“We have identified 38 Mauritius shell entities controlled by Vinod Adani or close associates.”
Gautam Adani added over $100 billion in three years as his seven listed companies rose an average of 819%. Hindenburg says shells run by his brother hold much of the “public” float, and SEBI rules would delist four of those companies if anyone enforced them. Two brothers and a brother-in-law got promoted after fraud allegations. Hindenburg is short through U.S. bonds and offshore derivatives, so it gets paid if the story sticks. That makes it motivated, not wrong.