Gautam Adani's Older Brother Now Identified As Key Figure In 'Largest Con In Corporate History'

New information has come to light pertaining to accusations made against Indian Billionaire Gautam Adani by short-seller group Hindenburg Research.

In late January, Hindenburg published an in-depth research report accusing Adani, the head of Indian conglomerate Adani Group, of executing the "largest con in corporate history."

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Adani's fortune has consistently placed him amongst the wealthiest individuals in the world. In the past three years, increasing valuations of "seven key listed companies" made him part of the top 10, though a massive sell-off of stocks from his companies decreased his fortune substantially since Hindenburg's report came to light.

The report said Adani's companies held "85% downside purely on a fundamental basis owing to sky-high valuations," independently from the fraud accusations being made. These include cooperation between the Adani family to create offshore shell entities in tax-haven jurisdictions, laundering approximately $17 billion.

Hindenburg's report into the Adani Group, coupled by further research and fact-checking published Friday by Forbes, now places Gautam's older brother Vinod Adani at the center of the controversy.

Referred to as "an elusive figure," Hindenburg claimed Vinod Adani, through several close associates, manages a vast labyrinth of offshore shell entities.

Vinod Adani is the most widely mentioned member of the Adani family in the report. The allegations accuse the Adani group of using these entities to collectively move billions of dollars "into Indian Adani publicly listed and private entities, often without required disclosure of the related party nature of the deals," thus evading strict laws regarding the regulation of stock ownership in India.

In an official response to Hindenburg, the Adani Group has denied any irregular activity or even any business ties to Vinod Adani, yet Forbes' report identifies "previously unreported transactions involving offshore funds with ties to Vinod Adani that appear designed to benefit the Adani Group."

Photo: Public Domain, Wikicommons