The Dubai angle to the Adani fiasco

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Editor's note: In the storm that the Hindenburg Research report unleashed, two fundamental questions have defied an answer: One, is the Adani group involved in circular trading of its own stock through dummy companies? Two, what’s group chairman Gautam Adani’s brother Vinod got to do with it? An investigation by the Indian government would help, but it won’t start one just yet as it says that it has no proof of wrongdoing; the finance minister says that banks aren’t threatened by the loans advanced to the group. Now the Adanis have spent over $11 billion in the last six months on just acquiring two cement companies and redeeming a pledge last week. That’s a seriously large amount of money. Except for the $2 billion that the family received from France’s TotalEnergies when it picked up a 20% stake in Adani Green Energy in January 2021, the source of the rest of the funds isn’t very clear. In documents filed with SEBI, the Adanis only said that a Mauritius-registered company was making the open offer to buy shares of ACC and Ambuja Cements …