The Blubber

Hindenburg Research has said: Soon we will release a report on what we strongly suspect to be the largest corporate fraud in history.

The report is about Adani Group, entitled "How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History ."

They have said: Even if you ignore the findings of our investigation and take the financials of Adani Group at face value, its 7 key listed companies have 85% downside purely on a fundamental basis, owing to sky-high valuations.

It adds: Adani family members allegedly cooperated to create offshore shell entities in tax-haven jurisdictions like Mauritius, UAE & the Caribbean to generate forged import/export documentation, generate fake or illegitimate turnover and siphon money from the listed companies.

They've said: Many Vinod Adani-associated entities have no obvious signs of operations, no reported employees, no independent addresses or phone numbers and no meaningful online presence. Despite this, they have collectively moved billions of dollars through Adani entities.

They point to numerous companies that hold shares. For example: Another Cyprus-based entity called New Leaina Investments owned U.S. $420 million in Adani Green Energy shares until mid-2021, comprising ~95% of its portfolio. Parliamentary records show it was (and may still be) a shareholder of other Adani entities.

You can see the whole thing here: https://twitter.com/HindenburgRes/status/1618077612680818688