Struggling Billionaire Gautam Adani Scores Crucial Victory

Billionaire Gautam Adani can catch his breath. 

For the past week his conglomerate has been rocked by allegations of fraud that threaten its expansion. 

These accusations are made by the New York investment firm Hindenburg Research, which shorted stocks of the Adani conglomerate through U.S.-traded bonds and non-Indian-traded derivative instruments. This means that Hindenburg Research, a well-known short-seller, is betting on a short-term drop in the prices of these equities.

The short-seller claims that the conglomerate has used shell companies in tax havens to boost its revenue and manipulate the stock prices of its various entities. The report describes a galaxy of shell entities based in the Caribbean, Mauritius and the United Arab Emirates controlled by the Adani family.

Source: https://www.thestreet.com/technology/struggling-billionaire-gautam-adani-scores-crucial-victory?puc=yahoo&cm_ven=YAHOO&yptr=yahoo