$3 Billion Adani Investments by Family Associates Revealed in OCCRP Report, Raising Transparency and Disclosure Questions

Key Points:

According to an exclusive investigative report by the OCCRP (Organised Crime and Corruption Reporting Project), two associates of Adani Group invested a much larger amount in the firm than previously disclosed. Internal banking documents accessed by OCCRP revealed that Nasser Ali Shaban Ahli, and Chang Chung-Ling held about $3 billion worth of Adani Group, through several hedge funds. 

These two investors, Nasser Ali Shaban Ahli from the UAE and Chang Chung-Ling from Taiwan, have long-reported connections to the Adani family, including roles in some affiliated companies. Previous reporting by OCCRP, and its reporting partners, the Financial Times and the Guardian, had linked them to secret stock trading, but the new documents show their involvement continued as recently as 2023.

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Hindenburg Report Puts Adani Group On Spotlight

Previously, a 106 page report published by the Hindenburg Research group, on January 24, 2023, accused the Adani Group of financial manipulations and accounting irregularities. The documents that OCCRP accessed relate to February 2023 internal inquiries of international banks, including REYL Intesa Sanpaolo, a Geneva-based banking group, and its subsidiary company in UAE (United Arab Emirates), Reyl MEA. These two banks carried out internal investigations at the behest of the Italy based Fideuram Intesa Sanpaolo Private Banking, also affiliated with the aforementioned companies.

The Hindenburg Report sent the banking world into a frenzy, in India and abroad, since Adani Group has its connections globally. After the report was released, SEBI (Securities and Exchange Board of India) sprung into action, and conducted enquiries into the firm. While investigation was ongoing in India, which later absolved Adani of any wrongdoing, investigations by Intesa Sanpaolo banking group offered several revelations about Ahli, Ling and Vinod Adani, the low profile older brother of Gautam Adani.

Nasser Ali Shaban Ahli held $2.02 billion through his BVI (British Virgin Islands) based company, Gulf Asia Trade & Investment Ltd., and Chang Chung-Ling held $1.02 billion through his BVI-based company, Lingo Investment Ltd., with almost all the money invested in hedge funds that were likely invested in Adani Group companies. Vinod Adani held $6.5 million through his UAE-registered company, Kommerce Trade & Services, mostly invested in a pharmaceutical company, along with some small loan-related transactions between his company and Chang’s.

After this, Intesa Sanpaolo’s Chief Audit Officer and anti-financial-crime team asked Ahli and Chang to attend a meeting to explain their investments and respond to the Hindenburg Research allegations. In a February 2023 meeting with Reyl MEA’s CEO and a board member, both men confirmed the accounts were theirs, said they invested in Adani stock because of personal and business relationships with the family, denied any wrongdoing, and promised to diversify their holdings soon. The bank then blocked transactions on their accounts unless specifically approved by an anti-money laundering officer.

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The OCCRP investigation highlights the scale and complexity of offshore investments linked to close associates of the Adani family, revealing that billions of dollars were routed through hedge funds at a time of intense global scrutiny. While the investors denied any wrongdoing and Indian regulators later absolved the Adani Group, the internal banking inquiries by Intesa Sanpaolo and its subsidiaries raise fresh questions about transparency, disclosure, and the role of international financial institutions in monitoring politically and commercially sensitive investments.

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