ADANISCAM25 Apr 2024

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25 April 2024
ADANI SCAM
The FINANCIAL CRIMES of the ADANI Group include the following:
Fudging of books, hoarding, tax evasion, money laundering, politically exposed persons,
Person-name change, Business entity name change, (in the context of financial crimes), use
of shell companies, 3rd party transactions, violating U.N. sanctions list, violating ESG, internal
audit failure, failure to observe Indian Companies act, Carbon credits, FEMA (FX) act
violations, IPO / FPO wrong doing, Insider Trading, Market Manipulation, Statutory Audit
Failure, intriguing Credit Rating Failure, intriguing MSCI announcements, Political donations
& cronyism (in the context of the corruption).
The scam is a case study for:

 India's corrupt oligarchy-cronyism-kleptocracy model
 India's democratic regression; Hypocrisy of corrupt democracies
 Privatisation of profits; Socialising losses and risks
 Obstruction of justice, scuttling of probes
 Tax Havens, Shell companies
 Corruption: Large Funds; Large Banks
Contents
1. Updates: March to 25April 2024 ................................................................................................. 11
Corrupt modi ecosystem continues to intimidate Ms Moitra .............................................................. 11
Sri Lanka, Sri Lankans cheated .......................................................................................................... 12
Fresh litigation over coal transport cost (all legal cases are SCUTTLED) .......................................... 13
BLATANT, BRAZEN fudging continues (INPENDENT Audit??!!) ........................................................ 13
2 corrupt murky empires .................................................................................................................. 13
Mauritius – Minister replaced .......................................................................................................... 15
Lobbying ............................................................................................................................................ 15
Australia – adani refuses to pay staff................................................................................................ 15
CEMENT – FUDGING ......................................................................................................................... 15
UK – People protests against corrupt SCIENCE MUSUEM ................................................................ 15
SEBI REPORT: ADANI refuses to mention ULTIMATE BENEFICIARIES ............................................... 15
ADANI Enterprises ABSURD Valuation .............................................................................................. 16
2. modi’s Oligarchy, Cronyism, Kleptocracy model .............................................................................. 17
Modi’s Rockefeller ............................................................................................................................ 17
Corrupt Adani port every 500 km of coastline.................................................................................. 18
Financial Times – SEP2023 More Evidence ....................................................................................... 18
The Crisis of India’s Oligarchy ........................................................................................................... 18
‘OLIGARCH’ ADANI – Too Big to fail, Too big to JAIL ......................................................................... 19
Gangster capitalists ........................................................................................................................... 19
ADANI-SOLANKI link exposed ........................................................................................................... 19
HONG KONG – QUID PRO QUO......................................................................................................... 19
modi in UAE....................................................................................................................................... 19
Returns in Indian ‘SHOCK’ Market .................................................................................................... 20
CORRUPT NEXUS ............................................................................................................................... 20
STATE intimidates adani’s critics....................................................................................................... 21
Modi’s India is moving in an illiberal direction ................................................................................. 21
modi’s CRIMINALISATION of Business .............................................................................................. 21
Forbes – ADANI Group Timeline ....................................................................................................... 22
INDIA – Crony Capitalism is on the rise ............................................................................................ 22
Unmasking India’s Crony Capitalist Oligarchy................................................................................... 22
modi regime’s RAID & Acquire technique ........................................................................................ 22
Are law-enforcement agencies assisting Adani Group takeovers? .................................................. 23
OCCRP ............................................................................................................................................... 24
FINANCIAL TIMES .............................................................................................................................. 25
3a. India's democratic regression ......................................................................................................... 27
Transparent lobbyists, opaque govt ................................................................................................. 27
Lobbying Corrupt USA ....................................................................................................................... 27
In Parliament ..................................................................................................................................... 27
Authoritarian Regime… Surveillance State ...................................................................................... 28
3b Systemic Corruption i.e. Institutionalised CORRUPT INDIA ............................................................. 28
7 Yrs – 263 auditors Quit mid-term .................................................................................................. 28
modi regime supports MONEY LAUNDERING ................................................................................... 29
electoral bond ................................................................................................................................... 29
4.Supreme Court -Turning a BLIND EYE ............................................................................................... 29
BLINKERED view of SYSTEMIC CORRUPTION ........................................................................................ 30
NIKKEI – ADANI Misgovernance........................................................................................................ 30
CJI asks all parties to file final submissions by 8Nov......................................................................... 30
2014 Modi Regime’s Anti-Nation, Anti-People Tweak to the law .................................................... 30
Supreme court continues to be under pressure ............................................................................... 30
Petition submitted – Conflict of Interest .......................................................................................... 30
Media calls the bluff of ADANI’s eco-system .................................................................................... 33
Former SEBI Chief’s opinion .............................................................................................................. 33
Top Brokerage ML investigation scuttled ......................................................................................... 33
ADANI’s “media” interest – propaganda tool ................................................................................... 34
SC Panel............................................................................................................................................. 36
ICICI Bank .......................................................................................................................................... 36
JPC in INDIA’s interest ....................................................................................................................... 36
Parliament Monsoon session – ADANI SCAM JPC ............................................................................ 37
JULY 2023 INDIA’s Opposition – reiterate JPC demand .................................................................... 37
Supreme Court Invalidates ED Director extension ........................................................................... 37
SEBI Playing for time? ....................................................................................................................... 41
SEBI gagged, a hostage ..................................................................................................................... 42
SEBI – a ‘hostage’ to the corrupt rotten deep state? ........................................................................... 42
SEBI accused of concealing information ........................................................................................... 43
Is Sebi Incompetent, Unwilling or Helpless? ..................................................................................... 43
“fines” ADANI .................................................................................................................................... 43
DELIST ADANIs as per REGULATIONS ................................................................................................ 46
SEBI – Complicit?............................................................................................................................... 46
SUPREME COURT POSTPONES HEARING .......................................................................................... 46
5a Money Launderer is now a ARMS DEALER....................................................................................... 46
MONEY Launderer, the Arms Dealer ................................................................................................ 46
5b Arrogance of the P.E.P. .................................................................................................................... 47
ADANI WILMAR – SCAM WITHIN SCAM ........................................................................................... 47
Harish Salve (a lawyer named in PANAMA paper; works for oligarchs & cronies)........................... 47
Adani Group in Talks to Sell Up to 65% Equity to Potential Investors .............................................. 48
sells bonds......................................................................................................................................... 48
Business as “un” usual for modi’s crony – money laundering Adani ............................................... 48
Does GQG Rajiv Jain fund HINDUTVA? ............................................................................................. 48
Adani AGM, hides behind “Nationalism” (as advised!) .................................................................... 49
Dharavi project in court .................................................................................................................... 49
6.Estimated Value of the Financial Crimes ........................................................................................... 49
7. The ADANI Threats ............................................................................................................................ 49
Journalists Intimidated - Continuing brutality by the corrupt ......................................................... 49
Misogynistic corrupt thugs ............................................................................................................... 49
ECONOMY, NATIONAL Security ........................................................................................................ 50
Threat to the people - Impact on economy ...................................................................................... 50
OXFAM .......................................................................................................................................... 50
Dr Subba Rao – former RBI GOVERNOR........................................................................................ 51
FAILURE OF MAKE IN INDIA .......................................................................................................... 51
EXPORTS – Another FAILURE ........................................................................................................ 52
MODERN DAY SLAVERY................................................................................................................. 52
India's failing schools rule out any 'demographic dividend' ......................................................... 52
W.B. Rich-poor split could tighten 'grip of poverty' ..................................................................... 53
Threat to Ecology .............................................................................................................................. 59
TOXIC Bonds – 6th March 2024 ......................................................................................................... 59
Modi-adani Vs Honest, Hardworking people .................................................................................... 60
Agreement terminated ..................................................................................................................... 60
ILLEGAL MINING in INDIA.............................................................................................................. 60
Forests DESTROYED by money laundering ADANIs ...................................................................... 60
COAL destroying INDIA’s ecology.................................................................................................. 60
ADANI Power – Agricultural lands in BENGAL .............................................................................. 60
8.adani on the radar prior to Hindenburg ............................................................................................ 61
Annual Reports – available in BSE & NSE. This is just BSE. ............................................................... 61
9. Corporate Web Of Deceit.................................................................................................................. 61
10. Family Web ..................................................................................................................................... 63
Partial purchases by Adani family into Group companies raise concerns ........................................ 63
VINOD SHANTILAL SHAH –makes a move ......................................................................................... 63
Vinod ADANI Retreats as Scrutiny Builds ........................................................................................ 65
11. INDIA’s CAG Comptroller & Auditor General .................................................................................. 65
12. JPC ................................................................................................................................................... 66
ADANI series – 100 Qs....................................................................................................................... 67
13 ADANI SCAM – Big data View .......................................................................................................... 67
14. For the corrupt:Participatory Notes ............................................................................................... 68
Sep 2023: Stock Market –Rampant laundering ................................................................................ 69
15. Mauritius – put it back in FATF Grey List ........................................................................................ 71
More evidence – Mauritius Money Laundering ............................................................................... 71
Why Mauritius Has Everything To Do With The Stockmarket Scandal ............................................. 71
16. Rating Agencies, MSCI FAIL to act independently .......................................................................... 72
Credit Ratings .................................................................................................................................... 73
S&P Global Ratings to answer questions on Adani Group in coming months ............................. 73
Moody’s cuts OUTLOOK ................................................................................................................ 73
Fitch Ratings .................................................................................................................................. 73
#MSCI – DROP ADANI campaign ....................................................................................................... 74
Editorial: MSCI’s flip-flop on Adani stocks is questionable ............................................................... 75
17. Loss of Independence-INDIAN Institutions ..................................................................................... 75
SEBI ................................................................................................................................................... 75
SEBI – under tremendous pressure .............................................................................................. 76
SEBI Investigation – FPI, P Notes (Murky) ..................................................................................... 76
Money Laundering FPI, P Note route............................................................................................ 76
Perjury ........................................................................................................................................... 76
Foreign Funds REFUSE to reveal BENEFICIAL Owners .................................................................. 77
INDIAN Investigative Agencies .......................................................................................................... 77
Recall Panama, Paradise, Pandora ................................................................................................ 77
At least 2 Mauritius companies were on I.T. RADAR .................................................................... 77
RBI ..................................................................................................................................................... 78
Family Offices - RBI ....................................................................................................................... 78
AIBOC – Loot & Plunder of banks in INDIA ................................................................................... 79
RBI’s attempt to “encourage” banks to “settle” wilful defaulters................................................ 82
Bank of Baroda .............................................................................................................................. 82
State Bank of INDIA- adani, modi funding in Australia ................................................................. 83
CRYPTOS – INDIA’s Central bank over-ruled. .............................................................................. 84
LIFE INSURANCE CORPORATION ....................................................................................................... 84
L.I.C. – Freeze ................................................................................................................................ 84
The curious case of front running in LIC ....................................................................................... 85
18. Financial Crime: INDIAN CONSUMERS CHEATED ............................................................................ 85
ADANI-IOCL Corruption..................................................................................................................... 85
Punjab ............................................................................................................................................... 85
Gujarat .............................................................................................................................................. 86
Maharashtra Political Coup MODANI honoured with project .......................................................... 88
BJP ‘tweaked’ rules to gift Dharavi to Adani ................................................................................ 89
National Thermal Power Corporation Limited coal import tenders ................................................. 90
19. Financial Crime – Hoarding ............................................................................................................. 90
20. Financial Crime: Market Manipulation, Stock Market–SEBI ........................................................... 91
Betrayal of public confidence ....................................................................................................... 91
SEBI move is disappointing ........................................................................................................... 91
Karan Adani’s father-in-law still on Sebi committee'.................................................................... 91
NDTV Appoints Former SEBI Chairman UK Sinha as an independent Directors ........................... 92
SEBI in Supreme Court – Self-inflicted wounds; under IMMENSE pressure .................................. 92
What is SEBI’s investigating? ............................................................................................................ 94
May 2nd 2023-6-month extension ................................................................................................. 94
Vinod ADANI – ACC, Ambuja Cement ............................................................................................... 95
2007 - SEBI bans Adani for 2 years (A “long life” in Financial CRIME) .............................................. 95
21.Financial Crime – Money Laundering .............................................................................................. 96
“SLEEPER Cell” Funding .................................................................................................................... 96
Mauritius – FATF Grey List .............................................................................................................. 100
Mauritius – should be back in the grey list ................................................................................. 100
Adanis and the PANAMA papers .................................................................................................... 102
How can banks fund the ADANI Group – known for money laundering ........................................ 103
Adani-CRIME@5 Tax Havens .......................................................................................................... 104
ADANI_CRIME@13 RELATED PARTIES - SEBI .................................................................................. 104
ADANI_CRIME@12 FPIs - SEBI ........................................................................................................ 104
ADANI_CRIME@16 Entities – E.D. .................................................................................................. 104
22. Financial Crime: Cooking ownership, Books of Account ............................................................... 104
Whistle-blower................................................................................................................................ 104
DELOITTE – 12th Aug 2023 .............................................................................................................. 105
CORRUPT Group avoids INDEPENDENT audit ................................................................................. 105
ACC not to conduct independent probe into Hindenburg allegations ........................................... 105
Unresolved: AUDIT of ADANI Group ............................................................................................... 106
INDIA - ADANI’s auditors................................................................................................................. 106
ADANI Group Governance – Still a Significant RISK ........................................................................ 106
Financial Position ............................................................................................................................ 108
Fudging Books ................................................................................................................................. 108
ARROGANCE of the CORRUPT ADANI Group ................................................................................ 108
Adani Ports floats tender ................................................................................................................ 112
Adani group aims to raise about $800 million ................................................................................ 113
Adani Repays $200 Million Of Holcim Debt .................................................................................... 113
Adani Group-Dubious Funding........................................................................................................ 113
23. Crime - Obstruction of Justice....................................................................................................... 116
USA FINCEN Investigation - Scuttled .............................................................................................. 116
INDIA - Justice Arun Mishra ............................................................................................................ 117
ADANI Trying to impede our probe: D.R.I. ...................................................................................... 117
DRI concludes investigation into Adani Group's power imports .................................................... 117
Under pressure: .............................................................................................................................. 118
Rajesh Adani held for fraud,gets bail .............................................................................................. 119
INDIA - No Discussions in Parliament ............................................................................................. 120
Background of 2 people in the SUPREME COURT PANEL ............................................................... 121
SEC- whistleblower; No move by SEBI, Govt of INDIA .................................................................. 122
24. Letters to Regulators, Vigilance and Investigative agencies ......................................................... 123
25. CIVIL Society – Threats, Intimidation ............................................................................................ 130
CIVIL Society fight continues ........................................................................................................... 131
A feeling of Betrayal: Civil Society takes up the issue..................................................................... 131
26. FINANCIAL ACTION TASK FORCE (FATF) ........................................................................................ 134
27. GLOBAL Protest ............................................................................................................................. 134
ADANI Watch, Stop ADANI, ADANI Toxic Bonds, ADANI Files ........................................................ 134
UK based Lloyds of London insurance company Probitas 1492 ..................................................... 134
No Governance ............................................................................................................................... 137
IiAS red flags 2 ADANI cos ........................................................................................................... 137
Glass Lewis flags risks from Adani 'unconscionable conduct...................................................... 137
28. BRUTAL Suppression of DEMOCRACTIC PROCESS ........................................................................ 137
Corrupt & Shameless intimidation.................................................................................................. 138
Wachtell, Lipton, Rosen & Katz ....................................................................................................... 140
Corrupt section of the INDIAN media ............................................................................................. 141
Corrupt INDIAN Media .................................................................................................................... 141
29. ADANI’s P.R. Machine ................................................................................................................... 141
NDTV – Propaganda Tool ................................................................................................................ 142
Adani News Fixing – ........................................................................................................................ 142
Raises $1.4 bn from stake sale in 3 firms; $9 bn raised in 4 years (?) ............................................ 142
30.IMF ................................................................................................................................................. 143
31.Bangladesh ..................................................................................................................................... 143
Probability of losses (Corrupt adanis are PEPs) .............................................................................. 143
The modi-adani Bangladesh deal .................................................................................................... 143
32.Sri Lanka ......................................................................................................................................... 143
G2G - SRI LANKA: ............................................................................................................................ 144
33.USA ................................................................................................................................................. 144
SCUTTLED ........................................................................................................................................ 145
Modi’s brazen corrupt act supported by USA: Mode REGIME & Modern Day Slavery .................. 145
34.UK – Fails to complete a proper investigation into the use of UK ................................................. 145
Science Museum-GREEN WASHING ADANI .................................................................................... 148
35. Italy................................................................................................................................................ 148
36.France ............................................................................................................................................ 148
37.EUROPE & ESG ............................................................................................................................... 148
CORRUPT DANSKE Bank and CORRUPT Money Laundering ........................................................... 149
38.ISRAEL ............................................................................................................................................ 150
Team Jorge: Did Israeli group accused of influencing polls across countries meddle in India? ..... 151
PEGASUS ......................................................................................................................................... 151
39.ADANIs in S.Africa, Myanmar, China ............................................................................................. 151
40.AUSTRALIA ..................................................................................................................................... 152
2023 UN general assembly ............................................................................................................. 152
Senator David Pocock ..................................................................................................................... 154
Threat & intimidation by the corrupt group continues .................................................................. 154
modi regime acts against civil society............................................................................................. 154
India: Opposition keeps raising RED FLAGS and demands a JPC .................................................... 156
Book on ADANI: Following its Dirty Foot steps ............................................................................... 156
Carmichael write-down split favoured Adani’s listed company ..................................................... 157
Climate and Australia’s National Security ....................................................................................... 157
Jeyakumar Janakaraj ....................................................................................................................... 157
Australian Broadcasting Corp 6Minute VIDEO................................................................................ 158
adani australia and Shell companies-Money Laundering ........................................................... 159
Australian Data - recirculated ......................................................................................................... 159
ADANI Group - Billion$via shell companies ................................................................................ 159
41.United Arab Emirates ..................................................................................................................... 159
Murky Corrupt IHC & ADANI Group ................................................................................................ 159
42.SINGAPORE .................................................................................................................................... 160
43. Jefferies, Blackrock, JP Morgan… .................................................................................................. 161
JEFFERIES, ADANIs and ICHAN ........................................................................................................ 161
44. Black Gold, BLACKROCK ................................................................................................................ 162
BLACKROCK – Corruption; Funds Corrupt ADANIs......................................................................... 162
Is BlackRock’s Larry Fink blowing it for the climate? .................................................................... 163
3 cos booted from UN Science Based Targets Initiative ................................................................. 165
45.Election Funding & Corruption ...................................................................................................... 165
Australia .......................................................................................................................................... 165
INDIA ............................................................................................................................................... 166
46.Right to Information – Refused...................................................................................................... 167
RTI – Australia ................................................................................................................................. 167
INDIA – RTI - REFUSED .................................................................................................................... 167
47.The collapse of the Indian judiciary ............................................................................................... 168
SUPREME Court’s STINGING remarks ............................................................................................. 169
CJI removed from POLL PANEL ....................................................................................................... 170
1. Updates: March to 25April 2024
Corrupt modi ecosystem continues to intimidate Ms Moitra

Sri Lanka, Sri Lankans cheated
Adani’s Energy Deals: Sri Lanka’s Annual Losses Exceed 410 Billion rupees,
Destruction Of Ecology
http://www.srilankaguardian.org/2024/03/adanis-energy-deals-sri-lankas-annual.html
https://www.youtube.com/watch?v=Nm5w2vMXgjI
http://www.srilankaguardian.org/2024/03/unveiling-adani-scam-in-sri-lanka.html
Fresh litigation over coal transport cost (all legal cases are SCUTTLED)
https://www.moneycontrol.com/news/business/markets/adani-power-shares-slip-on-fresh-
litigation-over-coal-transport-cost-12522071.html
BLATANT, BRAZEN fudging continues (INPENDENT Audit??!!)

Adani Power merges Rs 19,700 cr loans (USD2.2Billion) from 6 arms into long-term debt
https://www.business-standard.com/companies/news/adani-power-merges-rs-19-700-cr-loans-
from-6-arms-into-long-term-debt-124032800268_1.html
2 corrupt murky empires

Mukesh Ambani's Reliance to buy 26% in Adani's Mahan Energen unit
https://www.business-standard.com/companies/news/ambani-adani-collaboration-ril-picks-26-
stake-in-adani-power-project-124032800825_1.html
Guwahati airport – roof caves in. (NO PROSECUTION; Modi, Oligarchs are gods, they are the LAW)
https://thewire.in/rights/guwahati-airport-adani-ceiling-flooding-rain
PEOPLE protest in LONDON

Mauritius – Minister replaced
The ministerial reshuffling saw Sunil Bholah replacing Mahen Seeruttun as Minister of Financial
Services. This is LINKED to the multi-billion$ ADANI SCAM.
https://newsmoris.com/2024/04/01/unrest-in-mauritian-financial-sector-can-redemption-be-
achieved/
Lobbying
Too clever by half? How Adani’s lobbying may cost Adani Green over US $100 million
https://www.adaniwatch.org/too_clever_by_half_how_adani_s_lobbying_may_cost_adani_green_o
ver_us_100_million
Australia – adani refuses to pay staff

https://www.lockthegate.org.au/adani_takes_qld_government_to_court_in_attempt_to_avoid_em
ploying_clermont_locals
CEMENT – FUDGING
Adani family infuses ₹8,339 crore (USD 1 Billion) in Ambuja Cements
https://www.thehindubusinessline.com/companies/adani-family-infuses-8339-crore-in-ambuja-
cements/article68075961.ece
UK – People protests against corrupt SCIENCE MUSUEM

Chris Packham joins Extinction Rebellion in Science Museum sponsor protest
https://extinctionrebellion.uk/2024/04/12/young-people-and-scientists-occupy-new-coal-
sponsored-science-museum-gallery-joined-by-broadcaster-and-wildlife-campaigner-chris-packham/
SEBI REPORT: ADANI refuses to mention ULTIMATE BENEFICIARIES
Under pressure from narendar modi, BLACKROCK, GOLDMAN Sachs and ambani-adani ecosystem,
SEBI has made “an attempt” to shed some light on Adani’s billion $ scams.
“Investors” violated disclosure rules: i.e. Ultimate beneficiaries are CRIMINALS. ADANI’s financial
crimes are well documented. Under pressure from modi ROGUE REGIME, USA, UK, Mauritius,
ISRAEL, UAE, Qatar, Sri Lanka, Bangladesh, Singapore, Australia have supported the corrupt, money
laundering group.
https://economictimes.indiatimes.com/markets/stocks/news/sebi-finds-adani-offshore-investors-in-
disclosure-rules-violation-sources/articleshow/109509526.cms
ADANI Enterprises ABSURD Valuation
ADANI ENTERPRISES - Valuation

a.Prof Aswath Damodaran Valuation @ 948/- (ROUNDED)
https://aswathdamodaran.blogspot.com/
b.VALUATION: Rs 645/
2. modi’s Oligarchy, Cronyism, Kleptocracy model
Critics say his rise is symbolic of a system where too much power is in the hands of too few
INDIA: Money & Muscle in Indian politics
https://carnegieendowment.org/2017/01/24/when-crime-pays-money-and-muscle-in-
indian-politics-pub-66205
FINANCIAL TIMES
Modi’s Rockefeller
Gautam Adani and the concentration of power in India
https://www.ft.com/content/474706d6-1243-4f1e-b365-891d4c5d528b
Corrupt Adani port every 500 km of coastline
https://indianexpress.com/article/express-exclusive/on-average-an-adani-port-every-500-km-of-
coastline-these-handle-24-of-all-cargo-govt-share-dips-9002772/
Financial Times – SEP2023 More Evidence

FINANCIAL TIMES digs deeper into the CRIMINAL AND MONEY LAUNDERING ACTITIVIES of
the CORRUPT ADANI GROUP
The Crisis of India’s Oligarchy

https://www.project-syndicate.org/commentary/adani-scandal-danger-of-relying-on-
oligarchs-to-drive-economic-growth-by-jayati-ghosh-2023-02
‘OLIGARCH’ ADANI – Too Big to fail, Too big to JAIL
https://www.bloomberg.com/graphics/2023-adani-infrastructure-control/?srnd=premium-
asia#xj4y7vzkg
Gangster capitalists
Modi risks turning India into a nation of gangster capitalists
https://asia.nikkei.com/Opinion/Modi-risks-turning-India-into-a-nation-of-gangster-
capitalists
India House Decriminalizes Some Offenses to Help Businesses: oligarchs & cronies
https://www.bloomberg.com/news/articles/2023-07-27/india-house-decriminalizes-some-
offenses-to-help-businesses#xj4y7vzkg
ADANI-SOLANKI link exposed

Another Mafia link of the CORRUPT money laundering adani group has got global attention.
https://www.adaniwatch.org/kodinar_s_struggle_supplier_of_adani_cement_company_a_convicte
d_murderer
Gujarat RTI activist’s murder: Former BJP MP Solanki, six others convicted
Amit Jethva was shot dead on July 20, 2010, by two assailants outside the Gujarat High Court.
Through RTI replies, the social worker had exposed the illegal mining activities in Gir forest allegedly
by the former MP.
https://indianexpress.com/article/india/rti-activist-amit-jethwa-murder-former-bjp-mp-dinu-bogha-
solanki-convicted-5818304/
HONG KONG – QUID PRO QUO

ADANI entertains BJP
https://www.hindustantimes.com/india-news/sanjay-raut-mocks-maharashtra-bjp-chief-for-macau-
casino-visit-aa-bail-mujhe-maar-101700539507497.html
The corrupt, money laundering is bidding for duty-free liquor and tobacco shops at Macau
International Airport.
https://www.moneycontrol.com/news/business/markets/adani-enterprises-up-3-after-subsidiary-
incorporates-new-company-in-macau-11779071.html
modi in UAE
Unverified reports mention VINOD ADANI was there. Tainted and Illicit sources for investment
into corrupt groups.
Returns in Indian ‘SHOCK’ Market
 213 stocks registered up to 1,000 percent growth

 107 counters saw up to 5,000 percent spike
 For 10 stocks, gains shot up to 10,000 percent
 6 had up to 20,000 percent surge.
 One stock saw a mind-blowing 26,000 percent rise
https://www.moneycontrol.com/news/business/earnings/riders-of-the-storm-337-stocks-
deliver-over-500-returns-since-covid-triggered-volatility-11238381.html
CORRUPT NEXUS
https://www.cnbc.com/2023/02/16/adanis-epic-fall-reignites-scrutiny-on-tycoons-close-
ties-modi-.html
STATE intimidates adani’s critics
Washington Post
“Indian tax authorities simultaneously raided three non-profit organizations that the
government believed were critics of Gautam Adani, one of India’s richest men and a political
ally of Mr. Modi. The raids were a case study in how the Modi government uses state power
to crimp its critics.”
https://www.washingtonpost.com/opinions/2023/06/17/biden-modi-washington-visit/
Modi’s India is moving in an illiberal direction

https://www.ft.com/content/bf591089-6e9d-4cf9-ac80-8c63e3b12f42
modi’s CRIMINALISATION of Business
Forbes – ADANI Group Timeline
https://www.forbes.com/sites/giacomotognini/2023/03/30/gautam-adanis-odyssey-
from-a-diamond-sorting-teenager-to-worlds-second-richest-to-fraud-
allegations/?sh=5c4b0c731c5f
Le Monde (from RAFALE to ADANI’s Total Energy)

INDIA – Crony Capitalism is on the rise
https://www.lemonde.fr/en/opinion/article/2022/09/15/in-india-crony-capitalism-is-on-
the-rise_5996996_23.html
Unmasking India’s Crony Capitalist Oligarchy

Pranab Bardhan is Distinguished Professor Emeritus of Economics at the Department of
Economics at the University of California, Berkeley
https://www.project-syndicate.org/commentary/gautam-adani-scandal-india-crony-
captalism-by-pranab-bardhan-2023-02
modi regime’s RAID & Acquire technique

****
Placement, Layering and Integration.
Raid and Acquire a Unique “Nexus” based Indian technique
Case Studies –on integration.

1. The Quint was raided - Adani bought the Quint.
2. NDTV was raided - Adani bought NDTV, Mukesh Ambani was part of this ‘deal making’.
3. Krishnapatnam port office raided - Adani bought this port.
4. Ambuja, ACC, Ultratech Cement offices raided, VINOD SHANTILAL SHAH buys majority
stake in Ambuja and ACC.
5. Mumbai Airport Management Company GVK raided, bought by Adani.
6. Raids & Fines - Coffee Day…..Why wasn’t the suicide investigated?
https://www.moneylife.in/article/cafe-coffee-day-order-sebis-silly-stunt/70118.html
Five Reasons Why Modi Government's 'Rule By Raids' Weakens India's Democracy
https://thewire.in/government/five-reasons-why-modi-govts-rule-by-raids-weakens-indias-
democracy
Case Studies - References
Are law-enforcement agencies assisting Adani Group takeovers?

https://paranjoy.in/article/are-law-enforcement-agencies-assisting-adani-group-takeovers
i. Acquisition of Sanghi Industries

(a)Price (b) Modus Operandi
a.Modi’s money launderer Adani’s acquisition of Sanghi Industries: premium paid is not
justified
https://www.thehindubusinessline.com/portfolio/news-analysis/adani-acquisition-of-
sanghi-industries-is-the-premium-paid-by-ambuja-justified/article67153575.ece
b. modus operandi
https://www.hindustantimes.com/india-news/congress-points-to-it-raids-in-chronology-of-
adani-groups-latest-acquisition-101691218848257.html
ii. Quint
https://www.hindustantimes.com/india-news/media-baron-raghav-bahl-s-premises-raided-
by-i-t-dept-over-alleged-tax-evasion/story-dZe2igWwqdTss8AIFOEtUO.html
iii. NDTV was raided then Adani bought NDTV.

https://www.hindustantimes.com/india-news/cbi-raids-homes-of-ndtv-s-prannoy-roy-his-
wife-in-2008-bank-fraud-case/story-HJOdY5DmNpbZNmZhcIuMBK.html
https://thewire.in/media/watch-ndtv-a-done-deal-adani-has-cleargovt-inclined-bias-
ambani-likely-pressured-to-sell-to-him-n-ram
iv. Krishnapatnam port office raided, then Adani bought this port.
https://www.newindianexpress.com/states/andhra-pradesh/2011/oct/28/cbi-team-makes-
a-visit-to-krishnapatnam-port-304488.html
v. Ambuja, ACC, Ultratech Cement offices raided, Adani buys majority stake in Ambuja
and ACC.
https://www.moneycontrol.com/news/business/stocks/acc-ultratech-ambuja-fall-2-3-after-
cci-raids-companies-offices-6211081.html
vi. Mumbai Airport Management Company GVK raided, Mumbai Port bought by Adani.
https://www.hindustantimes.com/india-news/ed-raids-gvk-group-offices-in-connection-
with-mumbai-airport-scam/story-shwbGEvqZGQLrUgpdal0XN.html
vii. Who attempted to acquire Coffee Day using this modus operandi…..What happened
to the investigation into the suicide (founder)?
https://www.thehindu.com/news/national/karnataka/central-investigating-agencies-
criticised-over-siddharthas-death/article28776321.ece
OCCRP
OCCRP digs deeper into the CRIMINAL AND MONEY LAUNDERING ACTITIVIES of the
CORRUPT ADNAI GROUP
FINANCIAL TIMES
https://adanitoxicbonds.org/2023/08/31/insider-trading-scandal-should-serve-as-the-
ultimate-red-line-for-adanis-financial-backers/
https://www.stopadani.com/bombshell_new_evidence
ambanistan_adanistan
https://www.opensocietyfoundations.org/focus/open-society-
barometer?utm_source=linkedin&utm_medium=social&utm_campaign
3a. India's democratic regression
https://www.lemonde.fr/en/opinion/article/2023/04/24/india-s-democratic-
regression_6024042_23.html
Transparent lobbyists, opaque govt

https://www.deccanherald.com/opinion/transparent-lobbyists-opaque-govt-1237399.html
In 9 years, THE REGIME has ‘transformed” the niira radia-type lobbying into a well-equipped
‘international lobbying industry’ that gets modi regime to sign the dotted line. Oligarchs and
Cronies have the ‘Right of First Refusal’.
Lobbying Corrupt USA

case study for the ill-effects of LOBBYING – It destroys democracy; destroys PEOPLE.
https://www.brookings.edu/articles/americas-lobbying-addiction/
The root cause for SYSTEMIC CORRUPTION in INDIA is the opaque ELECTION FUNDING system.
A WEAK Election Commission makes elections all about POLITICAL MUSCLE AND TAINTED
MONEY.
In Parliament
Rahul Gandhi's Adani Jibe At BJP Sparks Ruckus In Lok Sabha | No-Confidence Motion |
Watch
https://www.hindustantimes.com/videos/news/rahul-gandhis-adani-jibe-at-bjp-sparks-
ruckus-in-lok-sabha-no-confidence-motion-watch-101691569379177.html
Authoritarian Regime… Surveillance State
https://www.reuters.com/technology/india-passes-data-protection-law-amid-
surveillance-concerns-2023-08-09/
https://thewire.in/law/will-the-data-protection-law-empower-the-public
https://www.hrw.org/news/2022/12/23/india-data-protection-bill-fosters-state-
surveillance
https://thewire.in/rights/amend-data-protection-bill-to-prevent-unchecked-state-
surveillance-human-rights-watch-to-centre
https://www.dw.com/en/indias-personal-data-privacy-law-triggers-surveillance-fears/a-
55564949
3b Systemic Corruption i.e. Institutionalised CORRUPT INDIA
7 Yrs – 263 auditors Quit mid-term

Listed Companies are NOTORIOUS – SYSTEMICALLY CORRUPT INDIA
modi regime supports MONEY LAUNDERING
Singapore, US, UK top the outbound investment list, includes 3 tax havens
The US received Rs 1.24 lakh crore (13.6 per cent share) and the UK got Rs 1.16 lakh crore
(12.8 per cent) as ODI from India in FY2023.
https://indianexpress.com/article/business/outbound-investment-list-odi-beneficiary-
financial-year-2023-rbi-data-8937283/
electoral bond
= electoral fraud = INSTITUTIONALISED CORRUTION = Oligarchy, Cronyism, Cartels
ELECTORAL BONDS – UNCONSTITUTIONAL

https://www.thehindu.com/news/national/electoral-bonds-scheme-unconstitutional-sbi-
should-reveal-the-details-of-donors-rules-sc/article67848211.ece
https://indianexpress.com/article/explained/explained-law/supreme-court-strikes-down-
electoral-bonds-scheme-as-unconstitutional-what-issues-did-the-verdict-mention-9162710/
MODERN DAY SLAVERY in INDIA – demonetised and ‘aadhared’ people of INDIA
https://thewire.in/politics/the-battle-for-2024-is-between-modi-and-his-corporate-backers-
and-the-people-of-india
4.Supreme Court -Turning a BLIND EYE

BLINKERED view of SYSTEMIC CORRUPTION
NIKKEI – ADANI Misgovernance

Adani Group grapples with governance a year after Hindenburg row
https://asia.nikkei.com/Business/Companies/Adani-Group/Adani-Group-grapples-with-
governance-a-year-after-Hindenburg-row
CJI asks all parties to file final submissions by 8Nov
https://www.businesstoday.in/latest/corporate/story/adani-hindenburg-case-cji-asks-all-
parties-to-file-final-submissions-by-wednesday-404688-2023-11-06
2nd March 2023,

2014 Modi Regime’s Anti-Nation, Anti-People Tweak to the law
Treacherous- For the CORRUPT, By the CORRUPT - TWEAK
Until 2014, such entities were required to disclose the ultimate natural person owning an
economic interest in each FPI. From around 2017, SEBI quietly began work on diluting the
rules, first setting up the HR Khan (former deputy governor of the Reserve Bank of India)
committee. Finally, disclosure rules for foreign portfolio investors were changed to drop a
specific clause (on ‘Opaque Structures’) opening up a gaping loophole that allowed ultimate
economic beneficiaries to remain undisclosed.
India’s CJI: JUSTICE D.Y. Chandrachud – quotes.

In the Case: Romila Thapar v. Union of India
“The law is not a respecter of social, economic or political status…”
In the Case: Kalpana Mehta v. Union of India

“History and contemporary events across the world are a reminder that blackouts of
information are used as a willing ally to totalitarian excesses of power. They have no place in
a democracy.”
These statements appear hollow on the face of the obstruction of justice in the BILION $
ADANI SCAM.
Supreme court continues to be under pressure

The next hearing of the Adani-Hindenburg case will take place in the Supreme Court on 13
October
https://www.livemint.com/companies/news/adanihindenburg-case-next-hearing-in-
supreme-court-on-13-october-report-claims-11694760191641.html
Petition submitted – Conflict of Interest
The petitioner raised concerns about a possible conflict of interest involving three members
of the six-member panel.
https://www.hindustantimes.com/india-news/conflict-of-interest-plea-in-supreme-court-
for-fresh-panel-on-adani-probe-101695024611395.html
Extract (a limited Terms of Reference that does not touch any of the Financial Crimes)
On the subject matter of these petitions, SEBI has stated that:
SEBI is already enquiring into both, the allegations made in the Hindenburg report as well as
the market activity immediately preceding and post the publication of the report, to identify
violations of SEBI Regulations including but not limited to SEBI (Prohibition of Fraudulent and
Unfair Trade Practices I relating to Securities Market) Regulations 2003, SEBI (Prohibition of
Insider Trading)
Regulations 2015, SEBI (Foreign Portfolio Investors) Regulations 2019, Offshore Derivative
Instruments (ODI) norms, short selling norms, if any. As the matter is in early stages of
examination, it may not be appropriate to list details about the ongoing proceedings at this
stage.”
In view of the above statement, it appears that SEBI is seized of the investigation into the
allegations made against the Adani Group companies. SEBI has not expressly referred to an
investigation into the alleged violation of the Securities Contracts (Regulation) Rules 1957
which provide for the maintenance of minimum public shareholding in a public limited
company. Similarly, there may
be various other allegations that SEBI must include in its investigation.
As a part of its ongoing investigation, SEBI shall also investigate the following aspects of the
issues raised in the present batch of petitions:
a. Whether there has been a violation of Rule 19A of the Securities Contracts (Regulation)
Rules 1957;
b. Whether there has been a failure to disclose transactions with related parties and other
relevant information which concerns related parties to SEBI, in accordance with law; and
c. Whether there was any manipulation of stock prices in contravention of existing laws.
The above directions shall not be construed to limit the contours of the ongoing investigation.
SEBI shall expeditiously conclude the investigation within two months and file a status report.
Further, SEBI shall apprise the expert committee (constituted in paragraph of this order) of
the action that it has taken in furtherance of the directions of this Court as well as the steps
that it has taken in furtherance of its ongoing investigation. The constitution of the expert
committee does not divest SEBI of its powers or responsibilities in continuing with its
investigation into the recent volatility in the securities market.
In Prakash Gupta (supra), we took note of the developing nature of the regulations pertaining
to the securities market. This Court noted that:
Therefore, the SEBI Act and the rules, regulations and circulars made or issued under the
legislation, are constantly evolving with a concerted aim to enforce order in the securities
market and promote its healthy growth while protecting investor wealth
In order to protect Indian investors against volatility of the kind which has been witnessed in
the recent past, we are of the view that it is appropriate to constitute an Expert Committee
for the assessment of the extant regulatory framework and for making recommendations to
strengthen it. We hereby constitute a committee consisting of the following members:
a. Mr. O P Bhatt;
b. Justice J P Devadhar (retired)
c. Mr. KV Kamath;
d. Mr. Nandan Nilekani; and
e. Mr. Somashekhar Sundaresan.
The Expert Committee shall be headed by Justice Abhay Manohar Sapre, a former judge of
the Supreme Court of India.
The remit of the Committee shall be as follows:

a. To provide an overall assessment of the situation including the relevant causal factors
which have led to the volatility in the securities market in the recent past;
b. To suggest measures to strengthen investor awareness;
c. To investigate whether there has been regulatory failure in dealing with the alleged
contravention of laws pertaining to the securities market in relation to the Adani Group or
other companies; and
d. To suggest measures to (i) strengthen the statutory and/or regulatory framework; and (ii)
secure compliance with the existing framework for the protection of investors.
The Chairperson of the Securities and Exchange Board of India is requested to ensure that all
requisite information is provided to the Committee. All agencies of the Union Government
including agencies connected with financial regulation, fiscal agencies and law enforcement
agencies shall co-operate with the Committee. The Committee is at liberty to seek recourse
to external experts in its work.
The honorarium payable to the members of the Committee shall be fixed by the Chairperson
and shall be borne by the Union Government. The Secretary, Ministry of Finance shall
nominate a senior officer who will act as a nodal officer to provide logistical assistance to the
Committee. All the expenses incurred in connection with the work of the Committee shall be
defrayed by the Union Government.
The Committee is requested to furnish its report in sealed cover to this Court within two
months.
Media calls the bluff of ADANI’s eco-system

 ADANI SCAM REPORT: PART-1
https://theleaflet.in/adani-hindenburg-aftermath-decoding-the-expert-committees-
findings-on-sebis-regulatory-failure-part-1/
 ADANI SCAM REPORT: PART-2
https://theleaflet.in/adani-hindenburg-aftermath-decoding-the-expert-committees-
findings-on-sebis-regulatory-failure-part-2/
Former SEBI Chief’s opinion

Says Adani Story by FT-OCCRP 'Very Persuasive'
https://thewire.in/political-economy/karan-thapar-interview-sebi-former-chairman-
damodaran-adani-financial-times
Top Brokerage ML investigation scuttled

Three top brokers face multiple probes including for money laundering, fraudulent trades
https://www.thehindubusinessline.com/markets/three-top-brokers-face-multiple-probes-
including-for-money-laundering-fraudulent-trades/article66849811.ece
https://www.business-standard.com/india-news/three-leading-brokers-on-sebi-rbi-
enforcement-directorate-radar-123051400524_1.html
https://www.financialexpress.com/market/three-top-brokers-face-multiple-probes-
including-for-money-laundering-fraudulent-trades-3087349/
Apparently, the agencies collected evidence that the REGIME considered too
hot….hence…”SILENCE”
Mukul Rohatgi-
Against the PEOPLE of INDIA, Against INDIA, Obstruction of Justice, Lies
https://www.youtube.com/watch?v=04DwNKXvzo4
may 19th – MISLEADING INVESTORS
mukul and corrupt media

https://www.aninews.in/news/business/business/adani-group-beyond-any-suspicion-
advocate-mukul-rohatgi-after-report-of-probe-into-hindenburgs-allegations-made-
public20230519183750/
ADANI’s “media” interest – propaganda tool

https://www.reuters.com/markets/deals/indias-adani-group-approves-mou-buy-remaining-
stake-quintillion-business-media-2023-08-14/
adani’s TV
https://www.ndtv.com/india-news/happy-to-note-adani-group-came-out-unscathed-mukul-
rohatgi-on-supreme-court-appointed-panel-report-4048827
 No clean chits
https://www.business-standard.com/opinion/editorial/no-clean-chits-
123052301181_1.html
 Supreme Court’s expert panel raises more questions than it answers
https://indianexpress.com/profile/columnist/sidharth-luthra/
 JPC is required
https://indianexpress.com/article/opinion/columns/adani-supreme-court-panel-jpc-
unearth-full-truth-8623380/
 There are too many unanswered Qs and the fight for JPC will continue
https://thewire.in/business/why-has-the-adani-hindenburg-issue-become-a-matter-of-
national-concern
The details in the ARTICLE below makes MUKUL Rohtagi’s statement (i) a pack of lies (b) a
criminal act as the ADANI shares were rigged soon after his malafide statement.
The SEBI was directed to probe whether the Securities Contracts (Regulation) Rules,
1957, were violated. The court wanted SEBI to find out whether Rule 19A, which
stipulates that every company listed in the stock market has to maintain at least 25%
public shareholding, was ignored.
SC Panel
ICICI Bank
Ms Kochhar – KV Kamath, SC ADANI PANEL, not interrogated
ICICI Bank's board gave sanction to prosecute Chanda Kochhar in loan fraud case: CBI to
court
https://www.livemint.com/news/india/icici-banks-board-gave-sanction-to-prosecute-
chanda-kochhar-in-loan-fraud-case-cbi-to-court-11686189176783.html
Did The Supreme Court Panel Ask The Right Questions?

https://www.livelaw.in/articles/adani-hindenburg-did-the-supreme-court-panel-ask-the-
right-questions-229793
Only a JPC can bring out the TRUTH about the largest Corporate Fraud in the business
history of the world.
Please note that the FINANCIAL CRIMES of the ADANI Group include the following:
Fudging of books, tax evasion, money laundering, placement-layering-integration,
Person-name change, Business entity name change, (in the context of financial
crimes),use of shell companies, 3rd party transactions, violating U.N. sanctions list,
violating ESG, internal audit failure, failure to observe Indian Companies act, Carbon
credits, FEMA (FX) act violations, IPO / FPO wrong doing, Insider Trading, Market
Manipulation, Statutory Audit Failure, intriguing Credit Rating Failure, intriguing MSCI
announcements, Political donations & cronyism (in the context of the corrupt nexus &
adani’s financial crimes).
Please compare this with the very limited scope mentioned in pages 3 and 4. The Interests
of the PEOPLE of INDIA and our should be primary focus of a complete, comprehensive
investigation
JPC in INDIA’s interest

JPC WILL HAPPEN
Parliament Monsoon session – ADANI SCAM JPC
https://timesofindia.indiatimes.com/videos/news/monsoon-session-congress-to-raise-
manipur-situation-price-rise-adani-jpc-probe-in-parliament/videoshow/101929233.cms
JULY 2023 INDIA’s Opposition – reiterate JPC demand
https://www.hindustantimes.com/india-news/sebis-enhanced-disclosure-requirements-
point-to-clear-admission-of-guilt-in-adani-scam-congress-101688120581921.html
July 2023:SC allows SEBI to continue probe till Aug 14

https://www.businesstoday.in/latest/corporate/story/adani-hindenburg-case-sc-allows-
sebi-to-continue-probe-till-aug-14-389200-2023-07-11
Supreme Court Invalidates ED Director extension

Supreme Court Invalidates Extensions Of ED Director SK Mishra's Term; Permits Him To
Continue Till July 3
https://www.livelaw.in/top-stories/supreme-court-sc-enforcement-directorate-director-
sanjay-kumar-mishra-central-vigilance-commission-amendment-act-232449
SEBI Playing for time?
https://www.deccanherald.com/opinion/editorial/not-just-adani-sebi-too-under-a-shadow-
2675975
https://www.newsclick.in/adani-hindenburg-scandal-sebi-playing-time
SEBI gagged, a hostage
SEBI – Says work in progress
https://economictimes.indiatimes.com/news/company/corporate-trends/adani-
hindenburg-saga-sebi-files-status-report-says-awaiting-details-from-external-agencies-on-
two-probes/articleshow/103061878.cms
SEBI – a ‘hostage’ to the corrupt rotten deep state?

SEBI accused of concealing information
(there have been several accusations against the market regulator)
Petitioner in SC accuses SEBI of ‘‘concealing” 2014 DRI alert on Adani
https://www.thehindu.com/news/national/petitioner-in-sc-accuses-sebi-of-concealing-
2014-dri-alert-on-adani/article67295917.ece
How Do You Solve A Problem Like Adani?

Is Sebi Incompetent, Unwilling or Helpless?
HOSTAGE – CORRUPT & VIOLENT rotten deep satte
https://www.bloomberg.com/news/newsletters/2023-09-14/adani-mess-is-sebi-
incompetent-unwilling-or-helpless
“fines” ADANI
MODI REGIME paid ACC Rs 47000 ($450) and Ambuja Cements Rs16000 ($200)for their
honesty! Both are controlled by fly by night, tax haven operator VINOD ADANI.
https://www.business-standard.com/companies/news/minor-fines-imposed-on-multiple-
adani-companies-over-non-compliance-123082200934_1.html
This is a reiteration of TMC’s stand
https://thewire.in/business/adanis-acquisitions-the-inorganic-strategy-behind-the-
purchase-of-gangavaram-port
DELIST ADANIs as per REGULATIONS
SEBI – Complicit?
SUPREME COURT POSTPONES HEARING

Adani stocks rise up to 4% after SC postpones hearing!!!!!!!! NAYA INDIA – CORRUPT.
Adani Power gained up to 3.9%, followed by Adani Enterprises and Adani Ports & SEZ, which
climbed 2.5% each during the trade so far.
https://www.fortuneindia.com/investing/hindenburg-row-adani-stocks-rise-up-to-4-after-
sc-postpones-hearing/113897
5a Money Launderer is now a ARMS DEALER
MONEY Launderer, the Arms Dealer

https://www.straitstimes.com/asia/south-asia/india-s-export-of-lethal-drones-
to-israel-raises-concerns-over-its-position-in-gaza-war
5b Arrogance of the P.E.P.
ADANI WILMAR – SCAM WITHIN SCAM
Harish Salve (a lawyer named in PANAMA paper; works for oligarchs & cronies)
Exclusive | Sebi should give detailed report in 72 hrs: Gautam Adani's ex-lawyer Harish
Salve – in Feb2023
https://www.indiatoday.in/business/story/adani-group-hindenburg-report-harish-salve-
on-gautam-adani-sebi-2329812-2023-02-03
https://www.business-standard.com/india-news/harish-salve-gets-married-third-time-
lalit-modi-also-attends-the-ceremony-123090500422_1.html
Politically Exposed Person: Arrogance of the corrupt nexus in India

Business As Usual
Adani Group in Talks to Sell Up to 65% Equity to Potential Investors
https://www.marketscreener.com/quote/stock/THE-CARLYLE-GROUP-INC-
10531255/news/Adani-Group-in-Talks-to-Sell-Up-to-65-Equity-to-Potential-Investors-
44304595/
sells bonds
https://www.bloomberg.com/news/articles/2023-07-12/adani-sells-12-5-billion-rupees-
bonds-first-since-hindenburg#xj4y7vzkg
Business as “un” usual for modi’s crony – money laundering Adani
Business as Usual - to sell 90% stake in fin services to Bain Capital for Rs 1,440 cr
https://www.business-standard.com/companies/news/adani-to-sell-90-stake-in-fin-
services-to-bain-capital-for-rs-1-440-cr-123072200540_1.html
SBI-led consortium to fund Adani Group’s ₹34,000-crore

https://www.thehindubusinessline.com/companies/sbi-led-consortium-to-fund-adani-
groups-34000-crore-pvc-project-in-mundra/article67097877.ece
Does GQG Rajiv Jain fund HINDUTVA?

Baba Ramdev’s Patanjali surges 3% after GQG acquires 6% stake via OFS
https://www.businesstoday.in/markets/company-stock/story/gqg-acquires-596-stake-in-
patanjali-foods-ofs-stock-jumps-390029-2023-07-17
Adani AGM, hides behind “Nationalism” (as advised!)
https://economictimes.indiatimes.com/news/company/corporate-trends/adani-addresses-
hindenburg-allegations-head-on-at-agm-says-vested-interests-wrote-report-to-hurt-
company/articleshow/101845922.cms
 CORRUPT adani, a protégé of narendar modi the PM, has not SUED HINDENBURG,
as widely stated in the media in FEB 2023.
 Corrupt adani group, a favourite of the stock market cartels, has NOT started an
INDEPENDENT audit of the group, as widely stated in the media in FEB 2023.
 India’s CORRUPT media continues to support the money laundering group.
Dharavi project in court
Bombay HC to hear plea challenging Adani firm’s Dharavi win – Too political.
https://www.livemint.com/news/india/bombay-hc-to-hear-plea-challenging-adani-firm-s-
dharavi-win-11689695733827.html
Congress alleges TDR scam in Dharavi (259 hectares of government land)

https://indianexpress.com/article/cities/mumbai/congress-tdr-scam-adani-dharavi-
redevelopment-scheme-8863964/
6.Estimated Value of the Financial Crimes
Mark to Market value – minimum $60 BILLION

https://www.livemint.com/news/india/adani-saw-massive-60-2-billion-wealth-erosion-
amid-hindenburg-row-as-elon-musk-mark-zuckerberg-led-852-billion-surge-
11688469779781.html
7. The ADANI Threats
Adani Hindenburg Case: Supreme Court again defers hearing!!! Ambani_modi_adani – the motera
family – FEAR IS THE KEY.
https://www.indiatoday.in/business/story/adani-hindenburg-case-supreme-court-hearing-deferred-
shares-gain-2455463-2023-10-30
https://www.businesstoday.in/markets/company-stock/story/adani-hindenburg-case-supreme-
court-again-defers-hearing-adani-stocks-trade-mixed-402740-2023-10-20
Journalists Intimidated - Continuing brutality by the corrupt

Supreme Court relief (?)for two journalists over article against (?) Adani group
they are reporting the TRUTH
https://www.telegraphindia.com/india/supreme-court-relief-for-two-journalists-over-
article-against-adani-group/cid/1977498
Misogynistic corrupt thugs

Opposition leaders walkout of Parliament
https://www.indiatoday.in/india/story/mahua-moitra-storms-out-parliament-ethics-
committee-meeting-filthy-questions-cash-for-query-2457168-2023-11-02
what we know…and don’t

https://thewire.in/politics/as-modi-government-and-adani-train-guns-on-opposition-mp-mahua-
moitra-heres-what-we-know-and-dont-know
ECONOMY, NATIONAL Security
THE CORRUPT OLIGARCHS, CRONIES CARTELS, THE NEXUS – have left a BILLION people BLEEDING.
Money Launderers, Cronies

 AirWorks a highly diversified independent MRO with the largest pan-India network
presence across 27 cities.
 The Corrupt Group’s Adani Defence Systems & Technologies Ltd. (ADSTL) had
signed definitive agreements to acquire Air Works.
 Punj Lloyd Group, which holds 23% stake in AirWorks went under liquidation.
 CRISIL Ratings is given to understand that there are no ongoing discussions
between the concerned parties to extend the validity of the term sheet.
https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/AirWorksIndiaE
ngineeringPrivateLimited_June%2007,%202023_RR_320039.html
Money Launderers and Corrupt Cronies control / own assets critical for NATIONAL
SECURITY.
$ 1.5 Trillion looted – Write Offs by Banks: Corrupt Deep state

The Modi Government Must Answer for India's Historic Bank Loss of Rs 12 Lakh Crore
($1.5Trillion)
https://thewire.in/economy/the-modi-government-must-answer-for-indias-historic-bank-
loss-of-rs-12-lakh-crore
Threat to the people - Impact on economy
OXFAM
 A 2% tax on the entire wealth of India's billionaires would support the nutrition of the
country's malnourished population for the next three years, the report said.
 A 1% wealth tax could fund the National Health Mission, India's largest healthcare
scheme for more than1.5 years, it added.
 Taxing the top 100 Indian billionaires at 2.5% or taxing the top 10 Indian billionaires at
5% would nearly cover the entire amount required to bring an estimated 150 million
children back into school, Oxfam said.
 Taxing the super-rich was necessary for "reducing inequality and resuscitating
democracy"
Dr Subba Rao – former RBI GOVERNOR
FAILURE OF MAKE IN INDIA

EXPORTS – Another FAILURE
MODERN DAY SLAVERY
India's failing schools rule out any 'demographic dividend'

https://asia.nikkei.com/Opinion/India-s-failing-schools-rule-out-any-demographic-dividend
https://link.springer.com/article/10.1007/s41027-022-00422-5
W.B. Rich-poor split could tighten 'grip of poverty'
ambani-modi-adani ‘ecosytem give a damn
https://economictimes.indiatimes.com/news/international/world-news/rich-poor-split-
could-tighten-grip-of-poverty-says-world-bank-chief/articleshow/101862920.cms
CBI files FIR against Oxfam

https://indianexpress.com/article/india/cbi-fir-oxfam-violations-fcra-8565571/
https://indianexpress.com/article/business/economy/indias-richest-1-own-more-than-
40-of-total-wealth-oxfam-
8384156/#:~:text=Oxfam%20India's%20report%20on%20inequality,per%20cent%20of%20
the%20wealth.
This section on OXFAM and views of respected think tanks is RELEVANT for the MODANI
/ ADANI SCAM. An important aspect of the ADANI SCAM is the “policy making” to favour
cronies.
Systemic corruption, FLAWED policies and a fragile flawed democracy is making LIFE
miserable for the people.
OXFAM reports are consistent with the CONTENT in the following articles:
21 April 2023: Dr C.Rangarajan, RBI, Centre should work together to promote growth,
equity.
https://www.thehindu.com/news/national/tamil-nadu/reserve-bank-of-india-centre-
should-work-together-to-promote-growth-equity-c-rangarajan/article66763227.ece
Earlier, he had stated that India needs 20 years with at least 9% growth to be a developed
country.
Dr Kaushik Basu
"Climbing Out Of A Pit": Economist Kaushik Basu On India's Economy
https://www.ndtv.com/video/news/no-spin/climbing-out-of-a-pit-economist-kaushik-
basu-on-india-s-economy-655433
‘Pay more attention to ordinary people’
https://frontline.thehindu.com/economy/interview-kaushik-basu-pay-more-attention-
to-ordinary-people-india-unemployment-crisis/article65670636.ece
Govt underestimating the suffering of the poor
https://www.businesstoday.in/latest/economy/story/govt-underestimating-the-
suffering-of-the-poor-kaushik-basu-319116-2022-01-14
Dr Mody
Hype over India’s economic boom is a dangerous myth masking real problems
https://www.scmp.com/comment/opinion/article/3215379/hype-over-indias-
economic-boom-dangerous-myth-masking-real-
problems?module=opinion&pgtype=homepage
Dr Subramania Swamy
https://www.timesnownews.com/india/in-8-years-in-office-subramanian-swamy-
attacks-pm-modi-over-economy-national-security-article-90927564
https://telanganatoday.com/subramanian-swamy-slams-modi-for-failing-to-achieve-
economic-growth
Former RBI governor Dr Subba Rao expresses concerns over rising income inequalities
https://www.livemint.com/economy/former-rbi-governor-d-subbarao-expresses-
concerns-over-rising-income-inequalities-11623590460330.html
Dr Rathin Roy
https://twitter.com/EmergingRoy/status/1636628140607848448/photo/1
https://www.opensocietyfoundations.org/focus/open-society-
barometer?utm_source=linkedin&utm_medium=social&utm_campaign=
Wealth inequality and the hierarchical distribution of income in developing countries has
long been identified as a growth barrier. The greater the gaps between strata, by this
analysis, the slower the upward mobility of families that are at lower levels. Such
economies typically experience lopsided expansion, with the positive fallout of an
economic boom on top often failing to reach those below. Sustaining growth requires the
mass mobilization of financial as well as human resources, and if inequality is acute, the
latter tend to come up short
https://www.livemint.com/opinion/online-views/opinion-the-middle-income-trap-that-
india-must-avert-1557670151023.html
“These racketeers knew how to subvert the system and siphon off public money. They
did that ruthlessly which added to the ballooning non-performing assets (NPAs) ….
Dr Urjit Patel, former RBI Governor in his book, Overdraft.
MODI REGIME Wrote Off $120 Billion of bank debts.

https://economictimes.indiatimes.com/markets/stocks/news/indias-bank-non-
performing-loans-rise-to-150-2-billion-at-end-
march/articleshow/65120728.cms?from=mdr
https://indianexpress.com/article/business/banking-and-finance/in-last-5-years-rs-10-
lakh-crore-in-write-offs-help-banks-halve-npas-8279845/
Oligarchs, cronies and cartels loot and plunder.

https://indianexpress.com/article/india/parliament-budget-session-live-updates-
8497759/
The Crisis of India’s Oligarchy – Dr Jayati Ghosh

https://www.project-syndicate.org/commentary/adani-scandal-danger-of-relying-on-
oligarchs-to-drive-economic-growth-by-jayati-ghosh-2023-02
REPEAT:
This section on OXFAM and views of respected think tanks is RELEVANT for the MODANI
/ ADANI SCAM. An important aspect of the ADANI SCAM is the “policy making” to favour
cronies.
Policy Making, Public Posturing, Rhetoric: ADANI, MODANI & Environment:

 COAL MAFIA
Foreign Funds (?!) Used In Anti-Coal Cases: CBI Charges Environmental Lawyer Ritwick
Dutta
https://theprint.in/india/cbi-books-noted-environmental-lawyer-ritwik-dutta-for-fcra-
violation/1533241/
 The EU is coming down hard on DEFORESTATION

Malaysia slams 'unjust' EU deforestation law for blocking palm oil
https://www.reuters.com/world/asia-pacific/malaysia-slams-unjust-eu-deforestation-
law-blocking-palm-oil-2023-04-20/
ADANI WILMAR will be adversely affected.
TEMASEK Holdings –
Modi and Adani: the old friends laying waste to India’s environment
https://climatechangenews.com/2017/06/27/modi-adani-old-friends-laying-waste-
indias-environment/
Environment is the most under-reported disaster of Narendra Modi government
https://theprint.in/opinion/environment-is-the-most-under-reported-failure-of-
narendra-modi-government/223670/
India’s Modi dismantles environmental safeguards

https://www.newframe.com/indias-modi-dismantles-environmental-safeguards/
Modi’s first 6 years and Environment DESTRUCTION

https://www.commonwealthroundtable.co.uk/commonwealth/eurasia/india/modi-six-
years-and-the-environment/
As Modi government clears development projects in a flurry, India's environmental

future is at stake
https://www.indiatoday.in/magazine/special-report/story/20170703-india-
environment-wildlife-endangering-nda-modi-986665-2017-06-27
Systemic corruption, FLAWED policies and a fragile flawed democracy is making LIFE
miserable for the people.
 MEDIA reports on the CORRUPT ADANI Group, Oligarchy, Cronyism continues

April 15, 2023: What is Sparing The Adani Group from JPC Probe—
Need For Control of Conglomerates & Monopoly Power Dr A.Ghose
http://mainstreamweekly.net/article13339.html
 As the regime continues to stonewall and obstruct justice, the opposition continues to
demand a JPC probe. A couple of recent judgements on murder & mayhem, have
brought back the issue of the independence of the judiciary.
Muscle flexing by Gautam Adani
The crony is “BUYING” more political support; Lobbies NCP – Pawars.
https://www.hindustantimes.com/india-news/mahua-moitra-s-sharp-attack-on-pawar-
for-meeting-adani-no-fear-in-taking-on-101681989388470.html
 Narendra Modi has no defence against criticism on Adani crisis: Governor Satya Pal
Malik
https://thewire.in/government/watch-karan-thapar-satya-pal-malik-narendra-modi
https://thewire.in/politics/adani-modi-bjp-2024-satya-pal-malik
CBI summons Shri SatyaPal Malik.
 India’s democratic backsliding (as acknowledged by 67% of the population & known to
all)
https://www.ft.com/content/6c98e1aa-85da-4738-b889-fc4d76d1d0bc
 Moody’s downgrades Israel’s credit outlook, citing ‘deterioration of governance’ The

INDIAN media downplayed the news; HAIFA Project
(modi’s naya india NEXT)
https://www.timesofisrael.com/moodys-downgrades-israels-credit-outlook-citing-
deterioration-of-governance/
 Adani Group may monetise ACC campus in Thane (USD 60 Million!) NO family
silver left?
https://www.thehindubusinessline.com/news/real-estate/adani-group-may-
monetise-acc-campus-in-
thane/article66758555.ece?cx_testId=22&cx_testVariant=cx_1&cx_artPos=0&cx_e
xperienceId=EX8OXMB4HBZD#cxrecs_s
 Adani Ports adds Karaikal port

https://www.thehindubusinessline.com/economy/logistics/adani-ports-continues-its-
acquisition-spree-in-the-east-
coast/article66737524.ece?cx_testId=22&cx_testVariant=cx_1&cx_artPos=0&cx_experien
ceId=EX8OXMB4HBZD#cxrecs_s
Market manipulation-ADANI’s share prices are still quoting at unjustifiable valuations.
Threat to Ecology
TOXIC Bonds – 6th March 2024
Money raised by Adani Green helps Adani fund its massive new coal plans - including a
terrifying “coal to PVC” plant just announced last month. We should raise the alarm on Adani’s
financial wrongdoings and expose its greenwashing to investors.
We’ve got a top financial expert ready to brief investors about why this bond is bad for the
planet. It’s happening this Wednesday 6th March morning - on the very same day Adani’s
bankers will be selling the virtues of this toxic bond to the same investors. But we need your
help to get investors there.
https://www.business-standard.com/industry/news/adani-s-1-2-bn-mundra-copper-plant-
to-boost-india-s-metal-production-124020400156_1.html
https://www.adaniwatch.org/authorities_turned_a_blind_eye_to_adani_s_pollution_and_f
alsehoods
https://www.landconflictwatch.org/conflicts/kutchi-fishermen-and-farmers-still-suffering-
after-adani-s-mundra-port-setup
https://www.alignindia.in/adani-groups-environmental-and-social-record-an-adaniwatch-
report/
Modi-adani Vs Honest, Hardworking people

The STRUGGLE continues
Villagers in TN protest
https://www.bbc.com/news/world-asia-india-67942639
Agreement terminated
Iron ore mining agreement with Adani Group terminated in Chhattisgarh
https://www.newindianexpress.com/nation/2023/sep/27/iron-ore-mining-agreement-
with-adani-group-terminated-in-chhattisgarh-2618757.html
ILLEGAL MINING in INDIA
It is 'bonded labour' / 'modern day SLAVERY'.
 3 dead, many feared trapped after illegal coal mine collapses in Jharkhand's
Dhanbad
https://www.hindustantimes.com/cities/ranchi-news/jharkhand-dhanbad-illegal-coal-
mine-collapse-casualties-trapped-workers-rescue-operation-101686302155693.html
Adani denies link to illegal mining in

Karnataka: https://www.reuters.com/article/idINIndia-58539820110730
In a pristine forest in central India, the multibillion-dollar mining giant Adani has razed
trees – and homes – to dig more coal
https://www.theguardian.com/environment/2022/dec/20/india-adani-coal-mine-kete-
hasdeo-arand-forest-displaced-villages
Forests DESTROYED by money laundering ADANIs

https://www.newsclick.in/hasdeo-aranya-forest-investigation-reveals-illegal-acquisition-
land-adani-group
COAL destroying INDIA’s ecology

https://www.adaniwatch.org/massive_new_adani_coal_projects_get_government_green_li
ght_in_india
ADANI Power – Agricultural lands in BENGAL
https://thewire.in/rights/bengal-murshidabad-adani-power-transmission
8.adani on the radar prior to Hindenburg
The Financial Crimes of the ADANI have been red-flagged before the Hindenburg report
was published.
 2007 – SEBI BANNED the ADANI Group from the stock market
 2018
 Dr Swamy red-flagged the ADANI Group
 Bank of Baroda Chairman Mr Venkatesan complained about government
interference
 2019 Ms Moitra red flagged the corrupt crony
 2020
Ulf Erlandsson, chief executive of Anthropocene Fixed Income Institute that has been
tracking the group since mid-2020 said that investments in other parts of the Adani
Group are leaking into the funding of Carmichael.
 2022
Red flags by Rating agencies – Adani Group Debt
The HINDENBURG Report gave MODANI a global audience.
Governor Satyapal Malik – on modi & adani

https://www.tribuneindia.com/news/nation/pm-modi-selling-nation-to-gautam-adani-
says-meghalaya-guv-satyapal-malik-424249
Annual Reports – available in BSE & NSE. This is just BSE.

ADANI Port: https://www.bseindia.com/bseplus/AnnualReport/532921/73447532921.pdf
ADANI Power: https://www.bseindia.com/stock-share-price/adani-power-
ltd/adanipower/533096/financials-annual-reports/
ADANI Transmission: https://www.bseindia.com/stock-share-price/adani-transmission-
ltd/adanitrans/539254/
ADANI “Green” https://www.bseindia.com/stock-share-price/adani-green-energy-
ltd/adanigreen/541450/financials-annual-reports/
ADANI “Total Gas”
https://www.bseindia.com/bseplus/AnnualReport/542066/73449542066.pdf
ADANI Wilmar: https://www.bseindia.com/stock-share-price/adani-wilmar-ltd/awl/543458/
9. Corporate Web Of Deceit
Adani’s troubles and the pursuit of dispersed ownership

https://www.thehindubusinessline.com/business-laws/adanis-troubles-and-the-pursuit-
of-dispersed-ownership/article66876858.ece
ADANI’s OPAQUE structure

https://thewire.in/law/because-of-repealed-provisions-sebi-hit-opaque-structure-wall-
while-investigating-adani-sc-panel
10. Family Web
Partial purchases by Adani family into Group companies raise concerns

https://www.adaniwatch.org/partial_purchases_by_adani_family_into_group_companies
_raise_concerns
VINOD SHANTILAL SHAH –makes a move

Ambuja Cements, ACC withdraw membership from CMA
Why…..read on …. FOCUS on Vinod Shantilal Shah…..why get more attention!!!
https://www.thehindubusinessline.com/companies/ambuja-cements-acc-withdraw-
membership-from-cma/article66938372.ece
APRIL 2023
 Mehul Choksey wins case AGAINST the demonetised, aadhared PEOPLE of INDIA
Mehul Choksi is a fugitive Indian CRIMINAL & the owner of Gitanjali Group. He is
currently residing RELAXING in Antigua and Barbuda where he holds citizenship.
Choksi along with his nephew Nirav Modi are wanted by Indian authorities in the Punjab
National Bank (PNB) scam for having defrauded the bank of more than Rs 14,000 crore.
= USD 1.75 BILLION
https://www.livemint.com/news/world/mehul-choksi-wins-legal-battle-can-t-be-
removed-from-antigua-barbuda-without-court-order-11681517336821.html
modi regime ‘drops’ $1.75 billion in Antigua.
ambanistan_adanistan – the MOST corrupt country in the world.

https://thewire.in/business/india-incs-recent-scams-turn-laws-outlaws
Winsome Diamonds - Jatin Mehta? Suraj Mehta is the husband of Vinod Adani’s daughter.
https://www.rednoticelawjournal.com/2020/09/interpols-blue-notices/
In 2007, SEBI banned ADANI for 2 years. Now, Regulator, SEBI is compromised
Mr Gautam Adani’s son is married to the daughter of Mr Cyril Shroff a member of the SEBI
committee for corporate governance & insider trading.
https://www.businesstoday.in/latest/corporate/story/cyril-shroff-should-recuse-himself-if-
tmcs-mahua-moitra-on-sebi-panel-members-link-to-adani-family-368889-2023-02-04
Family / Business Links that should be investigated:
Sterling Biotech….Sandesara?
ROTOMAC Kothari?
The laundered money flows through shell companies PRANAV Adani is Kothari’s son in law.
https://economictimes.indiatimes.com/news/politics-and-nation/rotomac-scam-how-
vikram-kothari-used-virtual-offices-round-tripping-to-dupe-
banks/articleshow/62993627.cms
VINOD ADANI – Changes names – but uses it only in some jurisdictions
Vinod Shantilal Shah – beneficial OWNER
https://www.forbes.com/sites/johnhyatt/2023/02/17/gautam-adanis-older-brother-vinod-
adani-controls-offshore-empire-with-links-to-adani-group/
https://thewire.in/business/vinod-adani-ambuja-cements-acc
25 march 2023 Behind Adani Deals, an ‘Elusive’ Elder Brother
https://www.wsj.com/articles/behind-adani-deals-an-elusive-elder-brother-
8a00b3c?mod=hp_lead_pos3
Is Vinod Adani the Mastermind Behind His Brother’s Empire?

https://www.forbes.com/sites/giacomotognini/2023/03/30/is-vinod-adani-the-mastermind-
behind-his-brothers-empire/?sh=69bbb43a335e
Vinod ADANI Retreats as Scrutiny Builds
https://www.bloomberg.com/news/articles/2023-04-25/who-is-vinod-adani-gautam-s-
billionaire-brother-faces-scrutiny
Where is Vinod Shantilal Shah aka Vinod Adani, CYPRUS passport holder; resident of UAE
& Singapore. Beneficial Owner of ACC and Ambuja cement?
11. INDIA’s CAG Comptroller & Auditor General
2023-2015
https://www.moneylife.in/article/congress-asks-questions-on-cag-findings-of-favours-that-
allegedly-benefited-adani/70203.html
2014
https://timesofindia.indiatimes.com/india/gujarat-govt-unduly-favoured-reliance-adani-cag-
report/articleshow/39005042.cms
12. JPC
Latest allegations against Adani Group: Paranjoy Guha Thakurta interviews senior Indian
opposition TMC MP
https://www.adaniwatch.org/latest_allegations_against_adani_group_interview_with_seni
or_indian_opposition_mp
https://www.youtube.com/watch?v=kPBRXRqvx44
Joint Parliamentary probe - Opposition political parties continue to demand a JPC probe
as GOI is SEBI is toothless & SC Panel is unable to contribute to the investigation in a

MEANINGFUL way.
https://zeenews.india.com/india/congress-says-sc-expert-panel-on-adani-will-be-unable-to-
unravel-scam-demands-jpc-probe-2610456.html
ADANI series – 100 Qs
As of 6th August 2023 – modi regime has not bothered to answer any of the Qs.
https://www.inc.in/media/hahk/hum-adani-ke-hai-kaun-100-questions-to-the-prime-
minister-english
13 ADANI SCAM – Big data View

14. For the corrupt:Participatory Notes
PARTICIPATORY NOTES aka Offshore Derivative Instruments (ODIs)

Quote (Income Tax Department – link in Page-2)
GOVERNMENT'S WHITE PAPER ON BLACK MONEY, PRESS RELEASE, DATED 16-May-2012
A Participatory Note (PN) is a derivative instrument issued in foreign jurisdictions, by a Foreign
Institutional Investor (FII) / its sub-accounts or one of its associates, against underlying Indian
securities. PNs are popular among foreign investors since they allow these investors to earn
returns on investment in the Indian market without undergoing the significant cost and time
implications of directly investing in India. These instruments are traded overseas outside the
direct purview of SEBI surveillance thereby raising many apprehensions about the beneficial
ownership and the nature of funds invested in these instruments.
Concerns have been raised that some of the money coming into the market via PNs could
be the unaccounted wealth camouflaged under the guise of FII investment. SEBI has been
taking measures to ensure that PNs are not used as conduits for black money or terrorist
funding.
Unquote
P Note is a data point for CAUSATION related to money laundering and financing of
terrorism. P Notes are one of the CAUSES for INFLATED stock prices and are a very popular
MONEY LAUNDERING tool. Since 2014, TRILLION$ have been laundered via INDIA’s stock
markets. It is imporatnt to note that the FLOW OF TAINTED FUNDS is via SHELL companies in
many cases.
Sep 2023: Stock Market –Rampant laundering
In the last 9 years, this must have been happened more than 100 times. Systemic PLUNDER.
Tax Havens, FPIs, P Notes.
Money Launderers make 1.8 lakh crore in a single session
1. The stock valuation DIVERGENCE from the ECONOMY is out of control

2. SOCIAL TENSION is increasing rapidly
3. INEQUALITIES – unacceptable levels.
https://www.livemint.com/market/stock-market-news/stock-market-today-sensex-nifty-up-
for-fifth-straight-session-investors-earn-nearly-2-lakh-crore-in-a-day-11694080344426.html
Investment via P-notes continues to climb; hits 40-month high in July

https://www.financialexpress.com/market/investment-via-p-notes-continues-to-climb-hits-
40-month-high-in-july/2314523/
Manna from Tax “HEAVENS”

https://www.thehindubusinessline.com/money-and-banking/luxembourg-is-route-of-
choice-for-fpis/article33844890.ece?homepage=true
The MP had asked, "Whether it is a fact that three funds namely Albula Investment Fund Ltd,
Cresta Fund Ltd, and APMS Investment Fund Ltd are in the SEBI frozen list of May and 15th
June but a clarification is issued by NSDL that these accounts are not frozen in the case of
Adani companies and if so, the details thereof?"
Responding to this, Mr Chaudhary, the minister says, "In a matter pertaining to issuances of
global depository receipt (GDR) by certain Indian listed companies, SEBI vide order dated 16
June 2016 had directed depositories to freeze particular beneficiary accounts of certain FPIs
including Albula Investment Fund, Cresta Fund, and APMS Investment Fund. However, no
order in respect of other beneficiary accounts of these three FPIs has been passed by SEBI."
Ms Moitra, the MP, has also asked the question whether people associated with the
Monterosa Group, AlastairGuggenbuh1-Even, Eric Widmer, Martinde Quevain, Florian
Linner are under investigation by the agencies.
However, the minister told her that none of these people is under any investigation.
According to ICIJ's "Offshore Leaks Database" Beat Dangel has a swiss address and is a
judicial representative and director at Malta-based Lascaris Capital Fund and Prime Pan-
Asia Investment Fund.
Guggenbuchi-Even claims to the chief executive and partner at Zurich-based Monterosa
Group. Raj Bhatt is the the London-based chairman and CEO at Elara Capita. His events have
been attended by Modiji’s ministers.
Mr NARENDAR MODI has REFUSED to investigate these MURKY coordinates of ADANI’s

money laundering & Fraud web.
Money Laundering & Financing of Terrorism Risks - Government of INDIA

INCOME Tax Department: Pls refer 2.4.9., 2.4.12, 2.4.13
https://incometaxindia.gov.in/Communications/Circular/910110000000000365.htm
Indian corporates invested $5.6 bn abroad through Mauritius in 2016-17 (Corrupt dictator
modi ‘legitimises’ money laundering)
https://www.business-standard.com/article/economy-policy/indian-corporates-invested-5-
6-bn-abroad-through-mauritius-in-2016-17-117052600151_1.html
https://www.icij.org/investigations/mauritius-leaks/it-takes-a-village-to-create-a-tax-dodge/
15. Mauritius – put it back in FATF Grey List
More evidence – Mauritius Money Laundering

Owner of Adani Power’s Mauritius investor a ‘single person company’
https://indianexpress.com/article/india/owner-of-adani-powers-mauritius-investor-a-single-
person-company-8957712/
Mauritius Shell Companies – An example of the ‘Mauritius ecosystem’
Why Mauritius Has Everything To Do With The Stockmarket Scandal

https://www.outlookindia.com/website/story/why-mauritius-has-everything-to-do-with-
the-stockmarket-scandal/211935
Source SEBI
https://www.sebi.gov.in/reports/reports/may-2017/consultation-paper-on-streamlining-
the-process-of-monitoring-of-offshore-derivative-instruments-odis-participatory-notes-
pns-_34977.html
The Government of INDIA has officially submitted that shell companies are not mentioned in
the acts administered by the Finance Ministry.
The government of INDIA has NEVER released a QUANTIFIED RISK ASSESSMENT on
Participatory notes.
INDIA’s Tax evaders & Money Launderers love the Mauritius route
https://www.thetaxcast.com/the-making-of-tax-haven-mauritius/
16. Rating Agencies, MSCI FAIL to act independently

The RATING AGENCIES & MSCI have not acted in the interests of investors.
Credit Ratings
22 March 2023
S&P Global Ratings to answer questions on Adani Group in coming months
https://www.business-standard.com/article/companies/s-p-global-ratings-to-answer-
questions-on-adani-group-in-coming-months-123032200411_1.html
Moody’s cuts OUTLOOK

https://www.cnbc.com/2023/02/13/moodys-cuts-outlook-adani-companies.html
29 March 2023
Fitch Ratings
raises concerns over governance weaknesses at Adani Group entities
https://www.livemint.com/companies/news/fitch-ratings-raises-concerns-over-
governance-weaknesses-at-adani-group-entities-11680078116835.html
media reported that MSCI will lower the free float of Adani Total Gas and Adani
Transmission this month (May 2023).
#MSCI – DROP ADANI campaign
https://actions.eko.org/a/msci-adani/?akid=125286.19579765.c0-
BWb&rd=1&source=fwd&t=2
MSCI - 10th AUGUST

Why is it dragging its feet?
Editorial: MSCI’s flip-flop on Adani stocks is questionable
https://www.thehindubusinessline.com/opinion/editorial/mscis-flip-flop-on-adani-stocks-is-
questionable/article66532546.ece
https://adanitoxicbonds.org/2023/09/07/integrity-at-stake-the-case-to-remove-adani-from-
msci-indexes/
Misuse of PUBLIC FUNDS to create, nurture, grow & BAIL-OUT CRONIES.

https://www.youtube.com/watch?v=L3CycU7ETWk&t=49s
17. Loss of Independence-INDIAN Institutions
SEBI
SEBI claims it can bare ADANI's money trail-July 2023
https://www.telegraphindia.com/business/adani-row-securities-and-exchange-board-of-
india-claims-it-can-bare-money-trail/cid/1951151
FPIs may Get 3 Months to Cut Exposure
https://economictimes.indiatimes.com/epaper/delhicapital/2023/jul/03/et-
front/disclosure-norms-fpis-may-get-3-months-to-cut-
exposure/articleshow/101440330.cms
SEBI – under tremendous pressure
SEBI Investigation – FPI, P Notes (Murky)

FPI count in six Adani companies on the rise since Sept 2020 (TIP of the ICEBERG)
https://economictimes.indiatimes.com/markets/stocks/news/fpi-count-in-six-adani-
companies-on-the-rise-since-sept-2020/articleshow/101004316.cms
Money Laundering FPI, P Note route

https://www.moneycontrol.com/news/business/markets/tatas-hindujas-among-40-groups-
with-concentrated-fpi-holdings-heres-the-list-10979911.html
Quote: These ‘high-risk’ FPIs, as defined by SEBI, had investments of Rs 33,223 crore in the
Adani group, Rs 18,210 crore in the Hinduja group, Rs 7,871 crore in the OP Jindal group,
and Rs 2,301 crore in the Tata group as of March end, according to data culled by Prime
Database.Unquote HINDUTVA is CORRUPT & VIOLENT. INDIAN SOCIETY has become so
SHAMELESSLY CORRUPT.
Perjury
Adani row: Sebi’s affidavit to Supreme Court a clear case of ‘perjury’, says Ms Mahua
Moitra (a former banker and now a Member of Parliament). 'It is absolutely unbelievable
that India’s premier market regulator is so complicit with the Adani group that it lies to
parliamentarians in writing saying it is investigating the Adani group'
https://www.telegraphindia.com/india/adani-row-sebis-affidavit-to-supreme-court-a-clear-
case-of-perjury-says-mahua-moitra/cid/1937386
Foreign Funds REFUSE to reveal BENEFICIAL Owners
https://www.livemint.com/companies/news/foreign-funds-investing-in-adani-group-refuse-
to-reveal-beneficial-owners-sebi-seeks-ownership-information-11683050537297.html
sebi and beneficial ownership

https://economictimes.indiatimes.com/markets/stocks/news/sebi-puts-in-place-detailed-
framwork-on-beneficial-owners-of-fpis/articleshow/63701025.cms
https://www.business-standard.com/article/companies/sebi-deadline-for-fpis-to-give-list-
of-beneficial-owners-extended-till-dec-118082100956_1.html
Question over dealings involving Adani's daughter-in-law and her father's law firm
https://www.telegraphindia.com/india/question-over-dealings-involving-adanis-daughter-
in-law-and-her-fathers-law-firm/cid/1946249
ONUS on the PM of INDIA to act on this.
INDIAN Investigative Agencies

Recall Panama, Paradise, Pandora
LOOT & PLUNDER of INDIA
https://indianexpress.com/article/express-exclusive/pandora-papers-sandesara-formed-6-
offshore-firms-to-expand-oil-trade-after-fleeing-india-7559100/
https://indianexpress.com/article/express-exclusive/pandora-papers-vinod-adani-gautam-
adani-brother-offshore-account-7550189/
https://indianexpress.com/article/express-exclusive/anil-ambani-pandora-papers-7550155/
https://indianexpress.com/article/express-exclusive/pandora-papers-exclusive-how-elite-
indians-ringfence-wealth-7550012/
https://indianexpress.com/article/express-exclusive/pandora-papers-niira-radia-corporate-
lobbyist-7550207/
https://indianexpress.com/article/express-exclusive/offshore-footprint-found-in-origins-of-
ipl-teams-rajasthan-royals-kings-xi-punjab-7552235/
https://indianexpress.com/article/express-exclusive/pandora-papers-india-list-niranjan-
hiranandani-real-estate-7554462/
https://indianexpress.com/article/express-exclusive/pandora-papers-niira-radia-corporate-
lobbyist-7550207/
https://indianexpress.com/article/express-exclusive/pandora-papers-kiran-mazumdar-
shaw-husbands-offshore-trust-7550172/
A critical look at the three central agencies show how and why they were conceived and
how they are being used today
https://thewire.in/government/cbi-nia-enforcement-directorate-use-abuse
At least 2 Mauritius companies were on I.T. RADAR

https://indianexpress.com/article/india/two-offshore-funds-in-hindenburgs-adani-report-
were-on-i-t-radar-8635698/
2016 in INDIA
Where is the Investigation Going?
https://thewire.in/books/black-money-investigation-a-feast-of-vultures
Union Govt 'Has No Data' on Indians' Offshore Shell Companies – But Task Force Running
Since 2017. The government had earlier identified 2,38,223 companies as shell companies
between 2018-2021.
https://thewire.in/government/union-govt-says-it-has-no-data-on-offshore-shell-
companies-owned-by-indians
RBI
Family Offices - RBI
RBI expresses reservations on setting up of family offices
https://www.financialexpress.com/industry/banking-finance/rbi-expresses-reservations-
on-setting-up-of-family-offices/3009525/
AIBOC – Loot & Plunder of banks in INDIA
RBI’s attempt to “encourage” banks to “settle” wilful defaulters
Bank of Baroda
2018:Bank of Baroda chief tells Modi govt: Stay Out, you’re hurting us
https://www.business-standard.com/article/finance/ease-grip-over-lenders-or-risk-slowly-
killing-off-sector-bob-chief-to-govt-118073100144_1.html
February 28, 2022 - Former finance secy Hasmukh Adhia nominated again as Bank of
Baroda chairman;
2018-19 Hasmukh Adhia was “promoted” after his FINANCIAL CRIME was exposed by Dr. S
Swamy.
State Bank of INDIA- adani, modi funding in Australia

Mr Narendar Modi, Mr Gautam Adani and the former Chairperson of State Bank of INDIA
(a public sector bank Ms Bhattacharya are seen in a photograph published BY THE MEDIA in
the context of articles on loans to the ADANI Group. An Australian politician is also seen.
(ADANI) INDIA-AUSTRALIA CRICKET “DIPLOMACY’
https://telanganatoday.com/modi-turns-to-cricket-diplomacy-to-bat-for-adani
CRYPTOS – INDIA’s Central bank over-ruled.
(in the context of risks to the country & the people)

https://theprint.in/opinion/off-court/rbis-ban-on-bitcoins-puts-regulators-accountability-
back-under-judicial-scrutiny/62595/
https://www.livemint.com/news/india/nothing-but-gambling-rbi-guv-shaktikanta-das-on-
why-crypto-is-dangerous-11673696676119.html
https://main.sci.gov.in/supremecourt/2018/19230/19230_2018_4_1501_21151_Judgemen
t_04-Mar-2020.pdf
https://www.reuters.com/article/ctech-us-crypto-currency-india-idCAKBN2AO12W-OCATC
LIFE INSURANCE CORPORATION
L.I.C. – Freeze
Rs 43,000 crore -portfolio! LIC neither bought nor sold a single Adani Group stock in Q1
LIC is IN THE MONEY – should exit.
https://economictimes.indiatimes.com/markets/stocks/news/rs-43000-crore-portfolio-lic-
neither-bought-nor-sold-a-single-adani-group-stock-in-q1/articleshow/102076545.cms
It is a SHAME that the opposition is unable to get LIC to exit from the CORRUPT Group.
LIC is still MISUSED to support the group

The curious case of front running in LIC
https://www.thehindubusinessline.com/opinion/the-curious-case-of-frontrunning-in-
lic/article66807874.ece
modi regime continues to MISUSE Public MONEY (PSUs) to support the CORRUPT money
laundering ADANIs (April 2023)
How LIC tread paths dreaded by private sector, all to help Adani
https://telanganatoday.com/modani-files-how-lic-tread-paths-dreaded-by-private-sector-
all-to-help-adani
April 2023 – More PRESSURE – Safety Net for the corrupt group
https://thewire.in/business/lic-stakes-adani-hiked-january-march-2023
What Adani’s Downfall Tells Us About India’s Crony Capitalism

https://time.com/6251935/gautam-adani-group-india-hindenburg/
18. Financial Crime: INDIAN CONSUMERS CHEATED
ADANI-IOCL Corruption
https://twitter.com/MahuaMoitra/status/1665996664430002176/photo/1
Punjab
Initiated by Member of Parliament Mr Manish Tiwari
Gujarat
102% rise in average electricity cost bought from Adani Power between 2021-22, reveals
Gujarat govt
https://www.businesstoday.in/latest/corporate/story/102-rise-in-average-electricity-
cost-bought-from-adani-power-between-2021-22-reveals-gujarat-govt-372309-2023-03-05
India Member of Parliament Ms Moitra on INDIAN OIL CORPORATION (Public sector)
Maharashtra Political Coup MODANI honoured with project
Ajit Pawar the new Finance Minister of Maharashtra swung into action-clears ADANI for
project
https://www.bqprime.com/business/maharashtra-awards-dharavi-slum-redevelopment-
project-to-adani-group
Modi’s gift to crony is not an easy bite. Within hours opposition is up in arms.
https://economictimes.indiatimes.com/news/politics-and-nation/dharavi-project-gift-from-
maharashtra-govt-to-modis-crony-adani-congress/articleshow/101779131.cms?from=mdr
BJP ‘tweaked’ rules to gift Dharavi to Adani

https://telanganatoday.com/bjp-tweaked-rules-to-gift-dharavi-to-adani
National Thermal Power Corporation Limited coal import tenders
Adani group got 24 out of 29 National Thermal Power Corporation Limited coal import
tenders between 2014-22, worth ₹ 27,025.74 Crores (USD 3 Billion)
19. Financial Crime – Hoarding
Governance?
Indonesian watchdog KPPU fined companies including WILMAR for hoarding cooking oil
after the government capped the retail price in response to a price surge.
https://news.mongabay.com/2023/05/palm-giants-wilmar-indofood-rge-fined-over-
indonesian-cooking-oil-
shortage/#:~:text=The%20watchdog%2C%20the%20KPPU%2C%20has,is%20considering%20
filing%20an%20appeal
20. Financial Crime: Market Manipulation, Stock Market–SEBI
Betrayal of public confidence

in the power of lawful authority
https://thewire.in/political-economy/ambani-adani-narendra-modi-sebi
SEBI move is disappointing

https://www.thehindubusinessline.com/opinion/adani-probe-sebi-move-is-
disappointing/article66823911.ece
Karan Adani’s father-in-law still on Sebi committee'

https://www.businesstoday.in/latest/politics/story/sons-father-in-law-still-on-sebi-
committee-mahua-moitra-after-sc-directs-regulator-to-probe-adani-372080-2023-03-03
NDTV Appoints Former SEBI Chairman UK Sinha as an independent Directors
https://www.ndtv.com/communication/ndtv-appoints-two-new-independent-directors-
3897780#:~:text=In%20line%20with%20the%20Adani,Committee%2C%20and%20subject%2
0to%20the
SEBI in Supreme Court – Self-inflicted wounds; under IMMENSE pressure

Adani-Hindenburg case: Haven’t probed any Adani company since 2016, SEBI tells
Supreme Court
https://indianexpress.com/article/india/adani-hindenburg-supreme-court-case-sebi-
8610073/
This means: SEBI did NOT investigate Adani’s flow of illicit funds using APMS, ELARA,
ALBULA, CRESTA.
Four Mauritius-based funds that have attracted attention for parking almost all their money
in companies controlled by Indian billionaire Gautam Adani have a history of investing in
firms which ended up defaulting or were investigated for wrongdoing.
Before they put about 90% of their $6.9 billion under management in the Adani empire, the
funds -- Elara India Opportunities Fund, Cresta Fund, Albula Investment Fund and APMS
Investment Fund -- held significant stakes in two companies whose founders fled India and
have since been probed for money laundering, another that went bankrupt, and a fourth
that was liquidated after sparring with the Ethiopian government.
Because the funds are registered in the tax haven of Mauritius, their ownership structure is
opaque. Cresta, Albula and Elara have been subject to at least one probe for alleged round-
tripping, Firstpost website reported in 2018. This is a process illegal under Indian rules
where money is transferred typically to a shell company before being returned, giving the
impression the funds originate from a clean source. Indian authorities struggled to identify
who ultimately controls the money, according to the report.
What is SEBI’s investigating?
SEBI also said in its plea that the following investigations would require further time for the
conclusion thereof:
 Possible violations related to Related Party Transactions (RPT) Disclosures
 Possible violations of Corporate Governance related matters.
 Possible violation of Minimum Public Shareholding (MPS) norms.
 Possible share price manipulations.
 Possible violations of FPI Regulations.
 Possible violations of ODI Norms.
 Possible violations of Insider Trading Regulations/FUTP Regulations.
 Possible violations of norms of short selling.
The regulatory body has also requested a detailed examination of the following:
 Financial statements of listed entities and unlisted entities
 Financial statements of offshore entities involved in the transactions.
 Disclosures filed with the stock exchanges including annual reports, balance sheets,
quarterly financial statements and other event-based disclosures.
 Minutes of the meetings of their Board of Directors and Audit Committee, wherever
applicable
 Bank statements of the concerned entities for the relevant period. (The allegations
span over a 10-year period)
 Connections/relations are amongst entities, both domestic and overseas.
 Contracts and agreements, if any, are entered between the entities along with other
supporting documents.
Adani's Rs 20,000-cr FPO subscriber info not available: Sebi to RTI query
https://www.business-standard.com/markets/news/adani-s-rs-20-000-cr-fpo-subscriber-
info-not-available-sebi-to-rti-query-123041300901_1.html
SEBI – Watchdog or Lapdog

https://www.outlookindia.com/website/story/watchdog-or-lapdog/213525
FLAWED
https://tclf.in/2022/11/12/a-flawed-exchange-board-the-need-for-reforms-in-sebi-part-ii/
Reluctant regulator
https://www.moneylife.in/article/sebi-reluctant-market-regulator-needs-to-press-the-reset-
button/70210.html
‘
May 2nd 2023-6-month extension
https://www.barandbench.com/news/litigation/hindenburg-report-adani-sebi-requests-
supreme-court-6-month-extension-complete-probe
Quote
SEBI submitted that the 12 suspicious transactions cited in the Hindenburg report would
need a rigorous probe of at least 15 months since those transactions are complex and have
many sub-transactions.
Unquote
Vinod ADANI – ACC, Ambuja Cement
March 2023 Questions SEBI Needs to Ask Adani Group, Now That It Is Owning Up to
Brother Vinod
https://thewire.in/business/sebi-vinod-adani-free-float-rules
2007 - SEBI bans Adani for 2 years (A “long life” in Financial CRIME)
http://archive.indianexpress.com/news/sebi-bans-adani-for-2-yrs/32125/
23 March 23
ADANI STOCKS are still OVER-VALUED (rigged by house brokers)
Buyers high on speculation, low on conviction

https://www.thehindubusinessline.com/portfolio/adani-group-stocks-buyers-high-on-
speculation-low-on-conviction/article66608095.ece
Adani Group Stocks’ Recovery Is on Shaky Ground https://www.wsj.com/articles/adani-

group-stocks-recovery-is-on-shaky-ground-ebca15ce
Stock Exchange - Manipulation

https://www.sebi.gov.in/sebi_data/attachdocs/1411616289051.pdf
21.Financial Crime – Money Laundering
“SLEEPER Cell” Funding

SIX MURKY FUNDS - Possibly routing funds for CRIMINAL NETWORKS have gone
underground
https://www.business-standard.com/companies/news/six-of-eight-funds-used-to-invest-in-
adani-group-stocks-now-closed-report-123090600257_1.html
Shell companies
https://www.livemint.com/companies/news/adani-offshore-investor-has-links-to-adani-
family-11675563739461.html
GOI claims that it has No record of Off shore Shell companies
Laundered money flows through the path of least ressistance. It can routed through legal
biz, illegal biz or for the financing of terror.
2021 Ms Moitra – ADANI’s money laundering

Submitted by a Member of Parliament in PUBLIC INTEREST:
https://twitter.com/MahuaMoitra/status/1640187982656184323/photo/1
Ministry of Corporate Affairs

More than 3.82 lakh companies struck off till financial year 2020-21 in Special Drives taken
by Registrar of Companies
Posted On: 15 MAR 2022 4:35PM by PIB Delhi
Under the Special Drives taken by Registrar of Companies, 3,82,875 number of companies
ware struck off u/s 248 (1) of the Companies Act till the financial year 2020-21. This was
stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written
reply to a question in Rajya Sabha today.
Explaining further, the Minister stated that there is no definition of the term “Shell Company”
in the Companies Act, 2013 (the Act). It normally refers to a company without active business
operation or significant assets, which in some cases are used for illegal purpose such as tax
evasion, money laundering, obscuring ownership, benami properties etc. The Special Task
Force set up by the Government to look into the issue of “Shell Companies” has, inter-alia,
recommended the use of certain red flag indicators as alerts for identification of suspected
Shell Companies.
The Minister stated that the Government has undertaken Special Drives for identification and
strike off Companies by invoking the provisions of section 248 (1) of the Companies Act.
Giving more details, the Minister stated that the Registrar of Companies (RoC) struck off those
companies after following the due process of law from the Register of companies when RoC
has reasonable cause to believe that those companies are not carrying on any business or
operation for a period of two, immediately preceding financial years. The RoC also verifies
that such company has not made any application within such period for obtaining the status
of a dormant company under Section 455 of the Act.
Mauritius – FATF Grey List
Mauritius – should be back in the grey list
Mauritius treaty: Dark side of India’s economic history
The depth of the ADANI scam can be assessed from the “supportive noises” made by
corrupt politicians abroad. The link below is an UN report on Tackling Illicit Financial
Flows in Africa Arising from Taxation and Illegal Commercial Practices.
Some African countries have terminated their existing agreements that facilitate abuse.
In June 2020, the government of Zambia announced its decision to terminate the DTA
with Mauritius effective from 2021. The Treaty was deemed unfavourable to Zambia.
https://www.un.org/osaa/sites/www.un.org.osaa/files/tackling_iffs_in_tax_reform_and_
illegal_commercial_practices_-_nov_2022.pdf
Mauritius & India

https://thewire.in/government/why-there-is-still-more-tax-reform-work-to-be-done-on-
the-mauritius-front
ADANI SCAM is one more data-point for putting Mauritius back in FATF Grey List.
Quote from FT: “Yes, they have complied with the recommendations of the FATF, but there
is more to it,” says Richard Chelin, organised crime and corruption researcher for South
Africa’s Institute for Security Studies. “Passing legislation is not enough.” End Quote
https://www.ft.com/content/b9e6cd06-e094-43e4-9227-5be0e02ed8c7
Affidavit by Opposition Political Activist Puts Spotlight on India Again
Bruneau Laurette, who was recently released on bail, told a local court that he was reportedly
approached by an Indian diplomat with a “proposition” a day before he was arrested.
https://thewire.in/diplomacy/mauritius-affidavit-opposition-political-activist-india-
spotlight
https://economictimes.indiatimes.com/news/economy/finance/adani-rout-puts-
spotlight-on-billions-flowing-through-mauritius/articleshow/98504433.cms
Mauritius treaty: Dark side of India’s economic history
The regime claimed that it 'Has No Data' on Indians' Offshore Shell Companies.
Shameless statement from a corrupt regime.
There is a Task Force Running since 2017 and it has since identified more than 300,000 shell
companies.
“Hard Shell” Editorial: modi refuses to investigate
https://www.telegraphindia.com/opinion/hard-shell-editorial-on-need-to-
investigate-shell-companies/
DESAI Papers Leak
https://taxjustice.net/2023/02/01/tax-haven-mauritius/
Adanis like many CORRUPT oligarchs & cronies, are SHELL collectors:
i. Elara India Opportunities Fund,
ii. Cresta Fund,
iii. Albula Investment Fund
iv. APMS Investment Fund
v. Rosetti Ltd., shell company, on the Channel Island of Jersey
vi. Pacific Commodities Ltd Mauritius
vii. Asiaciti Trust, a Singapore-based financial services provider
viii. Shell companies owned by Lyca group
ix. Avant-Garde Maritime Services Ltd.
x. Colombo Port City aka Colombo International Financial City (modi’s GIFT in Gujarat)
Victorian fossil hunter Mary Anning was the inspiration for the tongue twister ‘She Sells Sea
Investments routed through Mauritius are estimated to have cost India between $10bn and
$15bn over the last 20 years in lost capital gains tax, dividends tax, and tax on interest and
royalty payments.
Adanis and the PANAMA papers

PEPs
Quote “Vinod Adani, brother of billionaire Gautam Adani. Adani is known to be friendly with
Prime Minister Narendra Modi.” Unquote
https://www.forbes.com/sites/naazneenkarmali/2016/04/04/indias-rich-and-famous-
named-in-panama-papers/?sh=24898cc87666
https://indianexpress.com/article/india/india-news-india/panama-papers-india-2-months-
after-adani-brother-set-up-firm-in-bahamas-a-request-to-change-name-to-shah/
https://www.thequint.com/news/business/panama-leak-it-dept-chasing-tax-havens-adanis-
surname-change
https://independentaustralia.net/business/business-display/understanding-adani-an-
indian-perspective,10671
Key Adani investor Elara co-owner with Adani in defence firm

https://indianexpress.com/article/business/companies/key-adani-investor-elara-co-owner-
with-adani-in-defence-firm-8497439/
Adani companies facing multiple financial crime, corruption probes
https://www.abc.net.au/news/2016-12-22/adani-companies-facing-multiple-corruption-
probes/8140100
Layering, Placement, Integration; Money Laundering via MAURITIUS

https://economictimes.indiatimes.com/markets/stocks/news/four-mauritius-based-funds-
with-7-bn-in-adani-stocks-have-history-of-wrong-bets/articleshow/84813494.cms
https://www.business-standard.com/article/pti-stories/sebi-bans-apms-directors-from-
capital-market-for-5-yrs-114040200938_1.html
Money Laundering and tax Havens

https://offshoreleaks.icij.org/nodes/82028144
UK’s FINANCIAL Times investigation

Indian data reveals Adani empire’s reliance on offshore funding
https://www-ft-com.ezp.lib.cam.ac.uk/content/a01c8930-005d-48e1-8a52-cbd0850cbbff
How can banks fund the ADANI Group – known for money laundering
The big names include:
 BARCLAYS
 DEUTSCHE
 STANDARD CHARTERED BANK
 STATE BANK OF INDIA
 GOLDMAN SACHS
 JP MORGAN CHASE
Adani-CRIME@5 Tax Havens
https://www.businesstoday.in/latest/corporate/story/adani-group-probe-supreme-court-
postpones-hearing-in-sebi-status-report-adani-hindenburg-396060-2023-08-29
ADANI_CRIME@13 RELATED PARTIES - SEBI
https://timesofindia.indiatimes.com/business/india-business/adani-groups-13-related-
party-deal-probe-done-sebi-to-supreme-court/articleshow/103076827.cms?from=mdr
ADANI_CRIME@12 FPIs - SEBI

https://indianexpress.com/article/business/sebi-tells-supreme-court-it-has-completed-
adani-probe-8909443/
ADANI_CRIME@16 Entities – E.D.

ED finds suspicious activities by 16 entities in Adani case
https://timesofindia.indiatimes.com/india/ed-finds-suspicious-activities-by-16-entities-in-
adani-case/articleshow/103185392.cms
22. Financial Crime: Cooking ownership, Books of Account
Whistle-blower
Former contractor witness to how money was shifted

Ajay Kumar Agarwal has sought permission from the Supreme Court to intervene in the
investigations by the Sebi against the Adani Group
https://www.business-standard.com/companies/news/adani-hindenburg-row-former-
contractor-witness-to-how-money-was-shifted-123091300254_1.html
DELOITTE – 12th Aug 2023
CORRUPT Group avoids INDEPENDENT audit

ACC not to conduct independent probe into Hindenburg allegations
https://economictimes.indiatimes.com/markets/stocks/news/acc-not-to-conduct-
independent-probe-into-hindenburg-allegations/articleshow/102184959.cms
Vinod Adani, aka Vinod Shantilal Shah, aka VinHood Bin Shahenshah –
beneficial owner ACC, Ambuja cement. The fly-by-night tax haven operator behind the
‘FAMILY’ business. @ 394, Al Thanyah Fourth Villa R-41, 394 Emirates Hill Third.
Unresolved: AUDIT of ADANI Group
Adani Auditor(s??) EY Faces India Accounting Regulator Inquiry: NFRA-National Financial
Reporting Authority
https://www.business-standard.com/companies/news/adani-group-s-auditor-ey-faces-inquiry-
by-national-accounting-regulator-123102500603_1.html
In the background of all the REVELATIONS in the last few years, The AUDIT of the ENTIRE
GROUP is a must. Amazing that “investors” from USA, UK, Australia continue to IGNORE
the FAILURE of the auditors.
INDIA - ADANI’s auditors

https://www.bloomberg.com/news/articles/2023-06-23/hindenburg-adani-fraud-
allegations-add-pressure-on-already-wary-auditors
ADANI Group Governance – Still a Significant RISK

https://www.bloomberg.com/news/articles/2023-06-06/adani-s-debt-metrics-show-
improvement-creditsights-analyst-says#xj4y7vzkg
Institutional investor advisory firm, IiAS, https://www.iiasadvisory.com/about advises

Ambuja shareholders to vote against raising of Rs 20,000 crore from Adani family
https://economictimes.indiatimes.com/markets/stocks/news/iias-advises-ambuja-
shareholders-to-vote-against-raising-of-rs-20000-crore-from-adani-
family/articleshow/94709857.cms?from=mdr
Shubham Rohatgi, who signed off the ATGL's audit for the 2022-23 fiscal on May 2, 2023, on
behalf of Shah Dhandharia & Co LLP was also red-flagged by proxy advisory firm Institutional
Investor Advisory Services (IiAS) in July 2022.
Advising shareholders of four Adani group firms to vote against a number of resolutions
including the reappointment of Gautam Adani as managing director of Adani Ports & Special
Economic Zone (APSEZ), IiAS had stated that Rohatgi did not have ''the requisite experience
to audit'' a top company.
''We raise concerns over the quality of the audit conducted since the signing partner of FY22
- Shubham Rohatgi - became an associate member of ICAI (Institute of Chartered
Accountants of India) in 2018. We believe he does not have the requisite experience to
audit the financial statements of a NIFTY 100 company,'' it had said.
Issue of DEBT – Red Flag in 2019

https://www.bloombergquint.com/bq-blue-exclusive/adani-groups-growing-debt-pile-is-
changing-colour
“Cooking of Books”
Quote notably, this money circulates within the group through a high-density of “related
party transactions” or transactions between companies that are connected Unquote
https://scroll.in/article/923201/from-2014-to-2019-how-the-adani-group-funded-its-
expansion
Wilful Default – Bank’s Non-Performing Asset – INDIAN Parliament

https://www.ndtv.com/india-news/adani-groups-debt-is-equal-to-our-farmers-nitish-
kumars-partyman-in-parliament-1403074
https://www.thehindu.com/news/national/adanis-debt-equals-to-entire-farm-
debt/article8560896.ece
Financial Position
Fudging Books
Deloitte flags Adani Port transactions citing lack of review
https://economictimes.indiatimes.com/industry/transportation/shipping-/-
transport/deloitte-flags-adani-port-transactions-citing-lack-of-
review/articleshow/100643052.cms?from=mdr
Adani-Hindenburg fallout: How much debt has Adani Group repaid since Jan 2023
Business Today - Basudha Das, Feb 21, 2023
https://www.businesstoday.in/latest/corporate/story/adani-hindenburg-fallout-how-much-
debt-has-adani-group-repaid-since-jan-2023-370941-2023-02-21
ARROGANCE of the CORRUPT ADANI Group

Not appropriate to conduct independent examination of accounts now: Adani Ports
https://economictimes.indiatimes.com/markets/stocks/news/not-appropriate-to-conduct-
independent-examination-of-accounts-now-adani-ports/articleshow/100677868.cms
 MASSIVE COOKING of BOOKS – NO INDEPENDENT AUDIT.
 Sources of FUNDs for DEBT reduction.

SOURCE OF FUNDING for repayments
Adani Repays $500 Million Bridge Loan to Regain Investor Faith, Bloomberg -Saikat Das and
P R Sanjai, March 8, 2023
https://www.bloomberg.com/news/articles/2023-03-08/adani-repays-500-million-bridge-
loan-to-regain-investor-faith
India's Adani prepays $2.15 billion share-backed loans
March 12, 2023 REUTERS-Francis Mascarenhas
https://www.reuters.com/business/finance/indias-adani-prepays-215-billion-share-backed-
loans-2023-03-
12/#:~:text=March%2012%20(Reuters)%20%2D%20Adani,its%20deadline%20of%20March%
2031.
They also prepaid a $500 million loan for Ambuja acquisition?
https://www.bloomberg.com/news/articles/2023-03-12/adani-founders-prepay-share-
backed-loans-worth-2-15-billion#xj4y7vzkg
Four Charts Map Adani Group’s Debt Pile, Reliance on Global Banks for Funding
Metric for Adani Group’s ability to pay off debt has improved; Global intl. banks made up
29% of borrowings as of end March
Adani Group's pile of debt increased almost 21% over the past year and the proportion
held by global banks rose to nearly a third
P R Sanjai and Divya Patil April 18th 2023
https://www.bloomberg.com/news/articles/2023-04-18/four-charts-map-adani-group-s-
growing-debt-pile-reliance-on-global-banks#xj4y7vzkg
How many Global Banks 25? Known names:
1. Mitsubishi UFJ,
2. Sumitomo Mitsui,
3. Mizuho,
4. Standard Chartered,
5. Barclays and
6. Deutsche Bank
INDIA
7. Bank of Baroda
8 SBI
9 PUNJAB NATIONAL BANK
10. Axis Bank
11. Kotak Bank
Can we know the bank-wise exposure to the CORRUPT after the roadshows?
So much secrecy?
DEBT @ INR 2.5 TRILLION; ASSET INR 4 TRILLION
Can we trace this to audited balance sheets please?
Adani Ports floats tender

to repurchase $130 mn of outstanding loan to ease debt load; approximately 39 percent of
the group's overall debt consists of foreign currency bonds.
https://www.moneycontrol.com/news/business/adani-ports-commences-tender-offer-to-
repurchase-130000000-of-outstanding-debt-reduces-near-term-debt-load-10462821.html
Adani group aims to raise about $800 million
for financing green energy projects 27th APRIL 2023
https://energy.economictimes.indiatimes.com/news/renewable/adani-group-aims-to-raise-
about-800-million-for-financing-green-energy-projects/99807865
Adani Repays $200 Million Of Holcim Debt

The prepayment allows Adani to request a three-year extension on the remaining debt
Bloomberg - Saikat Das and Suvashree Ghosh 28 April 2023
https://www.bloomberg.com/news/articles/2023-04-28/adani-pays-back-200-million-
holcim-debt-seeks-loan-
extention#:~:text=Adani%20Cement%20Industries%20Ltd.%20has,familiar%20with%20the%
20matter%20said.
Adani Group-Dubious Funding

https://asia.nikkei.com/Business/Companies/Adani-Group/Adani-s-debts-exceed-1-of-
Indian-economy
https://thewire.in/business/adani-group-debt-repayment-pledged-shares
Please CHECK the details of the Top 20 Shareholders in Adani Enterprises

OWNERSHIP
INSTITUTIONS / INSIDERS SHARES (THOUSANDS)
(%)
ADANI SB FAMILY 55.3 630,034.7
ADANI TRADELINE PVT LTD 8.7 99,491.7

OWNERSHIP
(%)
LIFE INSURANCE CORPORATION

4.0 45,815.0
OF INDIA
GREEN ENTERPRISES
3.5 40,191.0
INVESTMENT HLDG
FLOURISHING TRADE &

3.0 33,937.7 Scroll down-Mauritius Launde
INVESTMENT
AFRO ASIA TRADE &

INVESTMENTS
WORLDWIDE EMERGING
MARKET HLDG
HSZ (HONG KONG) 1.7 19,295.4
ELARA CAPITAL PLC 1.7 19,190.1
M.M. WARBURG BANK

1.3 14,290.9
(SCHWEIZ)
THE VANGUARD GROUP, INC. 0.7 8,497.0
SBI FUNDS MANAGEMENT PVT 0.6 7,195.0
BLACKROCK FUND ADVISORS 0.6 6,454.2
SPITZE TRADE & INVESTMENT 0.3 3,986.0
UTI ASSET MANAGEMENT 0.2 2,237.5
BLACKROCK ADVISORS (UK) 0.2 1,901.3

OWNERSHIP
(%)
KOTAK MAHINDRA AM 0.1 1,281.8
GEODE CAPITAL MANAGEMENT 0.1 1,114.0
DIMENSIONAL FUND ADVISORS 0.1 831.1
NIPPON LIFE INDIA AM 0.1 737.3
Source: FactSet, as of 1030 UTC on 3 Feb

23. Crime - Obstruction of Justice
USA FINCEN Investigation - Scuttled

https://www.icij.org/investigations/fincen-files/fincen-files-investigations-from-across-asia/
https://indianexpress.com/article/express-exclusive/fincen-files-in-alert-on-shell-firms-ny-
bank-flags-transfers-to-adani-from-seychelles-6605352/
Oct 2021 COMPLAINT with USA’s SEC
https://www.globalcapital.com/article/297sitz2boxhpl0ffm29s/sri/banks-hit-by-fraud-
complaint-to-sec-over-adani-slb-coal-links
INDIA - Justice Arun Mishra

Why Were Adani's Cases Listed and Heard by Justice Arun Mishra in a Tearing Hurry?
Cases with political overtones and far-reaching consequences for the nation have been
systematically assigned to benches of “preference”.
https://thewire.in/law/why-were-adanis-cases-listed-and-heard-by-justice-arun-mishra-in-
a-tearing-hurry
ADANI Trying to impede our probe: D.R.I.

https://indianexpress.com/article/india/adani-firm-trying-to-impede-our-probe-dri-tells-
bombay-high-court-5791596/
DRI concludes investigation into Adani Group's power imports

https://www.cnbctv18.com/business/adani-group-dri-concludes-investigation-into-power-
imports-indonesian-coal-probe-still-pending-16152971.htm
letters 2013 & 2014

Under pressure:
SC dismisses DRI's petition against three Adani group subsidiaries
https://economictimes.indiatimes.com/news/india/sc-dismisses-dris-petition-against-three-
adani-group-subsidiaries/articleshow/99040806.cms
Rajesh Adani held for fraud,gets bail
The Central Bureau of Investigation (CBI) today arrested Rajesh S Adani,the Managing
Director of the Rs 26,000 crore Adani Enterprises Ltd,on the charges of evasion of customs
duty and undervaluation fraud tentatively pegged at Rs 1.7 crore in Goa.
https://indianexpress.com/article/cities/ahmedabad/rajesh-adani-held-for-fraud-gets-bail/
OBSTRUCTION of JUSTICE is not restricted to INDIA – it includes USA, Singapore, UAE,
Mauritius and Australia.
Adani mining giant faces financial fraud claims as it bids for Australian coal loan
https://www.theguardian.com/world/2017/aug/16/adani-mining-giant-faces-financial-
claims-as-it-bids-for-australian-coal-loan
Obstruction of Justice, Scuttling the probe
INDIA - No Discussions in Parliament

 In a display of utter arrogance - Parliamentary Panel refuses to discuss Adani (Mr
Jayant Sinha in the photo below)
Opposition members ask if the panel can probe the fallout of collapse of a private bank,
why should it shy away from investigating an episode of market turbulence closer to
home
https://www.thehindu.com/news/national/parliamentary-panel-refuses-to-discuss-adani-
discusses-fall-out-of-silicon-valley-bank/article66698906.ece
Background of 2 people in the SUPREME COURT PANEL
 Mr Nandan Nilekeni
Informed data privacy people dislike him for the manner in which the aadhar identification
PROGRAM was implemented and is now being mis(used). He is a former politician.
Nandan Nilekani, was the richest candidate in the 2014 Lok Sabha elections with declared
assets worth over 7,700 crore (more than a $billion) and he lost by a margin of close to
230,000 votes.
He is known to make “unacceptable” statements on behalf of the regime:
https://www.financialexpress.com/industry/india-inc-better-off-not-going-public-with-their-
views-on-key-issues-says-nilekani/2438408/
 Mr K.V.Kamath
People of INDIA expected the agencies to interrogate him in the ICICI BANK (Kochhar-Dhoot-
Ruia) scandal. It did NOT happen.
https://www.businesstoday.in/latest/economy-politics/story/icici-videocon-loan-cbi-
sandeep-bakshi-kv-kamath-chanda-deepak-kochhar-164508-2019-01-24
People have opposed his selection for such public-interest assignment in the past:
https://economictimes.indiatimes.com/industry/banking/finance/banking/review-
decision-to-appoint-k-v-kamath-as-head-of-expert-panel-on-debt-recast-aibea-to-
rbi/articleshow/77449316.cms
 DISPLAY of ARROGANCE by the CORRUPT

In the Corrupt bank ICICI’s scandal, CBI had earlier planned to interrogate KV
Kamath, media mentions him as Mukesh Ambani’s buddy and perceived as a state
actor.
2019
https://www.businesstoday.in/latest/economy-politics/story/icici-videocon-loan-
cbi-sandeep-bakshi-kv-kamath-chanda-deepak-kochhar-164508-2019-01-24
https://timesofindia.indiatimes.com/business/india-business/cbi-man-on-icici-
case-shunted-over-probe-delay-info-leaks/articleshow/67716106.cms
As per media reports dt 8th April 2023, CBI has filed a chargesheet against the Kochhars
and Videocon Dhoot.
Sandeep Bakshi, K. Ramkumar, Sonjoy Chatterjee, N.S. Kannan, Zarin Daruwala, Rajiv
Sabharwal, K.V. Kamath and Homi Khusrokhan, all senior officials of ICICI Bank, were part of
the committees which sanctioned the loans.
That various sanctioning committees of ICICI Bank sanctioned loans to Videocon Group
companies, namely Millennium Appliances India Ltd (MAIL), RTL of Rs 175 crore on June 30,
2009; loan of Rs 240 crore to Sky Appliances Ltd (SAL) on November 17, 2010; loan of Rs 110
crore to Techno Electronics Ltd (TEL) on November 17, 2010; loan of Rs 300 crore to
Applicomp India Ltd (AIL) on May 30, 2011; and loan of Rs 750 crore to Videocon Industries
(NS:VEDI) Ltd (VIL) on October 31, 2011.These loans amounting to Rs 1,575 crore were
sanctioned by various committees. The loans sanctioned to SAL, TEL and AIL were for the
purpose of enabling them to repay the unsecured loan availed by these companies from VIL.
It also sanctioned a loan to VIL for refinancing the existing loans of the company.
SEC- whistleblower; No move by SEBI, Govt of INDIA

SEC issues largest ever whistleblower award of $279 million
https://www.reuters.com/world/us/us-sec-issues-largest-ever-whistleblower-award-279-
mln-2023-05-05/
Why hasn’t GOVERNMENT OF INDIA called for INFORMATION on ADANIs crimes? Why
hasn’t financial incentives been offered?
24. Letters to Regulators, Vigilance and Investigative agencies
25. CIVIL Society – Threats, Intimidation
BLATANT MISUSE of LAW

SUPREME COURT SLAPS MODI ECOSYSTEM:‘Continued detention not justified’: SC gives bail
to 2 Bhima Koregaon suspects
https://www.hindustantimes.com/india-news/supreme-court-grants-bail-to-activists-in-
bhima-koregaon-case-says-serious-charges-not-grounds-for-denial-101690535925190.html
RELATED Data Points:

Justice Lodha told The Indian Express that the government’s actions are “an attempt to
suppress the dissenting voice”.
https://indianexpress.com/article/india/elgar-parishad-event-arrests-undermine-basics-of-
democracy-says-former-cji-rm-lodha-5331839/
Top Cop, former Ambassador Mr Julio Francis Ribeiro’s, view SHAME on CORRUPT,
BRUTAL BLACKROCK-AMBANI-MODI-ADANI-SHAH-bhagwat-GOLDMAN ECOSYSTEM.
https://video.search.yahoo.com/search/video?fr=mcafee&ei=UTF-
8&p=PUNE+POLICE+Bhima+Koregaon+CASE&type=E210US0G0#id=1&vid=8bf6e35c1930e1
d1a4406549c8f29a81&action=click
The Elgar Parishad 16 Must Not Be Forgotten

https://thewire.in/rights/bhima-koregaon-16-must-not-be-forgotten
'No Elgar Parishad Link': What Ex-Cop's Statement on Bhima Koregaon Shows
https://www.thequint.com/news/india/elgar-parishad-and-bhima-koregaon-violence-not-
linked-says-ex-cop-what-this-shows
Division Bench of CJI and Justice Hima Kohli at Supreme Court dismissed the special leave
petition filed by the NIA challenging the bail granted to Prof. Teltumbde by the Bombay High
Court on November 18
https://www.thehindu.com/news/cities/mumbai/elgar-parishad-case-prof-anand-
teltumbde-walks-out-of-taloja-jail/article66186970.ece
THUTHUKUDI MASSACRE
A corrupt, brutal regime massacres people to satisfies CORRUPT oligarchs & cronies
https://frontline.thehindu.com/news/inquiry-commission-report-on-thoothukudi-firing-
names-top-police-officials-for-serious-offences-against-unarmed-
civilians/article65782715.ece
CIVIL Society fight continues
A feeling of Betrayal: Civil Society takes up the issue
bjp_rss supported market manipulation, price rigging

SYSTEMICALLY CORRUPT INDIA is now a Surveillance state gone rogue. CORRUPT, perverted
sick-heads of the Union Home Ministry (and the local police in some instances) are tapping
lines, interfering and intimidating the citizens.
Civil Society takes on THE CORRUPT VIOLENT NEXUS that continues to “rule” INDIA aka
ambanistan_adanistan. Kangaroo Courts, Slaughter by militarised police, Police
encounters, snooping by filthy, deranged GOVERNMENT officials has made life
MISERABLE.
26. FINANCIAL ACTION TASK FORCE (FATF)
 The IRONY of the 3rd-6th April FATF Meeting in New Delhi is that-
(a) it happened when an All India protest against Gautam Adani, a protégé of PM
narendar modi, is on-going
(b) it happened in New Delhi
(c) the FATF President Raja Kumar is from Singapore, the preferred destination for
the ‘Family Offices’ of INDIA’s CORRUPT Oligarchs, Cronies, Fugitives…other$
Financial Times - Singapore asks banks to keep quiet on wealth inflows during China boom
Tacit directive from regulators comes as wealthy Chinese people funnel funds into city-
state
(Not just CHINA, the CORRUPT from INDIA & ASEAN also have shell companies and family
offices in Singapore)
https://www.ft.com/content/ea198ae9-7157-4e3c-9832-2db4cf93d1c2
Mr. T Raja will do well to get his government crackdown on shell companies and stop the
‘Family Office” abuse by the CORRUPT.
https://www.fatf-gafi.org/en/publications/Methodsandtrends/JEM-2023.html
27. GLOBAL Protest
ADANI Watch, Stop ADANI, ADANI Toxic Bonds, ADANI Files

https://www.adaniwatch.org/
https://www.facebook.com/groups/stopadanisupportnetwork/
https://www.stopadani.com/
TOXIC Bonds https://adanitoxicbonds.org/
The ADANI files
https://adanifiles.com.au/
UK based Lloyds of London insurance company Probitas 1492
ruled out any future involvement in any part of the project.
https://www.insurancebusinessmag.com/au/news/environmental/probitas-1492-confirms-
move-away-from-adani-451916.aspx
No Governance
IiAS red flags 2 ADANI cos
Institutional Investor Advisory Services (IiAS) has raised red flags against resolutions of
two Adani Group firms
https://www.financialexpress.com/industry/resolutions-of-two-adani-group-firms-run-into-
iias-veto/3171589/
Glass Lewis flags risks from Adani 'unconscionable conduct
https://www.nasdaq.com/articles/adviser-glass-lewis-flags-risks-from-adani-
unconscionable-conduct-2021-07-05-0
What is behind the move to Gujarat?

ACC, Ambuja Cement - Adani Group shifts roles to Gujarat
https://www.thehindubusinessline.com/companies/acc-ambuja-cement-employees-in-a-
tizzy-as-adani-group-shifts-roles-to-gujarat/article66678496.ece
28. BRUTAL Suppression of DEMOCRACTIC PROCESS

Corrupt & Shameless intimidation
A pathetic track record of SILENCING journalists using MUSCLE & MONEY
BRUTAL assault by CORRUPT COWARDS
YouTube CEO responds to allegations about treatment of videos criticizing government /

oligarchs, cronies e.g. Gautam Adani
https://www.wsj.com/articles/youtube-looking-into-gandhis-claim-political-videos-in-india-
suppressed-898c0a37?reflink=share_mobilewebshare
Questioned by Gujarat police over Adani story: Aussie journalists

https://indianexpress.com/article/india/questioned-by-gujarat-police-over-adani-story-
aussie-journalists-4873346/
FINANCIAL TIMES
In India, the list of journalists include

Ravi Nair, Paranjoy Guha Thakurta, Economic & Policy Weekly, NewsClick, B Ganguli, P
Burugula, Neha Chaliwala, Latha Venkatesh and Nimesh Shah.
In Australia
 Law firm AJ & Co promised to be Adani's "trained attack dog"
https://www.abc.net.au/news/2019-02-19/adani-law-firm-put-forward-trained-attack-dog-
strategy/10821470
ARROGANCE of a CORRUPT, Money Laundering Oligarch

Adani drops $600m claim against Queensland activist and seeks $17m instead
Wachtell, Lipton, Rosen & Katz

Why did ADANI not file a case?
FEB 2023
Medis report:
Adani Group reportedly has hired New York law firm Wachtell, Lipton, Rosen & Katz to help
stem the crisis. Wachtell is “among the most sought-after advisers by besieged corporate
boards at some of the largest US companies trying to fend off activist investors or hostile
takeovers," according to the Financial Times.
end.
Corrupt section of the INDIAN media
The significant section of the INDIAN media is corrupt. It continues to BETRAY the people.
Corrupt INDIAN Media
29. ADANI’s P.R. Machine
Kekst CNC is providing global strategic communications and crisis support to Adani Group,
the India-based conglomerate. Kekst’s mandate is to help the group regain investor trust by
laying out the proper context, not just on the Hindenburg allegations but other concerns that
have swirled around the fundamental strength of the business, a person familiar with the
matter said.
Kekst is working with Adani’s C-suite and communications team, and could put them through
a “situation room” — the firm’s term for a simulated crisis in which executives are bombarded
with tweets, calls from journalists and other stressful developments, said the person, who
asked not to be named as they’re not authorized to speak publicly.
JULY 2023 – INDIAN MEDIA

adani “north korean” style P.R.
NDTV – Propaganda Tool

Overall salary increase is 11.50%. Debit in ADANI ENTERPRISES?
Not Journalism. ADANI propaganda tool.
https://www.telegraphindia.com/business/ndtv-announces-salary-hikes-across-verticals-
higher-than-industry-average/cid/1943998
Adani News Fixing –

Raises $1.4 bn from stake sale in 3 firms; $9 bn raised in 4 years (?)
Every news report supporting the CORRUPT Money Laundering group is dodgy. The
modani ecosystem is corrupt and continues to rig.
https://www.business-standard.com/companies/news/adani-raises-1-4-bn-from-
stake-sale-in-3-firms-9-bn-raised-in-4-years-123070900392_1.html
 Conflicting report on Financial Health; P.R.
https://www.business-standard.com/companies/news/adani-group-s-debt-pile-up-almost-
21-relies-on-global-banks-for-funding-123041800155_1.html
A Town Hall meeting –DATA based discussions
30.IMF
IMF Bailout of BlackRock amid Adani Greenwash: Where does the Gravy Train End?
https://countercurrents.org/2022/08/imf-bailout-of-blackrock-amid-adani-greenwash-
where-does-the-gravy-train-end/
31.Bangladesh
Probability of losses (Corrupt adanis are PEPs)

CIVIL unrest continues in Bangladesh: Opposition holds protests to demand resignation of
prime minister
https://www.reuters.com/world/asia-pacific/bangladesh-opposition-holds-protests-
demand-resignation-pm-2023-07-28/
Relations built with MODANI by Awami League will suffer if BNP comes to power:
Bangladesh minister
https://economictimes.indiatimes.com/news/international/world-news/relations-built-
with-india-by-awami-league-will-suffer-if-bnp-comes-to-power-bangladesh-
minister/articleshow/102203673.cms?from=mdr
The modi-adani Bangladesh deal
New Age REPORT

https://www.newagebd.net/article/203076/adani-produces-most-expensive-coal-power-
for-bangladesh
Adani reacts to New Age report

https://www.newagebd.net/article/204004/adani-reacts-to-new-age-report
The strange story of Adani power plant in Jharkhand

https://telanganatoday.com/modani-files-the-strange-story-of-adani-power-plant-in-
jharkhand
32.Sri Lanka
G2G - SRI LANKA:
convert ADANI contract into G2G contract
G2G is Gautam2Government
https://twitter.com/Jairam_Ramesh/status/1698619287588733246?ref_src=twsrc%5Egoogl
e%7Ctwcamp%5Eserp%7Ctwgr%5Etweet
SRI LANKA GOVERNMENT LETTER – modi-ADANI SCAM

Adani Project in Sri Lanka a 'Government-to-Government Kind of Project': Sri Lankan
MinisterAli Sabry. OFFICIAL SEAL for CRONYISM.
33.USA
SCUTTLED
Will Regulator take action against Adani? Investigations in UK & Australia were scuttled.
https://www.bloomberg.com/news/articles/2023-06-22/adani-group-statements-to-
investors-draw-us-regulatory-scrutiny?leadSource=uverify%20wall
RELATED information
SEC & ADANI POWER – SYSTEMICALLY CORRUPT INDIA is a SHAME. INDIA’s CORRUPT DEEP
ROTTEN STATE is a SHAME. ABSOLUTE FILTH. Narendar MODI is a corrupt, FAILED PM.
https://www.sec.gov/comments/s7-13-15/s71315-3.pdf
Modi’s brazen corrupt act supported by USA: Mode REGIME & Modern Day Slavery
goldman “s c s?”
34.UK – Fails to complete a proper investigation into the use of UK

Feb 2023 UK FCA begins probe - scuttled?
https://www.fnlondon.com/articles/fca-investigates-uk-nexus-in-elara-adani-group-ties-
20230206
Adani meets UK PM - assures to commit $70 bn for clean energy 20 Oct 2021,
https://www.livemint.com/companies/people/gautam-adani-meets-uk-pm-in-london-
assures-to-commit-70-bn-for-clean-energy-11634702063556.html
Boris Johnson brother resigns

https://www.theguardian.com/politics/2023/feb/02/jo-johnson-resigns-director-adani-
elara-capital
Barclays is investigated by FCA for ‘persistent’ KYC and AML failings; regulator sends in
experts to review UK lending giant
https://www.amlintelligence.com/2023/02/breaking-barclays-is-investigated-by-fca-for-
suspected-compliance-and-aml-failings-regulator-sends-in-experts-to-review-uk-lending-
giant/
https://adanitoxicbonds.org/wp-content/uploads/2023/09/Barclays-Adani-report.pdf
Letter to BARCLAYS – Drop ADANI

https://bankonourfuture.org/news/letter-barclays-drop-adani/
2012-Sanjay Newatia, a pandora papers individual, is a director in 57 Adani Companies in

UK.
https://qz.com/a-pandora-papers-ex-banker-is-adanis-man-in-london-1850081514
The Indian Express linked Newatia to Niira Radia, a wealthy Indian lobbyist. At least a dozen
offshore firms in the Pandora Papers were connected to Ms Radia, The Indian Express said,
adding that she “has been conducting her offshore transactions through London-based
Sanjay Newatia.
https://www.moneylife.in/article/sanjay-newatia-ex-credit-suisse-banker-is-a-director-in-
57-adani-companies-in-uk-quartz-report/69783.html
 International coverage over the MASSIVE MODANI SCAM

https://www.lrb.co.uk/the-paper/v45/n08/pankaj-mishra/the-big-con
Science Museum-GREEN WASHING ADANI

https://www.theartnewspaper.com/2023/03/01/critics-line-up-to-condemn-science-
museums-sponsorship-deal-with-adani-green-energy
35. Italy
https://thewire.in/business/hindenburg-spotlights-an-offshore-adani-related-entity-that-
ed-had-linked-to-agustawestland-scam
36.France
TotalEnergies gets caught up in India's Adani scandal

https://www.lemonde.fr/en/international/article/2023/03/23/totalenergies-gets-caught-
up-in-india-s-adani-scandal_6020396_4.html
37.EUROPE & ESG

CORRUPT DANSKE Bank and CORRUPT Money Laundering
https://borsen.dk/nyheder/finans/danske-bank-har-ekskluderet-skandaleselskaber
MONEY LAUNDERING DANSKE BANK & EU
https://www.natlawreview.com/node/114407/printable/print
https://www.bloomberg.com/news/articles/2023-04-17/estonia-indicts-6-former-danske-
workers-in-dirty-money-case
https://www.bloomberg.com/news/articles/2023-01-05/danske-bank-forfeits-2-billion-
after-pleading-guilty-to-fraud
https://corpgov.law.harvard.edu/2023/02/18/esg-eu-regulatory-change-and-its-
implications/
38.ISRAEL
Why did Mr Ron Malka have to resign as ambassador? He could have taken on the added
responsibility of the HAIFA port! Rule of Law? Conflict of Interest? ADANI’s debt is INDIA’s
sovereign debt? ‘Z’ security Adani’s business is a SPECIAL PURPOSE VEHICLE for the
regime’s “economic growth”!
Team Jorge: Did Israeli group accused of influencing polls across countries meddle in India?
https://www.indiatoday.in/india/story/indian-angle-to-israeli-group-accused-of-influencing-
elections-worldwide-2335652-2023-02-16
https://www.youtube.com/watch?v=PQjlAI4akSw
PEGASUS
No evidence, Govt didn’t cooperate: SC panel on Pegasus
https://indianexpress.com/article/india/supreme-court-pegasus-spyware-case-8110566/
39.ADANIs in S.Africa, Myanmar, China
Adani embroiled in African corruption scandal via arms deal

https://www.michaelwest.com.au/revealed-adani-embroiled-in-african-corruption-
scandal/
Have you heard of South Africa Gupta Brothers who brought down President Zuma?
Leaked mails of South African Gupta family talk of selling arms company Denel to Adani
https://economictimes.indiatimes.com/news/defence/leaked-gupta-mails-talk-of-selling-
denel-to-adani/articleshow/59116515.cms
MYANMAR MILITARY
Adani proposed coal ventures to sanctioned Myanmar military despite public vow to cut
ties, leaked documents show
https://www.abc.net.au/news/2023-05-04/adani-coal-projects-myanmar-military-junta-
leaked-documents/102291036
CHINESE investments for Australian project

Adani asked Coalition to help secure funding from China
https://www.theguardian.com/environment/2018/mar/01/adani-asked-coalition-to-
help-secure-funding-from-china-foi-shows
40.AUSTRALIA
2023 UN general assembly

Australia shamed on climate change in full-page New York Times advert
https://www.thechronicle.com.au/business/companies/media/australia-shamed-on-
climate-change-in-fullpage-new-york-times-advert/news-
story/2fd0d176c66a938dcba1a10d0440e1cc
https://www.abc.net.au/news/2023-09-20/australia-called-to-ramp-up-climate-ambitions-
nyt-ad/102876940
Senator David Pocock
tabled images taken around the contentious Carmichael mine site, making them available in
Australia for the first time.
https://au.news.yahoo.com/hidden-adani-mine-photos-revealed-to-public-by-senators-
bold-act-214011900.html
https://www.aph.gov.au/Parliamentary_Business/Tabled_Documents/2588
Threat & intimidation by the corrupt group continues

modi regime acts against civil society
https://www.amnesty.org/en/latest/news/2023/09/india-government-weaponizing-
terrorism-financing-watchdog-recommendations-against-civil-society/
The ADANI group, with the support of CORRUPT politicians (INDIA, Australia, Singapore,
Mauritius, Dubai, London (FCA), Sri Lanka and Bangladesh), continue to threaten and
intimidate journalists and civil society.
https://www.theguardian.com/business/2023/jun/22/journalists-received-legal-threats-
from-bravus-formerly-adani-carmichael-coal-mine-site-parliament-told?CMP=share_btn_tw
AUSTRALIAN MEDIA pays more attention to "FRAUD" in coal-mining approvals.

Destruction of Australia's ecology is have a significant adverse impact on tourism, health
and cultural heritage.
https://www.abc.net.au/news/2023-06-05/coalmine-carbon-emissions-estimates-adani-
whitehaven-grosvenor/102253064
https://acij.org.au/joint-media-release-acij-jfm-and-stop-adani-urge-adani-group-to-
responsibly-divest-from-their-military-linked-businesses-in-myanmar/
India: Opposition keeps raising RED FLAGS and demands a JPC
The decision to hide this information on who Adani Enterprises' partner was in such a major
infrastructure project points to the group shirking the "greater responsibility of clarifying
the arrangement to investors and revealing who the noteholder is."
https://themorningcontext.com/business/adani-group-reveals-mystery-co-owner-of-
australian-rail-project
https://thewire.in/business/report-notes-lack-of-clarity-on-adani-groups-australian-railway-
project-partner-until-now
Book on ADANI: Following its Dirty Foot steps

In 2018, Investigative journalist, former academic and author, Dr Lindsay Simpson
documented the corrupt practices of Australian politicians and ADANI’s dirty business
https://catalogue.nla.gov.au/Record/7788991
A high profile delegation of Australian citizens delivered a letter from 90 eminent

Australians to Gautam Adani to say Australians want clean energy, not a new coal mine.
https://www.acf.org.au/stop_adani_mine_india_tour
Adani destroying Australia

https://www.theguardian.com/environment/2020/aug/28/adani-quietly-rebranding-abbot-
point-terminal-as-company-hit-with-107m-damages-bill
Feb 2023 Australian regulator to review short-seller report on India's Adani

https://www.reuters.com/world/asia-pacific/australia-regulator-reviewing-short-seller-
report-indias-adani-sydney-morning-2023-02-01/
Scuttled?
24March2023
Carmichael write-down split favoured Adani’s listed company
https://www.afr.com/companies/mining/carmichael-write-down-split-favoured-adani-s-
listed-company-20230308-p5cqjn
Former defence leaders urge government to release report into national security risks
posed by climate change
https://www.abc.net.au/news/2023-04-05/government-urged-to-release-climate-change-
security-risks-report/102191106
Climate and Australia’s National Security

https://theforge.defence.gov.au/publications/climate-and-australias-national-security
Chris Barrie says global heating poses larger security threat than China, and Australians
should be armed with this information
https://www.theguardian.com/australia-news/2023/apr/05/former-adf-chief-calls-for-
release-of-secret-report-into-security-threat-posed-by-climate-crisis
Jeyakumar Janakaraj
Adani's failure to disclose Jeyakumar Janakaraj's history with African pollution disaster a
'mistake': Environment Department
https://www.abc.net.au/news/2016-01-21/adanis-non-disclosure-of-ceos-pollution-history-
a-mistake/7102270
Adani Australia boss Jeyakumar Janakaraj oversaw mine behind massive African river
pollution disaster - Konkola Copper Mines (KCM) in Zambia
https://www.abc.net.au/news/2015-11-12/adani-boss-oversaw-mine-guilty-of-polluting-
african-river/6920576
Australian Broadcasting Corp 6Minute VIDEO
https://www.abc.net.au/news/2023-05-29/the-rise-and-fall-of-tycoon-gautam-
adani/102405636
Wangan and Jagalingou Cultural Custodian Coedie McAvoy has made this hard-hitting video
message for BlackRock with his family. With your help we can get it in front of
BlackRock decision makers in a way they can't ignore – by parking a massive mobile
billboard directly in front of BlackRock's New York headquarters!
https://www.youtube.com/watch?v=baPKNFmux-A
“Your financing of Adani makes you complicit in the ethnic cleansing of Wangan and
Jagalingou people and our cultural heritage.
Funding Adani makes you complicit in the destruction of our sacred sites.” Coedie McAvoy,
Wangan and Jagalingou Cultural Custodian, in his message to BlackRock.
BlackRock have ignored the consequences of investing in Adani for long enough - we will
make sure
there is no way they can ignore this message. People power has been keeping Adani’s coal
in the ground for years, and we will
keep working to make sure Adani’s expansion is ultimately stopped.
adani australia and Shell companies-Money Laundering
Australian Data - recirculated

ADANI Group - Billion$via shell companies
https://www.abc.net.au/news/2017-10-02/adanis-tax-haven-ties-to-british-virgin-islands-
revealed/9007714
VIDEO on ABC Investigation
https://www.youtube.com/watch?v=rGSTfak7Aco
41.United Arab Emirates
Murky Corrupt IHC & ADANI Group

A $236 Billion Stock-Market Enigma !! A once-obscure stock(IHC) has become one of the
most valuable companies in the Middle East
https://www.wsj.com/articles/the-236-billion-enigma-dominating-abu-dhabis-stock-
market-c1ab8918?mod=Searchresults_pos1&page=1
IHC “invests” in CORRUPT Adani Group
https://www.thehindubusinessline.com/companies/gqg-ihc-acquire-adani-group-shares-
worth-1-billion/article67019896.ece
https://www.ft.com/content/3690cc04-ff12-42f5-aa8d-26b5c185e99d
Vinod Adani, aka Vinod Shantilal Shah, aka VinHood Bin Shahenshah lives in UAE. He is
the beneficial owner ACC, Ambuja cement. The fly-by-night tax haven operator behind the
‘FAMILY’ business. They owe their fortune to narendarkumar damoderdas modi.
@ 394, Al Thanyah Fourth Villa R-41, 394 Emirates Hill Third.
https://timesofindia.indiatimes.com/videos/toi-original/prime-modi-will-depart-for-uae-
after-completing-his-2-day-france-visit-mea/videoshow/101703359.cms
42.SINGAPORE
SINGAPORE – ADANI - Shell companies

2. SEC & ADANI PORT – Note law firm
https://www.sec.gov/divisions/corpfin/cf-noaction/2019/adani-ports-and-special-
economic-zone-limited-080119-14e-1a-incoming.pdf
https://www.sec.gov/divisions/corpfin/cf-noaction/2019/adani-ports-and-special-
economic-zone-limited-080119-14e-1a-incoming.pdf
3. ACC & Ambuja Cement
Rajiv Gupta 9 Raffles Place https://www.lw.com/en/news/2022/05/latham-advises-adani-
group-on-its-acquisition-of-holcims-stake
Direct Dial: +65.6437.5467 #42-02 Republic Plaza; rajiv.gupta@lw.com Singapore 048619;
Tel: +65.6536.1161 Fax: +65.6536.1171
43. Jefferies, Blackrock, JP Morgan…
(&other fund managers)
JEFFERIES, ADANIs and ICHAN

JEFFERIES’ DIRTY hand in ICAHN & ADANI scams.
Hindenburg alleged the investment bank Jefferies played a role in Icahn’s scheme by
publishing bullish research reports and selling Icahn Enterprises’ stock to investors.
https://www.forbes.com/sites/dereksaul/2023/05/02/billionaire-carl-icahns-empire-
propped-up-by-ponzi-like-scheme-short-seller-hindenburg-claims/?sh=22d03d657c6c
Jefferies India, Elara Capital were on the list of lead managers for Money Laundering ADANI
Group’s FPO.
https://www.thehindubusinessline.com/markets/adani-enterprises-files-papers-for-largest-
fpo-20000-crore/article66396843.ece
Carl Icahn's Icahn Enterprises is under federal investigation
https://www.axios.com/2023/05/10/carl-icahn-icahn-enterprises-investigation-hindenburg-
research
44. Black Gold, BLACKROCK
Coal, Investment Funds

ELECTION FUNDING, LOBBYING & the MINING INDUSTRY
Oct 2022 BlackRock and Vanguard tell UK inquiry they will not quit fossil fuel investments
https://www.ft.com/content/d586a16e-4f5e-4fff-8610-ade4dd2badda
Vanguard and BlackRock uncovered as largest investors in coal industry
Top 10 Investors (2021 January or most recent filling date)
Investor Country Bonds + Shares (US$ M)
Vanguard United States 85,852
BlackRock United States 84,355
Capital Group United States 38,351
State Street United States 32,505
Government Pension Investment Fund Japan 29,083
T. Rowe Price United States 15,436
Fidelity Investments United States 14,857
Government Pension Fund Global Norway 14,572
JP Morgan United States 14,232
TIAA United States 13,829
World’s two largest asset managers have invested $170bn in coal
https://www.mining.com/worlds-two-largest-asset-managers-have-invested-170bn-in-coal/
BLACKROCK – Corruption; Funds Corrupt ADANIs

USA – BLACKROCK’s lack of governance
https://www.reuters.com/sustainability/sustainable-finance-reporting/republicans-
question-blackrock-fund-governance-revisiting-old-concerns-2023-07-07/
Is BlackRock’s Larry Fink blowing it for the climate?
“Every big problem needs a face and a name,” the speaker said at the private event hosted
by the conservative American Legislative Exchange Council. “The worst offender out there
is BlackRock and Larry Fink.”
https://www.washingtonpost.com/business/2023/05/06/blackrock-esg-climate-woke/
BlackRock's climate finance vision is at extreme odds with its financing of Adani coal and
gas projects.
https://www.greenbiz.com/article/blackrocks-12-billion-adani-tars-larry-finks-climate-
vision
GREENWASHING
https://www.qasl.com/post/greenwashing-the-darker-side-of-esg-in-india
3 cos booted from UN Science Based Targets Initiative

https://adanitoxicbonds.org/2023/05/01/three-adani-companies-booted-from-un-science-
based-targets-initiative/
45.Election Funding & Corruption
The Rise of Kickback Capitalism

https://www.wsj.com/articles/the-rise-of-kickback-capitalism-american-rescue-plan-
government-benefits-debt-chips-act-inflation-reduction-act-smoot-hawley-
e2a74ba8?mod=hp_opin_pos_4#cxrecs_s
Australia
Adani co. donated to Australian parties
https://www.thehindu.com/news/Adani-co.-donated-huge-sums-to-Australian-
parties/article60318472.ece
Australia - The 2019 Federal Election set the record for the most donations received.
https://publicintegrity.org.au/political-party-donation-profiles-1998-2020/
https://publicintegrity.org.au/research_papers/political-donations-the-resources-and-
energy-industry/
2020: Adani gave $200,000 to Coalition weeks after securing approvals

https://www.brisbanetimes.com.au/politics/queensland/adani-gave-200-000-to-
coalition-weeks-after-securing-approvals-20200203-p53xak.html
Media release – $91 million of election funding hidden from public view
https://publicintegrity.org.au/media-release-91-million-of-election-funding-hidden-from-
public-view-2/
https://publicintegrity.org.au/research_papers/hidden-donations-funded-the-federal-
election/
23 Aug 2021
Download – TRANSPARENCY INTERNATIONAL AUSTRALIA – LOW COMPLIANCE
https://transparency.org.au/submission-the-adequacy-and-efficacy-of-australias-anti-
money-laundering-and-counter-terrorism-financing-aml-ctf-regime/
Corruption risks and political donations- 03 Nov 2022

https://www.aph.gov.au/About_Parliament/Parliamentary_departments/Parliamentary_Lib
rary/FlagPost/2022/November/CorruptionRisksPoliticalDonations
INDIA
Financing Democracy
https://www.oecd.org/corruption-integrity/reports/financing-democracy-
9789264249455-en.html
India’s electoral bonds – legalised form of corruption

https://www.legalserviceindia.com/legal/article-1358-electoral-bonds-the-legalized-form-
of-corruption.html
Political parties and political finance

https://www.unodc.org/e4j/en/anti-corruption/module-3/key-issues/political-parties-and-
political-finance.html
FIGHTING Corruption- Political Funding: https://rm.coe.int/16806cbff2
The biggest tycoons need the sternest scrutiny

https://www.economist.com/leaders/2023/02/09/the-humbling-of-gautam-adani-is-a-test-
for-indian-capitalism
46.Right to Information – Refused
RTI – Australia
INDIA: SEBI’s refusal – covered earlier.

INDIA – RTI - REFUSED
47.The collapse of the Indian judiciary
https://thewire.in/video/watch-sc-has-succumbed-to-executive-control-since-narendra-
modi-became-pm
https://www.theweek.in/theweek/specials/2021/08/26/judiciary-failed-to-safeguard-its-
independence-owing-to-lack-of-leadership.html
https://www.barandbench.com/news/litigation/basic-structure-constitution-beyond-
amendment-retired-justice-kurian-joseph
Interference, Flawed verdicts

5th Anniversary of Supreme Court Judges’ Press Conference: What Has Changed and What
Has Not?
https://thewire.in/video/watch-sc-has-succumbed-to-executive-control-since-narendra-
modi-became-pm
https://www.livelaw.in/columns/fifth-anniversary-of-four-supreme-court-judges-press-
conference-what-has-changed-and-what-has-not-218846
July 2023 Needless accommodation: On the judiciary and the term of the ED
Ref: https://www.thehindu.com/opinion/editorial/needless-accommodation-the-hindu-
editorial-on-the-judiciary-and-the-term-of-the-enforcement-directorate-
head/article67132131.ece
 Smaller but similar case

In a SMALLER (Money value and number of financial crimes) case, a SWISS court found a
mining tycoon guilty of setting up a complex financial web to pay bribes to ensure his
company could obtain permits in Guinea's southeastern Simandou region.
https://www.reuters.com/business/swiss-court-upholds-corruption-ruling-against-mining-
magnate-steinmetz-2023-04-04/
How conglomerates corrupt the Indian media landscape

https://caravanmagazine.in/media/big-media-corrupts-journalism
One NATION, One Media!! Corporate Push

https://www.business-standard.com/article/opinion/the-corporate-push-towards-one-
nation-one-media-122120500310_1.html
SUPREME Court’s STINGING remarks

on CORRUPT & arrogant modi cronies and CORRUPT INDIAN corporates.
Supreme Court on Oligarchs & Cronies who fund bjp_rss:

1. “ ensure commercial morality" – CORRUPT state of affairs in
https://www.cnbctv18.com/aviation/supreme-court-directs-for-entire-arbitral-amount-to-
be-paid-by-spicejet-to-kalanithi-maran-17150541.htm
2. The SC observed that a "clear message needs to be sent" across, especially in
commercial matters.
https://www.barandbench.com/news/litigation/delhi-high-court-spicejet-pay-380-crores-
former-promoter-sun-group-chairman-kalanithi-maran
AJAY SINGH is a Modi CRONY – The CORRUPT ambani-modi-adani ecosystem

The court highlighted the need for conducting business activities with “commercial
morality
What will happen to the CORRUPT MONEY LAUNDERING ADANI GROUP?
CJI removed from POLL PANEL

Govt moves Bill for selection of poll panel, no CJI in committee
The Supreme Court had in March ruled that a panel of PM, LoP, and CJI will pick CEC, and
ECs, subject to law made by Parliament
https://indianexpress.com/article/political-pulse/parliament-law-ministry-committe-eci-
member-selection-8885520/
Towards Market Transparency, Financial Stability and an Equitable World
Please check and validate the above data points.
This is the LARGEST ‘state sponsored’ Corporate Fraud in the history of the world.
Jai Hind, Vande Matram

TOWARDS A BETTER WORLD
kannan subramanian r
kannansubramanianr@bankerrm.org
www.BankERRM.org www.PBORM.org
22 March 2024
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ADANI SCAM_Updt 25 Apr2024

Preprint · April 2024

Kannan Subramanian Ramakrishnan

The user has requested enhancement of the downloaded file.

The scam is a case study for:

Corrupt modi ecosystem continues to intimidate Ms Moitra

BLATANT, BRAZEN fudging continues (INPENDENT Audit??!!)

2 corrupt murky empires

PEOPLE protest in LONDON

Australia – adani refuses to pay staff

UK – People protests against corrupt SCIENCE MUSUEM

SEBI REPORT: ADANI refuses to mention ULTIMATE BENEFICIARIES

ADANI Enterprises ABSURD Valuation

ADANI ENTERPRISES - Valuation

Financial Times – SEP2023 More Evidence

The Crisis of India’s Oligarchy

ADANI-SOLANKI link exposed

HONG KONG – QUID PRO QUO

 213 stocks registered up to 1,000 percent growth

Modi’s India is moving in an illiberal direction

Le Monde (from RAFALE to ADANI’s Total Energy)

Unmasking India’s Crony Capitalist Oligarchy

modi regime’s RAID & Acquire technique

Case Studies –on integration.

Are law-enforcement agencies assisting Adani Group takeovers?

i. Acquisition of Sanghi Industries

iii. NDTV was raided then Adani bought NDTV.

Transparent lobbyists, opaque govt

Lobbying Corrupt USA

3b Systemic Corruption i.e. Institutionalised CORRUPT INDIA

7 Yrs – 263 auditors Quit mid-term

ELECTORAL BONDS – UNCONSTITUTIONAL

MODERN DAY SLAVERY in INDIA – demonetised and ‘aadhared’ people of INDIA

4.Supreme Court -Turning a BLIND EYE

NIKKEI – ADANI Misgovernance

2nd March 2023,

India’s CJI: JUSTICE D.Y. Chandrachud – quotes.

In the Case: Kalpana Mehta v. Union of India

Supreme court continues to be under pressure

The remit of the Committee shall be as follows:

Media calls the bluff of ADANI’s eco-system

Former SEBI Chief’s opinion

Top Brokerage ML investigation scuttled

mukul and corrupt media

ADANI’s “media” interest – propaganda tool

Did The Supreme Court Panel Ask The Right Questions?

JPC in INDIA’s interest

JULY 2023 INDIA’s Opposition – reiterate JPC demand

July 2023:SC allows SEBI to continue probe till Aug 14

Supreme Court Invalidates ED Director extension

SEBI – a ‘hostage’ to the corrupt rotten deep state?

How Do You Solve A Problem Like Adani?

SUPREME COURT POSTPONES HEARING

5a Money Launderer is now a ARMS DEALER

MONEY Launderer, the Arms Dealer

ADANI WILMAR – SCAM WITHIN SCAM

Politically Exposed Person: Arrogance of the corrupt nexus in India

SBI-led consortium to fund Adani Group’s ₹34,000-crore

Does GQG Rajiv Jain fund HINDUTVA?

Congress alleges TDR scam in Dharavi (259 hectares of government land)

6.Estimated Value of the Financial Crimes

Mark to Market value – minimum $60 BILLION