NEW DELHI: Hindenburg Research, the U.S.-based short-selling firm known for exposing financial misconduct in major corporations, including India’s Adani Group, has announced its closure. Founder Nate Anderson attributed this decision to personal reasons, highlighting the challenges of maintaining such high-stakes investigative work.
The Indian National Congress reacted sharply to the news, insisting that the closure does not absolve the Adani Group of serious allegations raised in the past. Congress General Secretary Jairam Ramesh emphasized, “The closure of Hindenburg Research does not, in any way, mean a clean chit for ‘Modani’.”
Jairam Ramesh tweets on X
Our statement on the closure of the Hindenburg Research Group, which, in NO way, means a clean chit to the Modani enterprise pic.twitter.com/KZ6wlqk2qj
— Jairam Ramesh (@Jairam_Ramesh) January 16, 2025
Hindenburg Research gained global attention in January 2023 after publishing a report accusing the Adani Group of stock manipulation and accounting fraud. The allegations triggered significant market instability and led to the formation of an expert committee by the Supreme Court of India to probe the claims.
Despite Hindenburg’s closure, Congress continues to demand a comprehensive investigation into the Adani Group’s activities. Ramesh pointed out that the issue goes beyond the Hindenburg report, alleging misuse of India’s foreign policy for personal gain and monopolistic practices in key sectors such as airports, ports, defense, and cement. He stated, “This matter involves the misuse of India’s foreign policy at the cost of national interests to enrich the Prime Minister’s close friends.”
Also Read: “Hindenburg Research Disbands After Eight Years of Market Influence”
Criticism has also been directed at regulatory bodies like the Securities and Exchange Board of India (SEBI) for their delayed action. Congress highlighted that SEBI’s investigation, originally expected to conclude within two months under the Supreme Court’s directive, has now extended to nearly two years without significant progress.
International scrutiny of the Adani Group continues, with allegations of unethical practices such as bribery, money laundering, and embezzlement emerging from multiple agencies worldwide. These developments have amplified the demand for greater transparency and accountability.
The Congress party reiterated its call for a Joint Parliamentary Committee (JPC) to thoroughly examine the matter. Ramesh stated, “Without a JPC, the Indian state’s institutions, which are now fully captured, will only work to protect powerful individuals, leaving the poor and middle class of India to fend for themselves.”
As Hindenburg Research winds down operations, founder Nate Anderson has announced plans to open-source the firm’s investigative methods to encourage others to uncover financial fraud. This initiative is expected to provide valuable insights for future whistleblowers.
Source: Web Team, C6N
