KT Rama Rao dares ED, CBI to probe Adani after Hindenburg report

Citing a Hindenburg Research report which alleged that the Adani Group, has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades

Hyderabad: IT and Industries Minister KT Rama Rao has asked whether the Enforcement Directorate or the Central Bureau of Investigation or other central agencies had the courage to probe alleged stock manipulations and accounting frauds by the Adani Group.

Citing a Hindenburg Research report which alleged that the Adani Group, has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades, the Minister also said no mainstream national media would report or discuss this and that even social media platforms would be coerced by the NPA government into removing the report by the New York-based forensic financial research firm.

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ED, CBI, IT & SEBI; Hain Dum probe Karne Ka👇??

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 #NewIndia https://t.co/qpyBPsob5t

— KTR (@KTRBRS) January 25, 2023

”ED, CBI, IT & SEBI; Hain Dum probe Karne Ka?? 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,” he tweeted, tagging the Hindenburg Research report.

Hindenburg Research, in a series of tweets, on Wednesday revealed what it claimed to be the findings of a two-year investigation, presenting evidence that the U.S. $218 billion-Adani Group had indulged in financial malpractice. It said Adani had amassed a net worth of roughly $120 billion, adding over $100 billion in the last three years largely through stock price appreciation in the group’s seven key listed companies, which had spiked an average of 819 percent in that period.

The research, Hindenburg said, involved speaking with dozens of individuals, including former senior executives of the Adani Group, reviewing thousands of documents, and conducting diligence site visits in almost half a dozen countries.

It said that even if the findings of the investigation were ignored, and the financials of Adani Group were taken at face value, its seven key listed companies had 85 percent downside purely on a fundamental basis owing to sky-high valuations.

Key listed Adani companies had also taken on substantial debt, including pledging shares of their inflated stock for loans, putting the entire group on precarious financial footing, it said.