Hindenburg Research

Hindenburg Research, is a financial analysis firm, published a report on January 24, 2023, which presented findings from a two year investigation into the Adani Group. The report alleged that the Adani Group was involved in stock manipulation and accounting fraud over several decades. The report also highlighted concerns regarding the Adani Group’s debt levels and transactions with offshore entities linked to the family members of Gautam Adani, founder and chairman of the group. Hindenburg Research has been involved in several notable investigations, including reports on companies like Nikola Corporation and Clover Health. Their approach involves thorough investigations into target companies, examining public records, internal documents and interviews with employees.

In April 2023, BOOM came across a claim made by Congress and Adani Watch, that Gautam Adani's associate Chang Chung Ling is a Chinese national.

We found that the article by Adani Watch highlights the connection between the Adani Group and a Mauritius-based company called PMC Projects, whose owner happens to be Chang's son, Chang Chien-Ting. The excerpt from part of a document on the beneficiary details of PMC Projects provides an address in Taoyuan city in Taiwan for Chang's son, and states that he is a national of 'Republic of China', which refers to the official name of Taiwan. Chang is indeed a Taiwanese national and given the dispute between Taiwan and PRC, the claim that Adani has dealings with Chang as a Chinese national is false.

In February 2023, BOOM debunked another misleading news related to the Adani-Hindenburg row.

We found that the claim was false and the photo shows customers queuing up outside a Bank of Baroda branch in Al Ain, Abu Dhabi, and is not related to the Adani-Hindenburg row or Bank of Baroda's CEO's remarks about lending to the Adani group.