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 …