Soros targets Adani group AGAIN! Here is how Soros-funded OCCRP conspired against Indian firms accusing them of stock manipulation
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Soros attacks AGAIN, now via OCCRP. Recently, reports surfaced that India should be prepared for “Hindenburg 2.0” as George Soros-backed ‘Organized Crime and Corruption Reporting Project’ (OCCRP) is reportedly planning to come up with another “expose”, targeting other corporate houses in the country.
So, now, OCCRP targeted the Adani Group claiming that millions of dollars were pumped into publicly traded group stocks through Mauritius-based 'opaque' investment funds, managed by partners of the Adani family. However, the Adani group called them recycled allegations which are 'another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report'.
Notably, OCCRP claims are based on “closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs.”
⚡️Soros attacks Indian Stock Market with the help of enemies within!
— Megh Updates 🚨™ (@MeghUpdates) August 31, 2023
Again targets #Adani with DRI case of 2013 which has been closed.
This time targets PM Modi and links him with Adani family in a well planned expiry day, media attack ahead of #G20Summit2023 In India. https://t.co/oUsnhp8nmX pic.twitter.com/DccuBd4raz
Let us get into details to know more about the controversy-
What is OCCRP?
OCCRP is a global network of investigative journalists that “exposes crime and corruption so the public can hold power to account”, says the description on its website. The body is being funded among others by Soros’ Open Society Foundations (OSF), whose distaste, if not disregard, for democratic India in general and Narendra Modi in particular is not quite unfamiliar.
What did OCCRP claim?
The OCCRP published a report accusing Adani Group of routing investments in its publicly traded stocks through "opaque" Mauritius funds. It also claimed these funds obscured the involvement of alleged Adani family business partners.
OCCRP said its investigation found at least two cases where the "mysterious" investors bought and sold Adani stock through such offshore structures.
The organisation claimed that two men, Nasser Ali Shaban Ahli and Chang Chung-Ling have longtime business ties to the Adani family. It said they held positions as directors and shareholders in various Group companies and enterprises linked to Vinod Adani, the elder brother of Gautam Adani. “…spent years buying and selling Adani stock through offshore structures that obscured their involvement - and made considerable profits in the process,” the group alleged.
Adani Group's response
The Adani Group immediately rejected OCCRP's allegations as "recycled." They labeled the report as an orchestrated effort by interests associated with George Soros, supported by sections of foreign media, to revive the “meritless” Hindenburg report. The conglomerate emphasized that the timing of the report was suspicious, mischievous, and malicious.
“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,” Adani Group said.
On allegations of OCCRP, Adani Group says "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… pic.twitter.com/hOfRU4BUSN
— ANI (@ANI) August 31, 2023
“It is unfortunate that these publications, which sent us queries, chose not to carry our response in full.
These attempts are aimed at, inter alia, generating profits by driving down our stock prices and these short sellers are under investigation by various authorities.”
Here is how OCCRP’s report is based on lies-
There were several reports of OCCRP launching an attack on India.
Here it is! As posted 3days back, Soros & RF backed org OCCRP has published 'investigative' report, co-authored by Ravi Nair, targeting Adani group again.
— The Hawk Eye (@thehawkeyex) August 31, 2023
1/ pic.twitter.com/gekbbNCm4h
As reported above, OCCRP's claims were based on investigations from a decade ago by the Directorate of Revenue Intelligence (DRI). Independent authorities had already confirmed the transactions' compliance with the law, and the matter was resolved by a Supreme Court ruling in March 2023.
“These claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over-invoicing, transfer of funds abroad, related party transactions and investments through FPIs. An independent adjudicating authority and an appellate tribunal had both confirmed that there was no over-valuation and that the transactions were in accordance with applicable law,” Adani Group confirmed.
“An independent adjudicating authority and an appellate tribunal had both confirmed that there was no over-valuation and that the transactions were in accordance with applicable law. The matter attained finality in March 2023 when the Hon'ble Supreme Court of India ruled in our favor. Clearly, since there was no over-valuation, there is no relevance or foundation for these allegations on transfer of funds,” it added.
Apart from this, the Foreign Portfolio Investors (FPIs) mentioned in the OCCRP report were already under investigation by the Securities and Exchange Board of India (SEBI) and there was no evidence of breaching Minimum Public Shareholding (MPS) requirements or manipulating stock prices, as per an Expert Committee appointed by the Supreme Court.
Speaking on this, Adani Group said, “As the Hon’ble Supreme Court and SEBI are overseeing these matters, it is vital to respect the ongoing regulatory process. We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate governance standards. In light of these facts, the timing of these news reports is suspicious, mischievous and malicious - and we reject these reports in their entirety.”
It seems like Soros is busy finding ways to tarnish the image of India through various channels like OCCRP after supporting the Hindenburg report. He has never concealed his loathing for Modi’s India either.
During the Hindenburg controversy, the Hungarian-born American billionaire defended the Hindenburg report accusing how “Modi and business tycoon Gautam Adani are close allies”. He added, “Adani Enterprises tried to raise funds in the stock market but failed…Modi will have to answer on Adani in Parliament. This will significantly weaken Modi’s stranglehold on India’s federal government. I expect a democratic revival in India… I could be foolish, but I think democracy will flourish again.”
This attack by Soros-funded OCCRP on India, Adani, and Modi comes ahead of the significant G20 Summit to be held on September 9-10. And the continuous targets by Soros come ahead of the Lok Sabha Elections which will be held next year. Therefore, Soros is not leaving any stone unturned to spread his propaganda in India.
Bharati Web
Mes, Pune
