Organized Crime and Corruption Reporting Project (OCCRP) has released a report on Adani Group, which states that Adani Group has invested millions of dollars in the stock exchange by secretly buying its own shares. According to the report, Nasir Ali Shaban Ahli and Chang Chung-Ling have invested in Adani shares and both have old business ties with the Adani family.
New Delhi: Adani Group’s troubles are not ending. One revelation after another is increasing the tension between the Adani Group and Gautam Adani. First American short seller Hindenburg and now non-profit media organization Organized Crime and Corruption Reporting Project (OCCRP) have dropped a new bomb on Adani Group. ACCRP has claimed in its report that Adani Group invested millions of dollars in the stock exchange by secretly buying its own shares. The names of two people have come up repeatedly in this revelation. OCCRP has said in its disclosure that two persons who bought and sold stocks worth billions of rupees of Adani Group have close relations with the family of Gautam Adani. Congress has now again created a ruckus over this report. Rahul Gandhi has also included two names in his questions.
What are the allegations?
There are allegations of manipulation in the shares of Adani Group in the report. According to the report, Nasir Ali Shaban Ahli and Chang Chung-Ling bought and sold Adani shares, both of whom have old business ties with the Adani family. Both have been directors and shareholders of companies associated with the Adani Group. Rahul Gandhi also raised questions regarding these two. Rahul Gandhi alleged that two people were involved in misappropriating Adani’s money: Nasir Ali Shaban Ahli and a Chinese businessman named Chang Chung Ling. Let’s know who are these two.
Who is Nasir Ali Shaban Ahli
Nasser Ali Shaban Ahli is a businessman from the United Arab Emirates (UAE). His name is included among those close to Gautam Adani’s brother Vinod Adani. Nasser Ali Shaaban Ahli is the director of Al Jawda Trade & Services, a UAE-based consultancy company. The company’s headquarters is located in Dubai. It is also included in the British Virgin Islands Corporate Registry. Apart from this, he also owns Gulf Arij Trading FZE. Let us tell you here that Nasir Ali’s name was not included in Hindenburg’s report. Hindenburg did not mention Nasir Ali’s name anywhere in his revelations. However, Hindenburg had also made revelations about Chinese businessman Chang Chung Ling.
Who is Chang Chung Ling ?
Hindenburg had linked Adani’s name with the name of the Chinese industrialist in his disclosure. Chinese businessman Chang Chung Ling runs Gudami International Company. According to the annual report of the company for the year 2005, he had 1,999,999 shares of the company. According to the research firm, Gudami International has been a related party of Adani Enterprises since 2002. In the year 2028, Gudami International came into the limelight in India when its strings were linked to the AgustaWestland VVIP helicopter scam. Gudami has invested about $4.5 billion in multiple funds under Monterosa Investment Holdings, which holds stakes in Adani entities. Not only this, according to the report, Chang Chung Ling has worked on a direct position in Adani firms.
what is the allegation?
OCCRP has claimed in its report that Nasir Ali and Chang Chung Ling have long-standing business relations with the Adani family. In its report, it said that both of them worked as investors and shareholders in companies linked to Gautam Adani’s elder brother Vinod Adani. Both of them have bought and sold shares of Adani’s companies for years, from which they earned huge profits. The report claims that both of them have business ties with the Adani family. He faced allegations that the management company in charge of his investments had paid the company of Gautam Adani’s elder brother Vinod Adani to advise him in his investments.
[…] Who are Nasir Ali Shaban Ahli and Chang Chung-Ling, why are they connecting with Adani? […]