Adani row: 6 out of 8 offshore funds used to invest in Adani group shut

Six out of eight Mauritius and Bermuda-based public funds that invested in the Adani group have been shut, reported Mint. These public funds were alleged to have been used by people with ties to the Adani Group for buying shares of the conglomerate’s listed companies.

This, now poses a challenge to the Indian market regulator SEBI in determining the ultimate beneficiaries of these investment vehicles.

Also Read: Mauritius based opaque funds invested in Adani stocks, alleges OCCRP

The Organised Crime and Corruption Reporting Project (OCCRP), recently released a report that identified two persons with ties to the Adani family who secretly held significant stakes in group entities in possible violation of the country’s law on maximum ownership by promoters in listed entities, through some of these funds.

SEBI had filed a status report on the Adani-Hindenburg matter and the hearing is slated to happen on September 15.