Criminal Investigation Agency Clears Adani Group and High-Ranking Employees during Probe by Short-Seller Hindenburg Research
The Securities and Exchange Board of India (SEBI) has given a clean chit to the Adani Group and its top executives, including Gautam Adani, Rajesh Adani, and CFO Jugeshinder Singh, in a case involving allegations levelled by US-based Hindenburg Research.
In a landmark order published on September 18, 2025, SEBI found no evidence of deliberate concealment or fraud regarding the three executives. The order also stated that the regulator had erred in applying retrospective concepts from amended regulations to the investigation period, which is not legally permissible.
The investigation spanned across financial years 2012-13 to 2020-21 in the Adicorp Enterprises matter and FY18-19 to FY22-23 in the Milestone Tradelinks-Rehvar Infrastructure matter. SEBI found that the loans from Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure to Adani Power and Adani Enterprises were repaid with interest, and no funds were siphoned off.
The Adani Group, which includes Adani Ports, Adani Enterprises, and Adani Power, faced a significant loss in market value after Hindenburg's allegations in early 2023. However, with SEBI's findings, the group has now been cleared of all wrongdoing, closing one of the most high-profile regulatory cases facing the Adani Group.
Gautam Adani, Founder and Chairman of Adani Group, expressed his sympathy for investors who lost money due to the Hindenburg report, which he deemed fraudulent and motivated. He stated that SEBI has reaffirmed that the Hindenburg claims were baseless.
Kamlesh C. Varshney, SEBI whole-time member, stated that the allegations against the Adani Group are not established. An expert committee called for a need for stronger disclosure norms, though it reported no regulatory failure.
The head of SEBI who cleared the Adani Group and its top executives of the charges levied by Hindenburg Research is Madhabi Puri Buch. This case is one of the most high-profile regulatory cases facing the Adani Group. The widened definition covering indirect transactions came into effect only from April 1, 2022.
Gautam Adani further stated that the order reaffirmed the group's commitment to transparency, integrity, and adherence to the highest standards of corporate governance. He also expressed his gratitude to SEBI for conducting a thorough investigation and arriving at a fair and just conclusion.
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