Hindenburg Research to shut down: Timeline of Nathan Anderson’s explosive allegations on Adani Group

Nate Anderson, the founder of Hindenburg Research, announced plans to shut down the US-based investment research firm, which gained attention for its short-selling activities and reports that led to the loss of billions of dollars for Indian billionaire Gautam Adani-led Adani Group.

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Here's the timeline of his reports on Adani

January 2023: The US-based short seller Hindenburg Research released its original report on January 24, 2023, against the Adani Group, titled ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History’. The report alleged that the conglomerate was “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”. Hindenburg also accused the Adani family members of creating offshore shell companies in tax havens such as Mauritius, the UAE, and the Caribbean Islands, using forged import-export documentation to show fake revenue, and laundering money from their listed public companies, per the report. However, the conglomerate denied all the allegations.

August 2024: The second round of Hindenburg allegations came on August 10 2024 against the Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch. The report claimed that Buch has a conflict of interest. It claimed that the market regulator had been “reluctant” to act on its January 2023 Adani report due to alleged investments of SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, in offshore funds connected to the Adani Group.

Hindenburg alleged that Madhabi Puri Buch and Dhaval Buch had invested in IPE Plus Fund 1, a Mauritius-registered fund, and Global Dynamic Opportunities Fund, a Bermuda-based fund. The company controlled by Vinod Adani, the elder brother of Gautam Adani, had invested in the Global Dynamic Opportunities Fund, which then invested in IPE Plus Fund 1, whose founder and chief investment officer was Anil Ahuja, who had served as a director of Adani Enterprises. Madhabi Puri Buch and Dhaval Buch denied all the allegations the US-based short seller made.

September 2024: On September 12, Hindenburg Research charged in a social media post that Swiss authorities have frozen more than $310 million in funds across several Swiss Bank accounts linked to the money laundering and securities investigation of Adani Group.

“Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021,” the US-based short seller posted on X. In its post, Hindenburg cited a Swiss media outlet, Gotham City, claiming that an order from the Federal Criminal Court (FCC) revealed that the Geneva Public Prosecutor's office was investigating the alleged wrongdoing of the Adani Group conglomerate “well before activist investors from Hindenburg Research made its first accusations.”