Adani Group

Hindenburg Research published a report on the Adani Group on 24 January 2023 alleging stock manipulation, accounting fraud and undisclosed related party transactions^S1. On 18 September 2025 SEBI issued two final orders finding that allegations about funds routed through Milestone Tradelinks, Rehvar Infrastructure and Adicorp Enterprises were not established^S2^S3. In November 2024 the SEC filed civil charges in the Eastern District of New York alleging a bribery scheme, and parallel criminal charges were unsealed^S4. In May 2026 two executives consented to SEC judgments without admitting or denying the allegations^S7. The DOJ moved to dismiss the criminal charges^S6, and the court dismissed the counts against them in August 2026, per PTI^S8. No court ruled on the merits.

Also known as: Adani Enterprises Limited, Adani Green Energy Limited, Adani Ports and Special Economic Zone Limited, Adani Power Limited
Headquarters: India
Records from: India, United States
Current status: The group's listed companies continue to trade in India. In the United States the DOJ moved on 18 May 2026 to dismiss the criminal charges against two group executives with prejudice^S6, and a federal judge granted the dismissal of those counts on 10 August 2026, per PTI^S8. Proposed consent judgments in the SEC civil case were filed on 14 May 2026^S7.

Scope. This record covers the Indian conglomerate and its listed companies. It does not cover Azure Power, whose executives were charged in a separate SEC action, or the Supreme Court of India proceedings, whose January 2024 judgment was not read for this review.

Claims assessed

4 claims. Scores grade the evidence for each claim, not the organization.

Unresolved46
The January 2023 Hindenburg report said the Adani Group had engaged in a brazen stock manipulation and accounting fraud scheme over decades.
Short-seller report, 24 January 20232 records citedMarket conduct
Contradicted77
The Hindenburg report said it identified numerous undisclosed related party transactions by listed and private Adani companies.
Short-seller report, 24 January 20233 records citedDisclosure
Partly supported73
The Adani Group chairman said in September 2025 that SEBI had reaffirmed the Hindenburg claims were baseless.
Press report, 18 September 20252 records citedDisclosure
Unresolved70
The SEC alleged in November 2024 that Gautam Adani and Sagar Adani were involved in paying or promising bribes to Indian officials and that Adani Green's 2021 offering documents misled investors.
Regulator statement, 20 November 20243 records citedBribery

Cases and proceedings

In the matter of Hindenburg allegations against Adani Group. Noticees include Adani Ports and Special Economic Zone, Adani Power, Adani Enterprises, Milestone Tradelinks and Rehvar InfrastructureSecurities and Exchange Board of India. Regulatory. WTM/KV/CFID/CFID-SEC1/31672/2025-26 (a companion order on Adicorp Enterprises is WTM/KV/CFID/CFID-TPD/31671/2025-26).Stage: Final order issued
- 18 September 2025 Allegations not established, proceedings disposed of without directions^S2^S3
Securities and Exchange Commission v. Gautam Adani and Sagar AdaniU.S. District Court for the Eastern District of New York. Civil. 24-cv-08080 (NGG) (JRC).Stage: Proposed consent final judgments filed 14 May 2026, without admitting or denying. Entry not verified in records read
- 30 January 2026 Defendants' lawyers agree to accept service, per Reuters^S5
- 14 May 2026 Proposed final judgments with consents filed, including a US$6 million civil penalty for Gautam Adani^S7
United States v. Gautam Adani and othersU.S. District Court for the Eastern District of New York. Criminal. 24-CR-433 (NGG).Stage: Counts against Gautam Adani, Sagar Adani and Vneet Jaain dismissed with prejudice on the DOJ's motion on 10 August 2026, per PTI. Counts against non-appearing co-defendants reserved
- 18 May 2026 DOJ moves to dismiss with prejudice^S6
- 10 August 2026 Judge Nicholas Garaufis grants dismissal of Counts Two, Three and Four with prejudice, per PTI^S8

Responses on record

Adani Group chairman, 18 September 2025, on The Adani Group chairman said in September 2025 that SEBI had reaffirmed the Hindenburg cl...
He said those who spread false narratives owe the nation an apology.^S3
Lawyers for Gautam Adani and Sagar Adani, 30 January 2026, on The SEC alleged in November 2024 that Gautam Adani and Sagar Adani were involved in paying...
Both lawyers declined to comment to Reuters.^S5
Adani Green Energy Limited, 18 May 2026, on The SEC alleged in November 2024 that Gautam Adani and Sagar Adani were involved in paying...
The company said it is not a party to the criminal case and no charges were brought against it.^S6

Revision history

25 October 2026 Profile and 4 assessments first published. Records checked to 25 October 2026.

Source records

S2Tier A Intimation of SEBI final order in the matter of Hindenburg Allegations against Adani GroupAdani Enterprises Limited (filing of SEBI final order). Regulator order. 19 September 2025.SEBI order of 18 September 2025 as filed by the company, signed by Whole Time Member Kamlesh Chandra Varshney. Covers the Milestone and Rehvar routing allegation only.Link working, checked 25 October 2026
S3Tier C SEBI clears Adani Group in allegation linked to Hindenburg reportScroll. Press report. 18 September 2025.Staff report on two SEBI orders and the chairman's reaction, corroborated by the filed SEBI order. Does not report on other inquiries.Link working, checked 25 October 2026
S5Tier C US SEC fraud case against Adani to proceed after procedural issue resolvedReuters, via Business Standard. Press report. 31 January 2026.Reports the service agreement and the quiet criminal docket. Does not report merits rulings.Link working, checked 25 October 2026
S7Tier A [PROPOSED] Final Judgment as to Gautam Adani, SEC v. Adani, 24-cv-08080U.S. District Court for the Eastern District of New York (copy hosted by Miller and Chevalier). Court judgment. 14 May 2026.Proposed consent judgment filed 14 May 2026 with a US$6 million penalty, without admitting or denying. It does not show the judgment was entered.Link working, checked 25 October 2026
S6Tier B Update to news clarificationAdani Green Energy Limited. Company filing. 18 May 2026.Stock exchange filing that the DOJ moved to dismiss indictment No. 24-CR-433 with prejudice and that the company is not a party. It predates the court's order.
S8Tier C US court permanently dismisses criminal case against Gautam AdaniThePrint (PTI). Press report. 11 August 2026.Press Trust of India report, no named reporter, on the 10 August 2026 order dismissing three counts with prejudice. The DOJ motion is corroborated by the company filing.Link working, checked 25 October 2026
S1Tier D Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate HistoryHindenburg Research. Short-seller report. 24 January 2023.Origin of the manipulation and related party claims. A short seller's analysis, not a finding.Link working, checked 25 October 2026
S4Tier A SEC Charges Three Senior Executives in Two Actions Alleging Massive Bribery Scheme Involving Indian Energy Companies Adani Green and Azure PowerU.S. Securities and Exchange Commission. Regulator press release. 20 November 2024.States the SEC allegations and the court. These are allegations, not findings.