In a major development following the 2023 Hindenburg saga, the Organized Crime and Corruption Reporting Project (OCCRP) has released a new investigation on February 15, 2026, alleging that the Adani Group utilized a network of offshore entities to facilitate $3 billion in “secret” investments into its own shares between 2014 and 2024.
The report, which relies on leaked internal emails, bank records, and secret offshore filings, claims to have uncovered a more expansive and complex web of “stock parking” than previously known.
Key Allegations: The $3 Billion Offshore Web
The OCCRP investigation focuses on the use of “opaque” investment vehicles based in Mauritius and the UAE to circumvent Indian regulatory limits on promoter shareholding.
| Feature | OCCRP Allegation Details (Feb 2026) |
| Total Value | $3 Billion in cumulative investments over a decade. |
| Primary Mechanism | Routing funds through the Emerging India Focus Fund (EIFF) and EM Resurgent Fund (EMRF). |
| Key Individuals | Alleges that Vinod Adani (Gautam Adani’s elder brother) acted as the ultimate beneficiary of these funds. |
| The “Secret” Loop | Claims that money was siphoned out via over-invoiced coal and power equipment and then reinvested into Adani stocks. |
| Regulatory Breach | Asserts that real promoter holding in some companies exceeded 85%, far above the 75% legal limit. |
Adani Group’s Defiant Rebuttal
The Adani Group issued a formal media statement on February 16, 2026, categorically rejecting the report.
- “Recycled Allegations”: The Group described the report as a “malicious recycling” of the Hindenburg claims and noted that the cases mentioned (regarding over-invoicing) were already closed by the Supreme Court of India in 2023.
- Timing Questioned: The Group pointed out that the report appeared just days before a major scheduled hearing in the SEBI vs. Adani case, calling it an attempt to “mislead the judiciary and create artificial market volatility.”
- “Soros-Backed Interests”: Reasserting a familiar defense, the Group claimed the OCCRP is funded by interests (including George Soros) that are “openly hostile” to Indian corporate growth.
Market and Regulatory Impact
Despite the strong rebuttal, the report caused a mid-day wobble in the Indian markets:
- Stock Reaction: Adani Enterprises fell by 4.2% in early trade on February 17, while Adani Green Energy dipped 5.1% before a partial recovery.
- SEBI Action: The Securities and Exchange Board of India (SEBI) has reportedly approached OCCRP for the specific bank records and emails cited in the 2026 report to determine if “new material facts” exist beyond the 2023 probe.
- Political Fallout: Opposition leaders have renewed calls for a Joint Parliamentary Committee (JPC), arguing that the $3 billion figure suggests a scale of money laundering that requires high-level investigation.
“Our investigation proves that the ‘public’ holding in these companies was effectively a mirage. The money wasn’t coming from global investors; it was coming from the group’s own hidden coffers.” — OCCRP Lead Investigator.
