The Adani Group has called the allegations made by Organised Crime and Corruption Reporting Project (OCCRP) as ‘recycled allegations’.

Months after Hindenburg’s report, the OCCRP alleged that hundreds of millions of dollars were invested in publicly traded group stocks through Mauritius-based ‘opaque’ investment funds managed by partners of promoter family.

Rejecting the allegations, Adani Group said the timing of these news reports is 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.

The 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.

The OCCRP claimed the two men, Nasser Ali Shaban Ahli and Chang Chung-Ling, who have longtime business ties to the Adani family and have also served as directors and shareholders in Group companies and firms associated with Gautam Adani’s elder brother Vinod Adani, “spent years buying and selling Adani stock through offshore structures that obscured their involvement – and made considerable profits in the process.”

The documents show that the management company in charge of their investments paid a Vinod Adani company to advise them in their investment, it alleged.

It is to be noted that the OCCRP report comes just ahead of the Supreme Court hearing on the allegations made in the Hindenburg report.

Short-seller Hindenburg’s report, which also had similar allegations, came just ahead of Adani Enterprises’ FPO.

“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,” Adani said in a statement.