research report on adani

A U.S. short seller's fraud claims dethroned Asia's richest man. Here's what to know.

Gautam Adani rose from college dropout to become Asia’s richest man — but now he's seen his empire rocked by a week of turmoil.

The Indian tycoon has lost his title, and tens of billions in personal wealth, in a matter of days after a U.S.-based short-selling firm accused him of “the largest con in corporate history.”

Adani dismissed the allegations and accused the short-seller, Hindenburg, of a “calculated attack” on his country.

But the claims have triggered a meltdown for his company and sent shockwaves through the markets.

On Thursday, Adani abandoned his flagship company's planned stock offering as his conglomerate's losses topped $100 billion, deepening concerns about a potential broader impact on India's economy.

Here’s what to know.

What are the accusations?

Hindenburg Research published a report on Jan. 24 saying the Adani Group, one of India’s biggest conglomerates, had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.”

The report was published days before the planned $2.5 billion share sale by Adani Enterprises, the conglomerate’s flagship company. 

In addition to accounting fraud, Hindenburg also accused the Adani Group of being involved in billions of dollars’ worth of “suspicious dealings with its chairman’s brother, Vinod Adani, and his labyrinth of offshore shell entities,” which it says the company used for stock manipulation.

Hindenburg has a track record of exposing alleged corporate wrongdoing while placing bets against these companies, a process also known as short selling. Hindenburg disclosed that it held short positions in Adani’s companies through assets traded in the United States and non-Indian-traded derivative instruments, which experts said positioned it to benefit from a drop in share prices.

The report, which Hindenburg said was based on interviews with former executives and research from thousands of documents, raised concerns about high debt and the activities of top executives and concluded that seven of Adani’s companies were overvalued.

What has Adani said?

Adani's business hit back at Hindenburg, threatening legal action and accusing it of sabotaging the share sale.

“The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens,” the conglomerate said in a statement last week.

In another 413-page response a few days later, Adani dismissed Hindenburg’s accusations as baseless, calling the short-seller the “Madoffs of Manhattan.”

“This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” Adani’s statement said.

Hindenburg replied that only about 30 of those pages addressed issues raised in its report, and that Adani had not answered 62 of its 88 questions.

“India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation,” the research group said. “We also believe that fraud is fraud, even when it’s perpetrated by one of the wealthiest individuals in the world.”

Hindenburg Research and the Adani Group did not respond to a request for additional comment.

How bad has the damage been?

Though Adani denied the allegations, the report resulted in a mass selloff of shares in the Adani Group’s listed companies, which according to Bloomberg have lost $107 billion in value.

Adani himself has lost $48.5 billion of his $120 billion fortune, according to the Bloomberg Billionaires Index , where he has fallen from third on the list to 13th. He has also slipped one spot below his rival and fellow Indian tycoon Mukesh Ambani, the chairman of Reliance Industries.

The record domestic share sale had been seen as a measure of market confidence in Adani after the report, and it initially had enough investor support to proceed on Tuesday. But the conglomerate called it off late Wednesday, citing “market volatility.”

“This decision will not have any impact on our existing operations as well as our future plans,” Adani said in a recorded video address aiming to calm investors that was released Thursday, his first public comments since the crisis began.

Adani said the decision to scrap the share offering was made “to insulate the investors from potential losses.”

“For me, the interest of my investors is paramount and everything else is secondary,” he said.

“We will continue to focus on timely executions and delivery of projects,” he said.

But the damage may have been done. Since Hindenburg's report was released on Jan. 24, Adani Group companies have lost nearly half their combined market value.

“Unless Adani is able to regain the confidence of institutional investors, stocks will be in freefall,” Avinash Gorakshakar, head of research at Mumbai-based Profitmart Securities, told Reuters.

Who is Gautam Adani?

Adani, 60, is from the western Indian state of Gujarat and built his empire from the ground up.

After dropping out of college, he became a diamond trader in Mumbai, the country’s financial capital, before going into commodities trading with his newly established Adani Enterprises in the 1990s.

Today, Adani is a household name in India and his empire spans almost every public sector — a fact that has meant Adani’s plummeting stocks have raised concerns about the potential for a wider impact on India’s financial system.

While the country isn’t solely reliant on the giant, “they are playing, like many others, a very important role in India’s infrastructure growth and infrastructure deployment,” Arvind Gupta, co-founder of the Digital India Foundation, a nonprofit think tank, told NBC News.

Adani's companies build ports, generate electricity, mine coal, run airports and manufacture defense equipment, among other things. Adani has also pledged to invest up to $70 billion in green energy projects.

As his companies’ share prices surged in recent years, Adani’s net worth has gone up about 2,000%.

Adani denies accusations that he has benefited from his close ties with Prime Minister Narendra Modi , who is also from Gujarat and has been known to use an Adani corporate jet for campaigning.

Late last year, Adani acquired a majority stake in NDTV, one of India’s last major independent television broadcasters and one that was critical of Modi. Several prominent journalists quit in the wake of the takeover.

India’s government has denied allegations of favoring Adani.

Mithil Aggarwal is a Hong Kong-based reporter/producer for NBC News.

STRATEGIC ANALYSIS OF ADANI GROUP

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Here's what happened with Adani — and what the fallout could be for India's economy

Paddy Hirsch

Darian Woods

The Adani Group, one of India's largest conglomerates, has lost billions in market value after being accused of fraud. The company has denied everything.

Copyright © 2023 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by an NPR contractor. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

Our Reply To Adani: Fraud Cannot Be Obfuscated By Nationalism Or A Bloated Response That Ignores Every Key Allegation We Raised

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On January 24 th , we released a report outlining numerous issues of suspected fraud at the Adani Group, the 2 nd largest conglomerate in India run by the world’s then-third richest man.

Hours ago, Adani released a ‘413-page response’. It opened with the sensationalistic claim that we are the “Madoffs of Manhattan”. [1]

Adani also claimed we have committed a “flagrant breach of applicable securities and foreign exchange laws.” Despite Adani’s failure to identify any such laws, this is another serious accusation that we categorically deny.

It also predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative, claiming our report amounted to a “calculated attack on India.” In short, the Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself.

We disagree. To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future. We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation.

We also believe that fraud is fraud, even when it’s perpetrated by one of the wealthiest individuals in the world.

In terms of substance, Adani’s ‘413 page’ response only included about 30 pages focused on issues related to our report.

The remainder of the response consisted of 330 pages of court records, along with 53 pages of high-level financials, general information, and details on irrelevant corporate initiatives, such as how it encourages female entrepreneurship and the production of safe vegetables.

Adani Failed To Specifically Answer 62 of Our 88 Questions

Of the questions it did answer, the group largely confirmed or attempted to sidestep our findings.

Our report asked 88 specific questions of the Adani Group. In its response, Adani failed to specifically answer 62 of them. Instead, it mainly grouped questions together in categories and provided generalized deflections.

In other instances, Adani simply pointed to its own filings and declared the questions or relevant matters settled, again failing to substantively address the issues raised.

Of the few questions it did answer, its responses largely confirmed our findings, as we detail.

But before we get into those, we note that the core allegations of our report – focused on numerous suspect transactions with offshore entities – were left completely unaddressed.

Our Report Alleged That Adani Group Has Engaged In Billions of U.S. Dollars In Suspicious Dealings With Its Chairman’s Brother, Vinod Adani, And His Labyrinth of Offshore Shell Entities

These dealings raised serious questions about stock and accounting manipulation, adani’s defense: vinod adani, brother to the chairman, is not a related party to the group and there are no disclosable conflicts relating to this web of opaque transactions.

Our report detailed a vast labyrinth of offshore shell entities directed by or associated with Vinod Adani, the older brother of Chairman Gautam Adani. These entities included 38 entities in Mauritius, along with others in the UAE, Cyprus, Singapore, and various Caribbean islands.

We presented extensive evidence that these entities have been used for (1) stock parking / stock manipulation (2) or engineering Adani’s accounting.

Many of our questions were focused on both the nature of these transactions and the lack of disclosure around the clear conflicts of interest involved.

In its response, Adani did not seem to dispute the existence of these transactions and made no effort to explain their obvious irregularities.

Instead, Adani bizarrely argued that Vinod Adani is not a related party to the Adani Group , and that there are no disclosable conflicts relating to the transactions that have collectively moved billions of U.S. dollars through Adani Group entities, largely through offshore shell entities.

We Asked About The Source of The Billions Of U.S. Dollars That Have Flowed From Vinod Adani-Associated Offshore Shell Entities Through The Adani Group

Adani’s defense: “we are neither aware nor required to be aware of their ‘source of funds’”, example #1: a u.s. ~$253 million loan from a mauritius entity where vinod adani serves as a director, example #2: an investment of u.s. $692.5 million from a mauritius entity controlled by the head of the adani group’s private family investment office.

Beyond the requirements to disclose related party dealings, many of our questions focused on the source of funds for suspect transactions between Adani Group entities and Vinod Adani-associated entities. This information is critical to the integrity of Adani’s business, as it indicates whether the company is round-tripping turnover, laundering illicit funds, or using cash to manipulate its stock.

We found Adani’s lack of direct and transparent answers to these questions telling.

For example, we asked a series of questions about transactions emanating from entities where Vinod Adani or the head of the Adani Group Family Investment Office served as directors.

Adani’s response claimed ignorance, stating “We are neither aware nor required to be aware of their ‘source of funds’” [Pg. 35]. It also added that it is “not in a position to comment on…allegations on the business dealings and transactions of Mr. Vinod Adani.” [Pg. 41]

In other words, we are expected to believe that Gautam Adani has no idea why his brother Vinod lent massive sums of money to Adani entities, and no idea where the money originated from.

If any of that were true, Gautam could easily clear up the mystery by calling his brother, or asking him at the next family dinner, why he has been directing billions of dollars to Adani-controlled entities through a network of opaque offshore shell entities. He could also call the head of his own Family Investment Office and ask the same.

Once again, these explanations simply defy common sense.

Our Report Outlined Numerous Irregularities And Connections Between Suspected Offshore Stock Parking Entities And Adani Promoters, Raising Key Questions About Whether Promoter Holdings Were Fully Disclosed

Adani’s response claimed it simply doesn’t know who its largest public holders are.

A large portion of our report was dedicated to outlining a web of opaque offshore entities, often with connections to Vinod Adani, that seemed to hold nothing but billions of U.S. dollars worth of stock in Adani listed companies. 

As a reminder, here are several examples of suspect Mauritius-based entities with large, concentrated holdings in Adani stock:

In one example, we showed how an entity that had been an Adani related party made a major investment into one of the suspect offshore holders, drawing a clear line between the Adani Group and the suspected stock parking entities.

We also showed how several of the suspected stock parking entities had been formed with the help of Amicorp, which was involved in one of the most notorious international fraud and money laundering scandals in history, the 1MDB scandal.

Specifically, regarding the company’s use of Amicorp, which formed at least 7 Adani promoter entities, at least 17 offshore shells and entities associated with Vinod Adani, and at least 3 Mauritius-based offshore shareholders of Adani stock, Adani said it was “not concerned” about the company’s previous scandals, like the 1MDB fraud.

Further, we showed that the suspected stock parking entities engaged in wildly irregular trading, accounting for up to 30%-47% of delivery volume, essentially cornering the market in Adani shares.

In its response, Adani once again claimed complete ignorance as to its largest public holders and their trading patterns:

“Each of the entities referenced in queries above are public shareholders in the listed companies in the Adani Portfolio…we cannot comment on trading pattern or behavior of public shareholders.” [Pg. 47-48]

On Adani’s Legal Technicality Defense: It Strikes Us As Obvious That Vinod Adani Is A Related Party To The Adani Group

Adani focuses its argument on contesting the legal definition of ‘related party’ in India, claiming:

“Any mere close or business relationship of any promoter entity or their relatives does not make a transaction a related party transaction.” [Pg. 32]

Indian Accounting Standards specifically explain how the brother of an individual “may be expected to influence, or be influenced by” the individual for purposes of determining related party transactions.

By comparison, the Financial Accounting Standards Board (FASB) – recognizing the dangers of related party transactions for investors – simply says that “[m]anagement of the entity and members of their immediate families” are related parties.

We believe investors should regard Vinod Adani as a related party under either definition based on his (i) familial relationship with the Chairman and much of the senior management of the Adani Group (ii) his suspected significant undisclosed ownership of shares in Adani Group companies; (iii) his historical presence on the board of various Adani Group companies; and (iv) his extensive and irregular transactions with Adani.

In short, these transactions bear all the same potential risks and issues of any other related party transaction: non-arms-length transactions, corruption, conflicts of interest, stock manipulation and fraud – yet Adani claims investors are not entitled to know.

Of The Questions Adani Answered, They Largely Confirmed Our Findings, Argued Points We Didn’t Raise Or Sidestepped The Key Issues Altogether

Here we list several examples of responses that simply failed to address the questions we asked.

1. Our report included documentation from a 2007 SEBI ruling declaring that Adani promoters had aided and abetted infamous market manipulator Ketan Parekh in his manipulation of shares of AEL, the predecessor entity to Adani Enterprises. Per the SEBI ruling:

“The charges leveled against promoters of Adani that they aided and abetted Ketan Parekh entities in manipulating the scrip of Adani stand proved”. [ Pg. 4 ] [ Pg. 46 ]

We specifically asked, “How does Adani explain this coordinated, systematic stock manipulation in its shares, together with one of India’s most notorious convicted stock fraudsters?”

Adani responded by simply declaring the question to be “incorrect” without explanation, adding that the matter had earlier been settled.

2. Our report included evidence showing that SEBI investigated and prosecuted more than 70 entities and individuals, including Adani promoters, for manipulating Adani stock between 1999 to 2005. We asked for an explanation as to why Adani’s listed companies so regularly seem to be the subject of market manipulation investigations and prosecutions.

Adani’s response once again claimed it was not “aware of, nor are we required to be, aware of any proceedings against these other ‘entities and individuals’”. [Pg. 29]

We find it hard to fathom that Adani is completely unaware of the repeated allegations and prosecutions associated with the manipulation of its stock. This is especially the case considering the irregular and outsized performance of its listed companies relative to benchmarks and peers.

3. Our report included a question relating to Adani’s statement to regulators, claiming that Vinod Adani was (emphasis added) “not at all having any involvement in any Adani Group of companies”.

The question, which parallels issues that continue to this day, centered around whether the Adani Group had been forthright to the government about its dealings with Vinod Adani.

Adani’s response seemed to indirectly confirm that its statements to regulators were in fact false, adding qualifying language claiming that Vinod was not involved in “relevant” entities associated with the investigation, as opposed to the “any” it had claimed when asked by regulators (emphasis added):

“…the over-invoicing allegations for power imports pertains to the period between April 2010 till August 2014, during which period Mr. Vinod Adani was not even a director in any of the relevant Adani entities against whom such investigations were initiated ”. [Pg. 29]

In reality, Vinod Adani was a director of Adani Group companies. Vinod Adani stepped down from Adani Global Pte in August 2010, Adani Shipping in April 2011 and Adani Power Pte in April 2011, according to Singaporean Corporate Filings. [ Pg. 2, Pg. 3 ] This was during the period under investigation.

In short, it seems the Adani Group flagrantly misled government officials on one of the most important issues our report raised: its relationship with Vinod Adani.

4. We noted that listed Adani companies have paid INR 63 billion to private contractor PMC Projects over the past 12 years. We noted that the entity is controlled by the son of a close associate of Vinod Adani. We included Taiwanese media reports showing that the same individual controlling the entity is “Adani Group’s Taiwan representative”. We found pictures of him literally holding an Adani sign at an official government event, where he represented Adani.

Despite the controller of PMC projects clearly being an Adani representative, we found no related party disclosures about the massive payments to PMC Projects, which siphoned cash out of listed companies.

Adani simply didn’t respond to these questions, instead referring to documents from an earlier DRI investigation.

5. Our report showed that Mauritius shareholders had effectively bailed out Adani Green Energy and helped it avoid delisting by participating in 2 offer for sale (OFS) deals. We had asked Adani Group to detail the entities involved in these transactions by providing data from its weekly shareholding patterns. These patterns are available (although not publicly disclosed) for many corporates in India.

Rather than address this request, Adani simply regurgitated our analysis which indicates that offshore suspected stock parking entities did in fact participate in the deals.

This reinforces what we viewed as an almost statistical certainty: that the suspected stock parking entities participated in the deal and helped Adani Green avert a likely delisting. We also note that the recent Follow On Public Offer (FPO) in Adani Enterprises contains many of the same type of Mauritius funds that we pointed out as likely being in clear violation of SEBI regulations.

For example, the anchor list of Adani Enterprises investors contains a host of suspect Mauritius funds. These include: (1) Ayushmat Limited (2) Coeus Global Opportunities Fund (3) Great International Tusker Fund and (4) Aviator Global Investment.

6. The Adani Group has not even attempted to clarify its relationship with a Chinese National (Chang Chung-Ling), despite a plethora of linkages. We had asked: What is the nature of Chang Chung-Ling’s relationship with the Adani Group, including his relationship with Vinod Adani?

This is an important matter, not only for shareholders but also India’s national interest because:

• An entity (Gudami International) run by Chang Chung Ling (aka Lingo Chang) was said to have been part of a massive corruption scheme in the AgustaWestland Scandal , one of India’s largest and ongoing bribery scandals.
• The son of Chang Chung Ling is the beneficial owner of the major contractor to the Adani Group called PMC Projects, mentioned above.

(Note: We will continue to update this list of issues over the course of the next several days as we scrutinize Adani’s response closer and continue our ongoing due diligence on the company.)

Conclusion: Adani’s Response Largely Confirmed Our Findings And Ignored Our Key Questions

Disclosure: we are short adani group through u.s.-traded bonds and non-indian-traded derivative instruments.

Legal Disclaimer

We hold short positions in Adani Group Companies through U.S.-traded bonds and non-Indian-traded derivatives, along with other non-Indian-traded reference securities. This report relates solely to the valuation of securities traded outside of India. This report does not constitute a recommendation on securities. This report represents our opinion and investigative commentary and we encourage every reader to do their own due diligence.  Use of Hindenburg Research’s research is at your own risk. In no event should Hindenburg Research or any affiliated party be liable for any direct or indirect trading losses caused by any information in this report. You further agree to do your own research and due diligence, consult your own financial, legal, and tax advisors before making any investment decision with respect to transacting in any securities covered herein. You should assume that as of the publication date of any short-biased report or letter, Hindenburg Research (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a short position in all stocks or bonds (and/or derivatives of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any security covered herein declines. Following publication of any report or letter, we intend to continue transacting in the securities covered herein, and we may be long, short, or neutral at any time hereafter regardless of our initial conclusions, or opinions. This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Hindenburg Research is not registered as an investment advisor in the United States or have similar registration in any other jurisdiction. To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. However, such information is presented “as is,” without warranty of any kind – whether express or implied. Hindenburg Research makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and Hindenburg Research does not undertake to update or supplement this report or any of the information contained herein.

[1] Adani seems unaware that Madoff lived in Manhattan, so he was quite literally his own Madoff of Manhattan.

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An Indian billionaire has an audacious plan to take down part of China's economic master plan

• The Indian billionaire Karan Adani announced plans to challenge Chinese dominance in global seaports.
• Adani Ports has received "in-principle" approval for a $2 billion project in Da Nang, Vietnam.
• Adani Group has plans for ports in the Middle East, Africa, and Southeast Asia, Bloomberg said.

Karan Adani, the son of one of Asia's richest men , wants to loosen China's grip on seaports and transform India into a major trading hub.

"We are working on making India the center point of the overall supply chain from east to west," he said in an interview with Bloomberg for its "Inside Adani" series.

Adani, the CEO of Adani Ports, said that the company had received an "in-principle" approval from the Vietnamese government for a $2 billion greenfield project in Da Nang.

This would be the latest addition to the Adani Ports' portfolio. In 2022, it won a joint bid on the Israeli government's tender to buy the Haifa Port for $1.2 billion.

It also owns port assets in Colombo, Sri Lanka, and the Port of Dar es Salaam in Tanzania.

Loosening China's grip

India has long had fears over China surrounding it with ports. The trade infrastructure in the Indian Ocean is often referred to as China's "string of pearls."

China's Belt and Road Initiative (also referred to as the New Silk Road) involves buying up multiple ports across the world to build a sea route running from the coast of China through the major transit route of the Indian Ocean and the busiest maritime points of the Middle East, and ending in Europe.

The Washington Post reported the majority of investments in Chinese-owned ports had been made by companies owned by the Chinese government, which would make the Chinese Communist Party the biggest operator of the ports that fuel global supply chains.

The Council on Foreign Relations says that China operates or has ownership stakes in at least one port on every continent except Antarctica. Ninety-two out of the 101 ports were active as of 2023.

The Financial Times cited a report by the Qianzhan Industrial Research Institute saying that China invested at least $40 billion in coastal port infrastructure between 2016 and 2021.

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The outlet also said that China had 76 port terminals able to support large ships carrying more than 14,000 20-foot containers, while southern and southeastern Asian countries had just 31 between them.

Fortune India reported that 75% of India's transshipped cargo was handled by ports outside the country.

The Adani Group wants to change that.

Making India the world's factory

The company has openly aligned its business interests with Indian Prime Minister Narendra Modi's development agenda of making India the world's factory.

Earlier this month, it welcomed the first mother ship in the first phase of its port in Vizhinjam harbor, a project undertaken with the state government of Kerala in India.

Expected to be completed in 2028, the seaport aims to handle up to half of India's container-transshipment needs.

According to the Bloomberg Billionaires Index, Adani Enterprises, the group's main company, reported revenue of $11.6 billion in 2024, and Adani's father, Gautam Adani, owns a 75% stake.

The 62-year-old is worth over $80 billion and announced his succession plan on Monday — naming his sons, Karan and Jeet, and nephews Pranav and Sagar as heirs to the Adani Group.

The Adani family has previously faced scrutiny for its close ties to Modi and allegations of preferential treatment from the Modi government.

The Adanis frame the association as a desire to improve the country, with the chairman's message on the Adani Group website promising to "foray into sectors where the country needs to establish a foothold" and affirming that it will "look at these opportunities as part of our national duty."

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India's Adani plans to cede control to family by early 2030s, Bloomberg News reports

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• Gautam Adani plans to step down at age 70
• After stepping down, Adani intends to cede control to his sons and their cousins
• Pranav Adani and Karan Adani most likely to take over as chairman

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Gautam adani plans to cede control to family by early 2030s: report.

Adani Group chairman Gautam Adani, 62, announced plans to retire at 70 and transition control of his conglomerate to his sons and their cousins in the early 2030s, he revealed in a Bloomberg News interview. Adani’s four heirs – Karan and Jeet, along with their cousins Pranav and Sagar – will equally benefit from the family trust.

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