(Shares of Adani Group companies are trading with losses ranging from 2-5 percent after new report over its various transactions that were released.)
The Adani Group has dismissed the Organized Crime and Corruption Reporting Project (OCCRP)'s stock manipulation allegations, asserting its firm rejection of what it deems "recycled allegations."
George Soros is seen by some as an agent of chaos.
The Group said that the allegations appear to be part of an orchestrated effort by interests funded by George Soros and supported by sections of foreign media, aimed at reviving unsubstantiated claims from the Hindenburg report.
This move had been anticipated, the ports-to-power conglomerate said in a statement on August 31, adding that the Mauritius funds investigated by reporters had already been named in the Hindenburg report and the "allegations are not only baseless and unsubstantiated but are rehashed from Hindenburg’s allegations."
Congress attacks Modi government over fresh allegations against Adani Group
Congress general secretary Jairam Ramesh questioned the role of market regulator SEBI in properly investigating the role of shell companies linked to the Adani Group.
"Despite the Modi government's best efforts, the truth will not stay suppressed forever. However, the full story about the flow of benami funds into the Adani Group, how foreign citizens came to play a role in critical national infrastructure and how PM (Narendra) Modi 'violated rules, regulations and norms to enrich his close friends' can only be revealed by a JPC," he alleged.
The Aug 31st (Thursday) drop has resulted in a market capitalisation erosion of Rs 25,000 crore so far.
Shares of Adani Enterprises, at one point, were down 5 percent.
First it was the Hindenburg Research, and now, the Organised Crime and Corruption Reporting Project (OCCRP). It's the second time in seven months that the Adani Group is facing allegations of using dubious means for business gains. And both times there is a shadow of billionaire-philanthropist George Soros.
A Jew who survived the Nazi Holocaust that killed 5 lakh Jewish Hungarians, George Soros has often been linked to regime changes that he and his Open Society Foundation perceive to be totalitarian. Critics perceive Soros to be an agent of chaos.
George Soros and his Open Society Foundations have been called "agents of disruption" by a number of governments and rival groups. Soros has also been charged with being a key player in purported plots to topple Russian President Vladimir Putin, instability in the European Union through mass migration, and funding for Arab Spring protest movements, among other things, says 'India Today'.
These claims made by OCCRP are "based on closed cases from a decade ago when the Directorate of Revenue Intelligence probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs," the Adani group said.
"It is vital to respect the ongoing regulatory process. We have complete faith in the due process of law and remain confident".
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