Adani's Offshore Puzzle: Mauritius Funds Under SEBI & Tax Scanner

India’s market regulator SEBI has paused settlement pleas from Adani Group and Mauritius-based investors over allegations of improper shareholding disclosures by three offshore funds. This follows a decade-long tax probe into Mavi Investment Fund (now APMS) and Lotus Global Investment, which invested heavily in Adani firms and were flagged in the Hindenburg report.

 

Key developments:

 

OCCRP’s findings: Documents reveal $430 million Adani stock trades (2013–2018) via Mauritius funds linked to Nasser Ahli and Chang Chung-Ling, associates of Vinod Adani.

 

Tax scrutiny: Mauritius’ revenue authority shared investor data with India as early as 2012 under tax treaties.

 

Adani’s stance: Denies allegations as “recycled” and “Soros-funded conspiracies”.

 

SEBI’s delayed decision underscores regulatory challenges in tracing opaque offshore ownership layers.

 

Sources: Reuters, ET, OCCRP, Business Standard