Hindenburg Report: On Wednesday, Telangana Minister KT Rama Rao(KTR) dared the Enforcement Directorate, Income Tax Department, CBI, and SEBI to investigate businessman Gautam Adani following the Hindenburg research report’s accusations of fraud and share market manipulation against him.
Referring to a Hindenburg report that claims the Adani Group has been involved in a flagrant stock manipulation and accounting fraud scheme for decades, the Minister also stated that mainstream national media would not cover or discuss this and that even social media platforms would be pressured by the government to delete the report by the New York-based financial research firm.
‘’ED, CBI, IT & SEBI; Hain Dum probe Karne Ka?? I am sure NO mainstream National media will report/discuss this & even Social Media platforms will be coerced by NPA Govt into removing the report”, KTR wrote on Twitter.
On Wednesday, Hindenburg Research exposed through a series of tweets, what they alleged to be the results of a two-year long investigation, showing proof that the Adani Group, valued at $218 billion, had been involved in financial misconduct. According to the research, Adani had accumulated a net worth of approximately $120 billion by adding over $100 billion in the last three years, mainly through the increase in stock prices of the group’s seven crucial listed companies, which had risen by an average of 819 percent during that time period.
According to Hindenburg, the research was conducted by speaking with numerous individuals, including former high-ranking executives of the Adani Group, examining thousands of documents and carrying out investigations visits in nearly half a dozen countries.