At a time when the Adani Group is under the scanner for alleged financial irregularities, first reported by Hindenburg and recently by Organised Crime and Corruption Reporting Network (OCCRP), another report has come up alleging that the two offshore shell companies registered in British Virgin Islands (BVI) have a connection with the Adani Group.
According a report by The Indian Express, the two offshore shell companies that reportedly invested in Adani stocks have links to the Adani Group. The publication made the claim citing records of offshore corporate service provider Trident Trust.
The Organised Crime and Corruption Reporting Project (OCCRP) had said documents obtained by it revealed details of a complex offshore operation in two Mauritius-based funds managed by the partners of the promoter family to support prices of shares of group companies from 2013 to 2018, a period during which the ports-to-energy conglomerate saw a meteoric rise to become one of India's largest and most powerful businesses.
OCCRP said two close associates of Vinod Adani—the elder brother of group founder and chairman Gautam Adani—are sole beneficiaries of the Mauritius-based companies through which the money appeared to flow.
Nasser Ali Shaban Ahli from the United Arab Emirates and Chang Chung-Ling from Taiwan spent years trading hundreds of millions of dollars worth of Adani Group stock through two Mauritius-based funds that were overseen by a Dubai-based company run by a known employee of Vinod Adani.
The Financial Times reported that funds from unknown sources were channeled by the BVI shell companies through Emerging India Focus Funds and the EM Resurgent Fund to trade in Adani stocks. Having promoter links to these offshore firms would confirm that Adani companies breached the 75 per cent ceiling set by Sebi for promoter shareholding, the IE stated.
While the conglomerate vehemently denied the charge, The IE, citing Trident Trust documents in Pandora Papers investigation, confirmed links between Ahil and Adani associate.
The publication said that the corporate records revealed the networks used by the employees of Adani ventures to "control" the two BVI shell firms.
The report, also citing Sebi records, said that the Trident Trust Company Ltd has been declared as the beneficial owner by the Emerging India Focus Funds and the EM Resurgent Fund.
(With PTI inputs)