Adani group used offshore funding to invest in its own stocks, claimed OCCRP in its latest report. In a major development, the offshore shell companies mentioned by the Financial Times report as tool for secret investment in Adani stocks are indeed linked to the Indian conglomerate, reported Indian Express citing inputs from the records accessed under its Pandora Papers investigation.
In its report, Financial Times mentioned two offshore shell companies registered in British Virgin Islands (BVI) as the main tool to invest in Adani stocks. According to IE report, the two shell firms are linked with Adani group.
The English daily had accessed the records of offshore corporate service provider Trident Trust under the investigation with the International Consortium of Investigative Journalists.
Two individuals involved in the offshore funding, ie United Arab Emirates national Nasser Ali Shaban Ahli and Taiwan national Chang Chung-Ling , were associates of Adani Group chairperson Gautam Adani’s brother Vinod Adani, claimed OCCRP report.
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Updated: 01 Sep 2023, 08:07 AM IST
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