Fraud Cannot Be Obfuscated By Nationalism, Hindenburg Responds To Adani

Fraud cannot be obfuscated by nationalism or bloated response, Hindenburg Research said on Monday in response to Adani Group’s 413-page reply to its allegations late on Sunday Night.

Hindenburg said that the Adani Group predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative.

It alleged that the Group has attempted to conflate its meteoric rise and the wealth of its Chairman Gautam Adani with the success of India itself.

On India’s growth story it said, “To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future. We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation.”

“We also believe that fraud is fraud, even when it’s perpetrated by one of the wealthiest individuals in the world," it further added.

Earlier late on Sunday night, the Adani Group released a 413-page response on Hindenburg’s allegations of stock market manipulation and accounting fraud.

The Group said the report was driven by ulterior motive to "create a false market" to allow the US firm to make financial gains.

Hindenburg said Adani failed to specifically answer 62 of the 88 questions raised by the firm and of the questions it did answer, the group "largely confirmed or attempted to sidestep its findings."

“It mainly grouped questions together in categories and provided generalised deflections,” Hindenburg said.