The short-selling agency Hindenburg has targeted Gautam Adani, the richest man in India, and released a nearly 100-page report accusing his $100 billion wealth empire, the Adani Group, of shamelessly manipulating stocks and engaging in financial fraud.

(Reuters)

[Financial Channel/Comprehensive Report] The biggest scam in history?

The short-selling agency Hindenburg targeted India’s richest man, Gautam Adani, and released a nearly 100-page report accusing his $100 billion wealth empire, Adani Group, of shamelessly manipulating stocks and engaging in financial fraud. Hindenburg further pointed out that even if the According to this survey, purely from a fundamental point of view, because of sky-high valuations, the seven listed companies under the Adani Group also have 85% room for decline.

Regarding Hindenburg's allegations, Adani Group said that the agency "sabotaged" before the company planned to sell $2.5 billion in stock on Friday; Jugeshinder Singh, chief financial officer of Adani Group, said that Hindenburg's short report shocked the company, and Hindenburg had no previous reports. The operation tried to contact Adani and failed to verify the alleged facts they listed. The report is a "malicious combination of selective misinformation, baseless and uncredible allegations".

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Wall Street News reported that on Tuesday night in the Eastern United States, Hindenburg released a nearly 100-page long report titled "How the Adani Group—the third richest man in the world carried out the largest fraud in corporate history", targeting Gautam Adani's company Adani Group.

According to the report, Hindenburg here discloses the results of a two-year investigation, showing evidence that the Adani Group, which has a scale of 17.8 trillion Indian rupees (about 218 billion U.S. dollars), has carried out brazen stock manipulation and financial fraud schemes in the past few decades.

According to the Bloomberg Billionaires Index, as the founder and chairman of Adani Group, Adani’s wealth ranking has risen rapidly in the past year. In February, he became the richest man in India. In September, his net worth briefly surpassed Amazon. Bezos, the founder, became the second richest man in the world. By the end of the year, his personal wealth1 had increased by 44 billion US dollars, becoming the richest man in the index ranking.

According to the Hindenburg report, Adani has a net worth of approximately US$120 billion in personal wealth, and his wealth has increased by more than US$100 billion in the past three years, mainly through the rise in the stock prices of seven listed companies under the Adani Group, which have an average increase of 819% in three years .

The report states that Adani Group has been investigated for corruption, money laundering and theft of taxpayer funds.

The report further pointed out that the valuation of the companies under the group is overvalued. Even if Hindenburg's survey results are not considered, purely from a fundamental perspective, because of sky-high valuations, these seven key listed companies have 85% room for decline.

Shares in seven Adani-owned companies, including Adani Enterprises and Adani Transmission, fell between 1 percent and 8 percent on Wednesday after Hindenburg's report.

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