That was quite a bit easier to digest, though. Can someone give me a more summarized version? I gave up after the ninth or tenth bullet item. Who's being defrauded and how?
Any shareholder in this fiasco who isn't a member of the family is the proverbial sucker at the table. Also, anyone who's lending money against inflated shares is going to lose everything.
Looks like Majority of the holding (72%) is by the promoters for one of the Company - Adani Enterprises Ltd. Lot of individual shareholders (Public) got greedy and started buying since last year. [1]
Also alleged are a vast array of offshore shell companies that are secretly controlled by insiders, making undisclosed transactions to wash money, shore up balance sheets, juice revenue numbers, and generally create massive financial interdependence between entities that are presented to the public as being unrelated.
OK, sure. That stuff is all questionably legal and bad for the market and they shouldn't do it.
I'm trying to find the (sigh) "Largest Con in Corporate History" promised in the headline. All I'm finding is accounting games and market cheating? I mean, these are routine crimes. In the US, the SEC prosecutes dozens of these every year (maybe it's easier to get away with it in India). Maybe there's an argument that the scale here is larger? If so the numbers aren't in the article.
These guys are amazing. My favorite is when they revealed Lordstown motors was operating on fake sales and a few one-off self immolating swap-em-up gutted oem trucks. They rekt their CEO Steve Burns who went on the news with a shiny clean and poorly fitting hard hat and vest that obviously had never been on a shop floor and he was promptly sacked.
https://hindenburgresearch.com/nikola/