, LIC’s responses and a board resolution authorising the complainant to initiate legal proceedings on behalf of the company.

The Crime Branch has registered the case and commenced an investigation. Police officials said statements of company representatives and other witnesses would be recorded and the authenticity of the disputed documents would be examined as part of the probe.

No arrest had been reported in the case at the time of filing.