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'Fraud cannot be obfuscated by nationalism...' Hindenburg attacks Adani Group again

Calling India a vibrant democracy and one with a bright future, Hindenburg Research claimed that the country's future has been 'held back by Adani Group'.

Hindenburg attacks Adani Group again Fraud cannot be obfuscated by nationalism
First Published Jan 30, 2023, 10:26 AM IST

Fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation that has been raised, said Hindenburg Research on Monday in response to the 413-page reply sent to it by the Adani Group.

In its response, Hindenburg said that only about 30 out of the 413 pages focused on issues raised by it. The remaining, Hindenburg said, comprised of 330 pages of court records and 53 pages of high-level financials, general information, and details on irrelevant corporate initiatives.

Also Read: Adani Group hits back at Hindenburg with 413-page response; calls them 'Madoffs of Manhattan'

Calling India a vibrant democracy and one with a bright future, Hindenburg Research claimed that the country's future has been 'held back by Adani Group'. 

Hindenburg Research said that it did not agree with the Adani Group's attempts to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with India's success. It claimed that Adani Group's response tried to lead the focus away from substantive issues and instead stoked a nationalist narrative.

'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,' Hindenburg Research claimed, adding, 'We also believe that fraud is a fraud, even when perpetrated by one of the wealthiest individuals in the world.'

Click HERE to read Adani Group's full response to Hindenburg

The New York-based activist short-selling firm claimed that it did not get direct and transparent answers to the series of questions about transactions emanating from entities where Vinod Adani or the head of the Adani Group Family Investment Office served as directors.

According to Hindenburg Research, 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 US dollars through Adani Group entities, largely through offshore shell entities'.

'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,' Hindenberg Research claimed.

Also Read: The Hindenburg challenge before Gautam Adani and his empire

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