Possible New Revelation? OCCRP, Backed by George Soros, Allegedly Planning Investigative Feature

Organised Crime and Corruption Reporting Project (OCCRP), supported by notable figures such as George Soros and the Rockefeller Brothers Fund, may be preparing for another significant investigation.

Written by Malika Sahni August 24, 2023

Image: BQ Prime

Several months following a momentous market shakeup triggered by a critical report from a US short seller targeting the Adani group, insider sources cited by PTI have suggested that the Organised Crime and Corruption Reporting Project (OCCRP), supported by notable figures such as George Soros and the Rockefeller Brothers Fund, may be preparing for another significant investigation, this time focusing on select Indian corporate entities.

OCCRP, a consortium of 24 nonprofit investigative centers spanning Europe, Africa, Asia, and Latin America, appears to be gearing up to unveil a comprehensive report or a series of articles, according to three individuals acquainted with the situation. Despite attempts to contact OCCRP via email for comments, no response has been received as of yet.

Having been established in 2006, OCCRP specializes in exposing organized crime and corruption cases, often collaborating with media organizations to disseminate their investigative findings. Notably, their website identifies institutional donors including George Soros’s Open Society Foundations, known for supporting unconventional causes globally, alongside the Ford Foundation, Rockefeller Brothers Fund, and Oak Foundation.

Insider sources indicate that the forthcoming investigation may delve into foreign funds’ involvement in the stock investments of the targeted corporation. While the exact identity of this corporation remains undisclosed, regulatory bodies are reportedly closely monitoring the capital market.

Interestingly, an earlier report from Hindenburg Research on January 24 alleged a slew of wrongdoings, including accounting fraud, stock price manipulation, and misuse of tax shelters. This prompted a drastic stock market upheaval that wiped out nearly USD 150 billion in market value at its lowest point. The Adani Group has vehemently denied all allegations.

In May of the same year, an expert committee appointed by the Supreme Court to scrutinize claims in the Hindenburg Report revealed evidence of substantial short positions being taken in Adani Group stocks before the report’s contentious release. It was suggested that profit was made by liquidating these positions once prices plummeted following the allegations’ publication.

The Enforcement Directorate, a financial crime-fighting agency, raised concerns over dubious trading activities involving six entities—four of which are Foreign Portfolio Investors (FPIs), one is a corporate entity, and another is an individual. This prompted speculation about potential charges related to orchestrating destabilization of Indian markets. It recommended that the Securities and Exchange Board of India (SEBI) initiate investigations under securities laws.

Following the Hindenburg report, George Soros hinted that the tumult within Gautam Adani’s business empire might weaken Prime Minister Narendra Modi’s grasp on the government—a statement that drew swift and strong counterarguments from the Bharatiya Janata Party (BJP), characterizing it as an assault on Indian democracy.