In early 2023, as scrutiny mounted around India’s Adani Group, two close associates of the Adani family acknowledged to their bankers that they controlled billions of dollars in the conglomerate’s shares through hedge funds.

The admission — found in records reviewed by OCCRP, who called them “secret investments” in a new investigative piece— came soon after Hindenburg Research accused the group of inflating its stock through “brazen” manipulation that included promoters and insiders holding more of the float than was publicly disclosed. 

The allegations sparked international attention, amplified by the company’s perceived ties to Prime Minister Narendra Modi. Although Adani shares initially fell, they later rebounded. The group dismissed the claims as an “attack on India,” and India’s market regulator, SEBI, eventually cleared the company on two specific issues, while other investigative strands have not been publicly detailed.

The investors, Nasser Ali Shaban Ahli of the UAE and Taiwan’s Chang Chung-Ling, had long-standing business links to the Adani family. Previously reported holdings in the hundreds of millions now appear far larger: internal documents from Swiss bank REYL Intesa Sanpaolo show that as recently as 2023, the two held roughly $3 billion in Adani-related investments through Dubai-based accounts. In written statements to their bank, they said their positions stemmed from personal and professional trust in the family and denied Hindenburg’s allegations.

Both men have surfaced in past Indian investigations into alleged Adani misconduct — cases that were ultimately dropped. A 2007 diamond-trading probe and a 2014 over-invoicing inquiry connected them to companies tied to Vinod Adani, the chairman’s brother. Vinod was at the heart of many Hindenburg allegations, with the firm questioning his management of overseas shell companies and alleging financial improprieties relating to potential manipulation of Adani shares.

Hindenburg also identified Chang as linked to a disclosed “related party.” Earlier reporting cited evidence that their trades were coordinated with Adani-linked entities.

OCCRP writes that Swiss prosecutors are now examining Chang on suspicion he acted as a “front man” to help insiders exceed ownership limits. More than $310 million has been frozen, though no charges have been filed. Authorities confirmed an ongoing investigation into money laundering and document forgery. The Adani Group denies any role.

Abroad, U.S. prosecutors in 2024 charged founder Gautam Adani and his nephew in a bribery case the company calls “baseless,” alongside a related SEC civil action. In India, however, consequences have been limited. The Supreme Court declined to order a separate probe, noting SEBI’s progress on “twenty-two out of twenty-four” inquiries and saying its work “inspires confidence.” In 2025, SEBI ruled certain allegations “not established,” though other matters reportedly remain pending.

Bank records show Ahli held about $2 billion and Chang about $1 billion through British Virgin Islands companies, largely invested in hedge funds likely focused on Adani stocks. After meeting bank officials in February 2023, they confirmed ownership of the accounts, rejected wrongdoing, and said they would diversify “in the short term.” The bank tightened oversight of their transactions.

In an August 2024 ruling, Switzerland’s Federal Criminal Court upheld the freeze on Chang’s funds, stating investigators must be allowed time to proceed and observing that the appellant had not provided documentation sufficient “to dispel the doubts legitimately raised.”

Ahli and Chang declined to comment. The bank cited legal restrictions on disclosure.

Meanwhile, days ago, it was announced that the reporter on the byline to this new story had been sentenced to a year for “defamning” Adani Group on X:

On February 10, a magistrate court in the western state of Gujarat convicted Nair and sentenced him to jail and a fine of 5,000 rupees (US$55) for his posts between October 2020 and July 2021 on the X platform and articles on the Australian nonprofit Adani Watch investigative site, according to a copy of the judgment, reviewed by CPJ.

Nair frequently uses social media to comment on the Adani Group, owned by billionaire Gautam Adani. The conglomerate has come under sustained scrutiny over allegations of financial irregularities, which it has denied.

Nair’s posts cited or linked to reports by established publications, including The Times of India and Bloomberg, sometimes accompanied by commentary questioning Indian government policies and the Adani Group’s environmental compliance and alleged monopolistic practices.

The case against Nair was initiated by Adani Enterprises Limited, the group’s flagship firm.

On February 10, the court concluded that the journalist’s comments and publications were defamatory and made with knowledge of their likely impact on the company’s reputation.

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