Hinderburg Research Report on Adani Group

The Hinderburg is a research company conducting financial research in different parts of the world. Hinderburg recently released its research report on the world’s third richest man and his business firm the Adani Group. According to the report, Adani was involved in fraud schemes and stock manipulation. The exact word used by the report is “BRAZEN” Stock Manipulation. Brazen means without shame.

Key Findings of the Report

  • The company did two years of rigorous investigation on Adani and his family members
  • According to the report, the Adani Group manipulated 218 billion USD in the stocks.
  • The net worth of Adani is 120 billion USD. He accumulated 100 billion USD in the last three years alone! Most of the accumulated wealth comes from stock price appreciation
  • Seven of the Adani company prices spiked 819% during the last three years
  • The reality is that all these seven companies that brought in stock hikes are actually in debt and liquidity pressure

Adani Family members

  • Rajesh Adani, the younger brother of Gautam Adani was arrested twice. He created shell companies abroad and the Directorate of Revenue Intelligence accused him in 2004-05 of importing and exporting diamonds fraudulently using the shell companies
  • Shell companies of ADani in UAE, Maldives, Caribbean Islands have earned them a profit of 17 billion USD. They used tax-haven jurisdictions in these countries to fake their turnover
  • Vinod Adani, elder brother of Gautham Adani is said to own and operate entities in Singapore, UAE. But investigations of Hindenburg Research say that there are no operations in these entities.



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