OCCRP Report on Adani Group: A Flawed and Biased Attempt to Smear India’s Leading Business Conglomerate

The Organized Crime and Corruption Reporting Project (OCCRP) is a global network of investigative journalists that claims to expose corruption and organized crime. However, its recent report on the Adani Group, India’s leading integrated business conglomerate, is neither credible nor substantiated by evidence. The report alleges that the Adani Group violated Indian securities law by using opaque offshore funds to invest in its publicly traded stocks, masking the involvement of business partners associated with the Adani family. However, the report relies on recycled allegations, dubious sources, and selective interpretation of facts to make its case. In this essay, I will examine the flaws and weaknesses of the OCCRP report and show why it should not be taken seriously.

OCCRP Report Rehashes Discredited Allegations Against Adani Group

First, the OCCRP report is based on old allegations that have already been investigated and dismissed by Indian authorities. The report claims that some of the foreign owners of Adani Group stock are actually fronts for the Adani family, who control more than 75% of the group’s shares. This would violate the minimum public shareholding (MPS) requirement of 25%, which ensures that public investors have a fair stake in listed companies. However, these allegations are not new. They were first raised by Hindenburg Research, a New York-based short seller, in January 2023. Hindenburg accused the Adani Group of inflating its market value by using offshore entities to manipulate its stock price. However, Hindenburg’s report was based on anonymous sources, unsubstantiated claims, and misleading analysis. The Adani Group strongly denied the allegations and provided detailed responses to each point raised by Hindenburg. The Supreme Court of India appointed an expert committee to investigate the matter, which submitted its report in June 2023. The committee found no evidence of any breach of the MPS requirement or manipulation of stock prices by the Adani Group. The Securities and Exchange Board of India (SEBI), the stock market regulator, also probed the allegations and found no wrongdoing by the Adani Group. Therefore, the OCCRP report is merely recycling old allegations that have already been proven false.

OCCRP Report Uses Unreliable Sources and Documents to Accuse Adani Group

Second, the OCCRP report relies on dubious sources and documents that do not prove its claims. The report claims to have obtained exclusive documents from multiple tax havens, bank records, and internal Adani Group emails that show how two men, Nasser Ali Shaban Ahli and Chang Chung-Ling, secretly invested in Adani Group stock through opaque investment funds based in Mauritius. The report alleges that both men have close ties to the Adani family and acted as their proxies to increase their stake in the group’s companies. However, the report does not provide any direct evidence that links these men to the Adani family or shows that they acted on their behalf. The report relies on circumstantial evidence, such as their involvement in other companies affiliated with the Adani Group or their use of a company controlled by a senior member of the Adani family to instruct their funds. However, these connections do not prove that they were acting as fronts for the Adani family or that they violated any law. Moreover, the report does not explain how it obtained these documents or verify their authenticity. The report admits that some of the documents are “unverified” and “may have been altered”. Therefore, the OCCRP report is based on dubious sources and documents that do not prove its claims.

OCCRP Report Omits or Distorts Facts to Undermine Adani Group’s Success and Reputation

Third, the OCCRP report ignores or misrepresents facts that contradict its narrative. The report claims that the Adani Group’s market value is inflated by its offshore investors and does not reflect its true performance or potential. However, the report ignores or downplays the fact that the Adani Group is one of India’s most successful and diversified business conglomerates, with interests in sectors such as energy, infrastructure, logistics, mining, ports, airports, defense, media, and technology. The group has a track record of delivering large-scale projects across India and abroad, creating jobs, generating revenues, and contributing to social development. The group has also been recognized for its excellence in corporate governance, sustainability, innovation, and customer satisfaction by various national and international awards and ratings. Moreover, the report misrepresents facts that show that the Adani Group’s stock performance is driven by market forces and investor confidence. For example, the report cites a drop in Adani Group’s share prices after Hindenburg’s allegations as evidence of its inflated value. However, it fails to mention that the share prices recovered quickly after the group provided clarifications and rebuttals to Hindenburg’s claims. Similarly, the report cites a rise in Adani Group’s share prices after Modi’s re-election in 2019 as evidence of its political clout. However, it fails to mention that other Indian companies also benefited from Modi’s victory as it boosted market sentiment and economic outlook. Therefore, the OCCRP report ignores or misrepresents facts that contradict its narrative.

In conclusion, the OCCRP report on Adani Group lacks in substance and credibility. The report is based on old allegations that have already been investigated and dismissed by Indian authorities. The report relies on dubious sources and documents that do not prove its claims. It ignores or misrepresents facts that contradict its narrative. The report is a part of a concerted campaign by funded interests supported by a section of the foreign media to tarnish the reputation of the Adani Group and undermine its legitimate business interests. The report should not be taken seriously by anyone who values truth, fairness, and justice.