{"id":37033,"date":"2023-09-01T10:12:01","date_gmt":"2023-09-01T04:42:01","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=37033"},"modified":"2025-04-22T10:19:52","modified_gmt":"2025-04-22T04:49:52","slug":"occrp-report-on-adani-group","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/occrp-report-on-adani-group\/","title":{"rendered":"OCCRP Report on Adani Group"},"content":{"rendered":"<h3><strong>What\u2019s in Today\u2019s Article?<\/strong><\/h3>\n<ul>\n<li><strong>Why in News?<\/strong><\/li>\n<li><strong>About Organised Crime and Corruption Reporting Project<\/strong><\/li>\n<li><strong>OCCRP\u2019s Report on Adani Group<\/strong><\/li>\n<li><strong>Adani Group\u2019s Response<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Why in News?<\/strong><\/h2>\n<ul>\n<li>After Hindenburg Research, the <strong>Organised Crime and Corruption Reporting Project<\/strong> (OCCRP) has made fresh allegations of stock manipulation against the Adani Group.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>About Organised Crime and Corruption Reporting Project:<\/strong><\/h2>\n<ul>\n<li>The Organized Crime and Corruption Reporting Project is a <u>global network of investigative journalists with staff on six continents<\/u>.<\/li>\n<li>Founded in 2006, it specializes in organized crime and corruption.<\/li>\n<li>It publishes its stories through local media and in English and Russian through its website.<\/li>\n<li>The entity was involved in the coverage of <strong>Pegasus spyware<\/strong> as well as <strong>Panama Papers leak<\/strong>.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>OCCRP\u2019s Report on Adani Group:<\/strong><\/h2>\n<ul>\n<li>The OCCRP conducted research and published a report on the Adani Group (AG).<\/li>\n<li>The OCCRP report claimed that <strong>Mauritius-based \u2018opaque\u2019 funds were used to invest millions of dollars in public traded group stocks of AG<\/strong> and it happened under the \u2018guidance\u2019 of partners linked to promoter\u2019s family.<\/li>\n<li>The OCCRP report claims that <strong>it unearthed at least 2 cases where &#8216;mysterious&#8217; investors bought &amp; sold Adani shares via offshore structures<\/strong>.<\/li>\n<li>In its report, it named two persons with long-terms ties with Adani family and how they &#8216;colluded&#8217; in buying &amp; selling Adani stocks through offshore structures and in turn raked in huge profits from dubious dealings.<\/li>\n<li>It said that Nasser Ali Shaban Ahli and Chang Chung-Ling enjoyed business ties with Adani family and also served as directors and shareholders in Group companies and firms linked with Gautam Adani&#8217;s elder brother Vinod Adani.<\/li>\n<li>OCCRP&#8217;s report comes eight months after the US-based <strong>Hindenburg Research<\/strong> accused the Adani Group of improper business dealings, citing offshore entities in tax havens.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Adani Group\u2019s Response:<\/strong><\/h2>\n<ul>\n<li>Following the report&#8217;s release, Adani Enterprises, the flagship company, saw its shares fall by 3 per cent.<\/li>\n<li>Other companies within the group, including Adani Ports, Adani Power, Adani Green, Adani Total Gas, and Adani Wilmar, experienced declines ranging between 1% to 5%.<\/li>\n<li>Adani Group was quick to dismiss the allegations as \u2018recycled &amp; motivated\u2019.<\/li>\n<li>It said that it was yet another concerted bid by George Soros-funded interests and aided by a section of the foreign media to revive the \u201cmeritless\u201d Hindenburg report.<\/li>\n<li>The conglomerate said that the timing of report was suspicious, mischievous, and malicious.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3><strong>Q1) Can an Indian open an offshore account?<\/strong><\/h3>\n<p>Indian residents are allowed to open offshore bank accounts for a variety of purposes, such as investing in foreign securities, buying property abroad, or conducting international business transactions.<\/p>\n<h3><strong>Q2) What is the main purpose of FEMA?<\/strong><\/h3>\n<p>The primary goal of the FEMA 1999 (Foreign Exchange Management Act) in India is to regulate foreign exchange transactions in a way that promotes economic growth and stability while ensuring compliance with regulatory requirements.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.thehindu.com\/business\/Economy\/explained-decoding-the-occrps-adani-report\/article67257280.ece\" target=\"_blank\" rel=\"nofollow noopener\"><u>Explained | Decoding the OCCRP\u2019s Adani report<\/u><\/a> \u00a0| <a href=\"https:\/\/indianexpress.com\/article\/explained\/occrp-report-adani-stock-manipulation-8917888\/#:~:text=OCCRP&#039;s%20report%2C%20published%20earlier%20today,manipulate%20Adani%20companies&#039;%20stock%20prices\" target=\"_blank\" rel=\"nofollow noopener\"><u>Indian Express<\/u><\/a>\u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Organized Crime and Corruption Reporting Project is a global network of investigative journalists.<\/p>\n","protected":false},"author":5,"featured_media":37034,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":{"0":"post-37033","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-mains-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/37033","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=37033"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/37033\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/37034"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=37033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=37033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=37033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}