The Dubai angle to the Adani fiasco

The anonymity of investments potentially routed through foreign jurisdictions continues to haunt Indian tax officials.

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 …


T Surendar

Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.

Executive Editor