‘Fraud cannot be covered with nationalism’, Hindenburg responds to Adani’s 413-page rebuttal

‘Fraud cannot be covered with nationalism’, Hindenburg responds to Adani’s 413-page rebuttal


New York : American financial research firm Hindenburg Research on Monday responded to a 413-page rebuttal by the Adani Group, saying that the Adani Group attempted to confuse its fleeting rise with India’s success and the wealth of its Chairman Gautam Adani. Have done. In a rebuttal from the Adani group, it has been said that the allegation made by the American short seller to manipulate the shares is a ‘planned attack on India’.

Hindenburg targets Adani group

On the other hand, Hindenburg Research targeted the Adani group and said that fraud cannot be hidden under the guise of nationalism. He said that the response given by the group has ignored every major allegation raised by us. The reply from Hindenburg Research comes in the wake of a comprehensive 413-page report released by the Adani Group, which refutes all the allegations against the group and research by the American financial research firm.

Fraud cannot be covered with ‘nationalism’

Hindenburg Research published a report on January 24 last, accusing the Adani group of accounting fraud and stock manipulation over decades. Hindenburg Research has rejected allegations by the Adani Group that its report against the group was an attack on India. The US short selling unit said on Monday that the fraud cannot be covered up with ‘nationalism’ or ‘some exaggerated reaction’.

Adani group is blocking India’s future

Hindenburg Research had accused the Adani Group of fraud, after which the shares of group companies have fallen drastically in the last few days. Adani Group has issued a ‘clarification’ of pages on Sunday in response to the allegations of Hindenburg Research. On the response of Adani Group, Hindenburg Research said on Monday that India is a vibrant democracy and an emerging superpower. Adani group is blocking India’s future by ‘systematic loot’. Hindenburg Research stands by its report. In this report, it was said that a two-year investigation has revealed that the Adani group has been involved in manipulation of shares and rigging of accounts for decades.

Asia’s richest man’s claim wrong

Hindenburg Research said that the group of Asia’s richest man Gautam Adani started its response with the claim that we are the ‘Madoff of Manhattan’. Bernard Lawrence Madoff was arrested in 2008 in the Ponzi scam and sentenced to 150 years. Adani also claimed that we have not violated the applicable securities and foreign exchange regulations. In response to these allegations, the Adani group said on Sunday evening that it was a deliberate attack on India by Hindenburg. The group had said that these allegations are nothing but ‘lies’.

What did the Adani group say in rebuttal

Adani Group had said that this report is an attempt to create an artificial market, so that by bringing down the prices of shares, financial benefits can be provided to US companies. The group had also said that this report has been issued with an ulterior motive based on wrong facts. The group had said that this is not just an unwanted attack on a specific company, but a systematic attack on the independence, integrity and quality of India, Indian institutions, and India’s growth story and ambitions.

Adani group did not answer 62 out of 88 questions

Hindenburg Research, in its response, said that fraud is fraud, even if it is committed by the richest man in the world. Hindenburg said that we had put 88 specific questions to the Adani group, out of which the group failed to answer 62 correctly. The market valuation of the Adani group companies has declined by more than $50 billion in just two trading sessions following a report by a small New York-based company specializing in short selling. Adani himself has suffered a loss of 20 billion dollars. After this report, Adani’s wealth has decreased by about 20 percent.



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