A spate of recent media revelations has further illuminated the close links between the Adani Group and a shadowy network of Adani confidantes allegedly engaging in round-tripping, money laundering and brazen violations of SEBI laws. Two names have stood out in these revelations —Chang Chung-Ling and Nasser Ali Shaban Ahli:
(1) Chang and Ahli have been identified as the middlemen who allegedly siphoned out around Rs 12,000 crore by over-invoicing coal imports from Indonesia to India done by Adani, which contributed to inflated electricity prices in India;
(2) Chang and Ahli have also been shown to be the beneficial owners of offshore shell companies that amassed huge benami stakes in four Adani Group companies, in complete violation of SEBI regulations that are aimed at preventing share price manipulation.
Now the stench of illegality has become stronger in yet another set of financial transactions. There is evidence Chang, Ahli and their associates control engineering procurement and construction (EPC) firms that have received the bulk of construction contracts from Adani.
The illegality arises from the inability of the prominent audit firm Deloitte Haskins and Sells to certify that one EPC firm, Howe Engineering Projects, is not related to Adani. This is a very serious admission by the auditor. Deloitte’s inability to certify that Howe and another EPC firm PMC Projects are not related to Adani reportedly contributed to its resignation in August 2023 as the auditor of Adani Ports and Special Economic Zone (APSEZ).
A @MorningContext investigation published this morning shows overwhelming evidence linking Howe and Adani, despite repeated denials by the latter. A complex ownership structure extending to Mauritius connects Howe to Vinod Adani and to Chang Chien-Ting, Chang Chung-Ling’s son. Howe has operated out of Adani’s premises in Ahmedabad and had common directors from 2008. The websites of affiliated firms and social media profiles of employees provide additional evidence of the close links between Howe and Adani. In fact, Howe and PMC Projects have common ownership, suggesting that much of APSEZ’s construction work is being carried out by related parties.
Given this trail and the seeming deceptions, financial experts have opined that the PM’s close friends may be guilty of “fraud” and that misrepresenting the nature of the relationship is a “grave governance issue” that should concern all Adani shareholders.
The biggest mystery in corporate India has to be how Adani has escaped prosecution by various arms of the government despite a deluge of information about its corrupt and illegal activities from top to bottom. Quite clearly the PM has no interest in investigating his close friend and benefactor. With the PM unable or unwilling, the answer has to be a JPC.
ரெண்டு ஆடு தான் மேய்ப்பதாக சொல்லி ஊரை ஏமாத்தும் ஆட்டுக்குட்டி அண்ணாமலையின் வீடு இது தான்!
இந்த வீட்டோட மதிப்பு 25 கோடியாம்! இந்த 25 கோடி ரூபாய் மதிப்பிலான வீட்டினை பினாமி பெயரில் வாங்கிட்டு அதே பினாமிக்கு அக்கவுண்ட் மூலமாக 3 லட்சமும், ரொக்கமாக 3 லட்சமும் வாடகையாக குடுக்குறாராம் ஆட்டுக்குட்டி அண்ணாமலை.. என்ன ஒரு பித்தலாட்டம் பாருங்க.. மாத சம்பளம் வாங்கும் அதி��ாரி ஒருவருக்கு 25 கோடியில் வீடும், அதற்கு 6 லட்சம் ரூபாய் வாடகையும் குடுக்க முடிந்தது எப்படி?
These grand celebrations at the BJP office are happening at a time when our brave soldiers have laid down their lives for the country fighting terrorists in J&K.
This is the real face of self proclaimed Nationalists 👇. #Anantnag
This is BJP #GujaratModel
This is God's angry
There is no development no proper rain drainage facility in 27Years BJP Ruling Gujarat
BJP is cancer for nation
5 days ago #modiji inaugurated Veer Savarkar International Airport ceiling drops. #andaman on 18th July and this is the condition of the airport today.
Wish emphasis ws on better quality & resilient infra rather than the ribbon cutting PR gimmicks.
#BJP#bjp4india#GujaratModel