Hindenburg 2.0: George Soros-Backed Group Planning To Expose More Indian Firms, Says Report

Several months following a critical report by a US short seller that had a significant impact on the markets, the Organised Crime and Corruption Reporting Project (OCCRP), which is a George Soros and the Rockefeller Brothers Fund backed organisation, is preparing to release a potentially revealing investigation on specific corporate entities in India, according to sources, as quoted by PTI.

OCCRP, which claims to be an investigative reporting platform formed by 24 nonprofit investigative centres, spread across Europe, Africa, Asia and Latin America, is likely to release a report or series of articles, three people in the know were quoted as saying.

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The key objective behind the forthcoming expose is said to be alleged instances of round tripping of funds from overseas jurisdictions into listed Indian companies controlled by the above-mentioned group, sources revealed.

Sources further say that the 'expose' may involve overseas funds investing in the stocks of the corporate house. However, the identity of the corporate house wasn’t revealed immediately.

Indian regulatory authorities are closely monitoring the potential repercussions of the upcoming report concerning the domestic financial markets. These markets encountered a similar situation earlier in the year when a report by the US-based short seller Hindenburg Research on the Adani Group in January led to similar circumstances.

The Hindenburg report had accused the Adani Group of stock price manipulation of its listed companies through offshore entities and undisclosed related party transactions. However, Gautam Adani, in Adani Group’s annual general meeting, denied all the allegations.

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All Adani stocks were badly affected by the US short seller accusations, which eventually prompted the market regulators to investigate the matter closely.

Founded in 2006, OCCRP publishes investigative news articles through partnerships with media houses. Its backers include the Open Society Foundations of George Soros, the Ford Foundation, Rockefeller Brothers Fund and Oak Foundation, among others.