On February 17, 2026, a joint investigation by the Financial Times and the Organised Crime and Corruption Reporting Project (OCCRP) revealed that Intesa Sanpaolo, Italy’s largest bank, conducted an internal probe into two long-time associates of the Adani family.
The investigation centered on accounts held at Reyl Finance (MEA) Ltd, a Dubai-based subsidiary of the Swiss bank Reyl & Cie, which Intesa Sanpaolo acquired in 2020. The bank reportedly flagged “suspicious activity” and restricted the accounts of these associates shortly after the 2023 Hindenburg Research report was released.
The $3 Billion Offshore Trail
The internal bank memo, dated early 2023 but made public this week, identified massive holdings by two key individuals: Chang Chung-Ling (a Taiwanese businessman) and Nasser Ali Shaban Ahli (from the UAE).
| Associated Individual | Nationality | Reported Holdings (2023) | Role/Connection |
| Chang Chung-Ling | Taiwanese | $1 Billion | Identified as a “frontman” or business associate of Vinod Adani. |
| Nasser Ali Shaban Ahli | UAE | $2 Billion | Long-time associate linked to previous Adani trading investigations. |
| Total Holdings | — | $3 Billion | Invested in hedge funds with assets “likely” in Adani stocks. |
Key Findings of the Intesa Probe
The bank’s internal compliance department initiated the review after discovering that three major clients were introduced by the same “business introducer”: Vinod Adani, the elder brother of Gautam Adani.
- Suspicious Activity Reports (SARs): Despite both Chang and Ahli signing statements denying the Hindenburg allegations and claiming their wealth came from “professional activity,” the bank still filed suspicious activity reports and restricted their accounts.
- Concentrated Positions: The memo noted that the two men held “a very significant amount of shares” in the same hedge funds, mirroring the “stock parking” structure alleged by short-sellers and investigative journalists.
- Direct Interaction: Compliance records reportedly showed that Chang’s accounts interacted directly with those of Vinod Adani, though the bank described those specific transaction amounts as “not particularly significant.”
Adani Group and Regulatory Response
The Adani Group has consistently and “emphatically” denied any wrongdoing, describing such reports as attempts to destabilize the Indian market.
- SEBI’s Position: The Securities and Exchange Board of India (SEBI) previously informed the Supreme Court that it could not establish the “ultimate economic interest” of 13 suspected offshore entities due to their tax-haven jurisdictions.
- Political Fallout: Indian opposition leaders, including Jairam Ramesh (Congress), cited the new Intesa Sanpaolo documents on February 17 to renew their demands for a Joint Parliamentary Committee (JPC) probe into the conglomerate’s offshore funding.
“The findings support the contention that associates covertly held Adani stock, potentially contravening regulatory safeguards designed to prevent insiders from manipulating market prices.” — Internal Intesa Sanpaolo Memo.
