A report by the George Soros-funded Organised Crime and Corruption Reporting Project (OCCRP) accusing the Adani group of misappropriating money through two emerging economy funds based in Mauritania appears to have failed. The corporation accused by the OCCRP investigation of channeling cash into the company and causing an increase in valuation has refuted the claims, claiming neither of the funds mentioned in the report have any connection to the Adani group.

In response to many rumours regarding transactions involving the Adani Group, 360 ONE WAM, in an exchange filing, declared, "360 ONE Asset Management (Mauritius) Limited is the investment manager for Emerging India Focus Fund and EM Resurgent Fund; both of which are fully compliant broad-based funds registered with Financial Services Commission, Mauritius. In neither of these two funds, the Adani group or any of the individuals mentioned in the article, are investors. These funds as on date have zero investments in any of the shares of the Adani Group."

Along with numerous other portfolio assets, the funds have previously invested in shares of Adani Group firms, all of which were sold in 2018, according to the statement.

The Adani Group had earlier in the day denied the OCCRP and the associated media reports claiming them as "suspicious, mischievous, and malicious."

The company said, “We categorically reject these recycled allegations. These news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report. In fact, this was anticipated, as was reported by the media last week.”

In a fresh set of allegations of ‘stock manipulation’ against Adani Group, OCCRP accused Adani Group of investing hundreds of millions of dollars in publicly traded group stocks through Mauritius-based 'opaque' investment funds managed by partners of promoter family. It also highlights the role of Vinod Adani, elder brother of Gautam Adani, in secretly investing in Adani Group's firms via Mauritius funds. The conglomerate, however, remains firm on its stand and continues to deny these allegations.

Image source: Bloomberg