“Truth Prevailed”: Gautam Adani On Supreme Court Relief Over OCCRP Report

In a significant development for the Adani Group, the Supreme Court delivered a substantial relief on Wednesday, stating that the report from the Organized Crime and Corruption Reporting Project (OCCRP) cannot be the foundation for casting doubt on the Securities and Exchange Board of India’s (SEBI) investigation into the Hindenburg case.

In response to the Supreme Court’s decision, Adani Group chairman Gautam Adani expressed gratitude, stating, “The Hon’ble Supreme Court’s judgment shows that truth has prevailed – Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India’s growth story will continue. Jai Hind.”

The Supreme Court has also held that there is no ground to transfer the Adani Hindenberg case probe from the SEBI to a Special Investigation Team (SIT).

In August last year, exclusive documents obtained by OCCRP, a global network of investigative journalists, showed how hundreds of millions of dollars were invested in publicly traded Adani stock through opaque investment funds based in the island nation of Mauritius. According to Project, the documents they have investigated include files from multiple tax havens, bank records, and internal Adani Group emails, and shed light on “some foreign owners of publicly listed Adani Group stock are, in fact, fronts for its majority owners.”

These documents, according to the journalists’ group, have been corroborated by people with direct knowledge of the Adani Group’s business and public records from multiple countries.

However, the Adani Group, a massive conglomerate with interests in everything from airports to television stations in India and outside the country, categorically rejected the claims by the OCCRP then and called them “recycled allegations”.