Hyderabad: Telangana IT minister KT Rama Rao has challenged the central investigative agencies including the Enforcement Directorate (ED), Central Bureau of Investigation (CBI), Income Tax Department (IT), and Securities and Exchange Board of India (SEBI) to probe into the Adani enterprise’s ‘scam’.
The challenge comes hours after US’s Hindenburg Research’s investigative document, alleging fraud in Adani Group’s dealings, surfaced.
KTR challenged the agencies to probe into the matter stating in a tweet “ED, CBI, IT & SEBI; Hain Dum probe Karne Ka👇??
He also said that no mainstream national media channel will report or discuss this issue.
“I am sure NO mainstream National media will report/discuss this & even Social Media platforms will be coerced by NPA Govt into removing the report,” KTR stated in his tweet.
Hindenburg Research, a well-known investment research firm with a focus on activist short-selling in the United States, published an investigative document titled “Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History.”
According to the report, Gautam Adani, the Adani Group’s founder and chairman, has a net worth of about $120 billion, which he has increased by more than $100 billion in the last three years, primarily as a result of stock price growth in the group’s seven most important publicly traded companies, which have increased by an average of 819 percent.
Hindenburg Research disclosed short positions in the Adani Group on Wednesday, accusing the conglomerate of the improperly wide use of businesses established in offshore tax havens and expressing worry about excessive debt levels.
The firm published an investigative document titled ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History‘ and revealed findings of their two-year investigation presenting evidence that the Rs 17.8 trillion worth Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.
The revelation, which comes just days before Adani Enterprises’ (ADEL.NS) $2.5 billion share sale, sent Adani Group businesses’ shares tumbling.
It also said that seven Adani listed firms had an 85% downside on a fundamental basis because of what it dubbed ‘sky-high valuations’.
Hindenburg stated key listed firms in the group headed by billionaire Gautam Adani have ‘significant debt’ which had put the entire company on a ‘precarious financial footing’.
As a reaction to the announcement, the market capitalization of the seven Adani Group equities fell by 46,086 crores on Wednesday.
On Wednesday, Adani Total Gas lost Rs 12,366 crore, followed by Adani Ports, which lost Rs 8,342 crore, and Adani Transmission, which lost Rs 8,039 crore.
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