Six of eight funds used to invest in Adani Group stocks now closed: Report
Six of the eight public funds alleged to have been used by people with ties to the Adani Group to buy shares of the conglomerate’s listed companies have been shut, Mint reported on Wednesday citing regulatory filings. These funds were based in Bermuda and Mauritius.
The report added that the closure of these funds posed a challenge for the Securities and Exchange Board of India (Sebi) to reach the ultimate beneficiaries of these vehicles.
In a recent report, the Organized Crime and Corruption Reporting Project (OCCRP), a global network of investigative journalists, reported that people with ties to the Adani family used these funds to hold significant stakes in group entities, possibly violating the country’s law on maximum ownership.
