The Adani Group’s shadowy offshore investors – calls grow for a full investigation
Geoff Law Aug 12, 2021 https://www.adaniwatch.org/the_adani_group_s_shadowy_offshore_investors_calls_grow_for_a_full_investigation Pressure has been building in India for a full investigation of at least six shadowy offshore investors in Adani Group companies. In June, reports about a freeze on some of these investors prompted a short-lived crash in the share price of some Adani companies. ..
On 21 June 2021, Ms Moitra wrote to India’s Central Board of Direct Taxation arguing that there was an ‘urgent and important’ case for an investigation of certain Adani investors under legislation dealing with money laundering, black money, tax and foreign exchange. She referred to six foreign companies with significant investments in the Adani Group that allegedly shared a common address, directors and secretary. She said the companies concerned owned over US $5.6 billion worth of stock in Adani companies but did not have websites or independent addresses.
Unravelling Adani’s Network of Offshore Investors: Part 1 Ravi Nair Jul 29, 2021 https://www.adaniwatch.org/unravelling_adani_s_network_of_offshore_investors_part_1
Part 2 https://www.adaniwatch.org/unravelling_adani_s_network_of_offshore_investors_part_2
Nair concluded the story with some key questions:
‘Who are the beneficial owners of these investor companies and are the companies bonafide foreign portfolio investors?
Are any of these entities involved in or linked to illegal transactions, as has been alleged by the Directorate of Revenue Intelligence in the case of Gudami, and as has been alleged by the Enforcement Directorate of Monterosa, the ultimate parent of Albula, Cresta, APMS, LTS and Lotus, in the cases of the fugitive Sandesaras, Jatin Mehta, and of Amicorp, the company that manages Leaina in the case of Nirav Modi?’