🇮🇳 India's first community scam intelligence platform — search before you trust⚡ UPI Fraud? File a report in 60 seconds and protect others📞 Cybercrime Helpline 1930 — free, 24×7, available across all states🛡️ Your report is anonymous — speak up, keep India safe🏛️ Know your rights — explore Citizen Ethics from birth to death🔍 86,420 cybercrime cases were registered in India in 2023 (NCRB)🇮🇳 India's cybercrime cases are nearly 9× higher than in 2014 (NCRB)🇮🇳 3,82,632 cybercrime cases registered in India from 2014 to 2023 (NCRB, via MHA)📞 ₹7,130 crore+ saved in 23.02 lakh+ cyber-fraud complaints through India's helpline system (I4C, MHA)🇮🇳 India's first community scam intelligence platform — search before you trust⚡ UPI Fraud? File a report in 60 seconds and protect others📞 Cybercrime Helpline 1930 — free, 24×7, available across all states🛡️ Your report is anonymous — speak up, keep India safe🏛️ Know your rights — explore Citizen Ethics from birth to death🔍 86,420 cybercrime cases were registered in India in 2023 (NCRB)🇮🇳 India's cybercrime cases are nearly 9× higher than in 2014 (NCRB)🇮🇳 3,82,632 cybercrime cases registered in India from 2014 to 2023 (NCRB, via MHA)📞 ₹7,130 crore+ saved in 23.02 lakh+ cyber-fraud complaints through India's helpline system (I4C, MHA)

Report Scams

For a Better India

Updating protected services for a safer Bharat. Jai Hind.

Adani Group SEBI Probe | Report Scams

← Back to live cases

courtStock Market ManipulationMumbai / National

Adani Group SEBI Probe

The Securities and Exchange Board of India (SEBI) initiated an extensive investigation into the Adani Group following allegations made by a financial analysis firm, Hindenburg Research, in January 2023. The firm accused the conglomerate of stock manipulation and accounting fraud, which led to significant volatility and a sharp selloff in shares associated with the Adani Group. The Adani Group consistently denied any wrongdoing, stating that the claims were unfounded and designed to profit from stock manipulation.

State

Maharashtra

First reported

January 2023

Last activity

2025

Agency involved

Securities and Exchange Board of India (SEBI) and Securities Appellate Tribunal (SAT)

Entities accused/investigated

Adani Group, Albula Investment Fund, LTS Investment Fund, Cresta Fund, Asia Investment Corporation Mauritius, APMS Investment Fund

Allegations

Stock manipulation, accounting fraud, and violations of disclosure norms and investment limits

Status

One report notes a concluded SEBI probe and settlement, while another reports an active legal challenge by five offshore funds before the SAT

The full story

Everything you need to know about this case, in one place.

As part of its probe, SEBI examined the operations, financial statements, and market regulation compliance of various Adani Group entities. The regulator also issued show-cause notices to several offshore funds named in the report regarding alleged violations of disclosure requirements and investment limits. SEBI alleged that certain offshore funds may have failed to aggregate disclosures at the offshore fund group level rather than just on an individual fund basis.

While one report stated that SEBI finalized its proceedings and reached a settlement aimed at ensuring transparency and protecting investors, another report noted a new development involving five offshore funds. These funds—Albula Investment Fund, LTS Investment Fund, Cresta Fund, Asia Investment Corporation Mauritius, and APMS Investment Fund—approached the Securities Appellate Tribunal (SAT) to challenge the adjudication proceedings initiated against them by SEBI.

Not yet reported: The articles do not mention any specific monetary amounts involved in the alleged infractions or the final legal outcome of the tribunal hearings.

Where the case stands

The latest position in the reports we read.

The situation involves conflicting reports, with one stating SEBI has finalised proceedings and reached a settlement, while another indicates that five offshore funds have approached the Securities Appellate Tribunal to challenge SEBI's adjudication process.

Who was affected

Described in general terms; we do not name victims.

Investors in Indian stock markets who experienced significant volatility in shares associated with the Adani Group following the initial allegations.

Timeline

Key dates as reported, oldest first.

January 2023A financial analysis firm published a report accusing the Adani Group of stock manipulation and accounting fraud.

Last year (prior to latest reports)SEBI issued show-cause notices to several offshore funds regarding alleged violations of disclosure requirements and investment limits.

How the scam worked

The method described in the reports.

A US-based short seller published a report accusing a major conglomerate of stock manipulation and accounting irregularities.
Regulators launched an investigation into the operations and financial statements of group entities and offshore funds.
The regulatory body issued show-cause notices to offshore funds regarding alleged violations of investment limits and disclosure norms.
Regulators alleged that investments were disclosed individually by funds rather than aggregated at the offshore fund group level.
Offshore funds challenged the regulatory proceedings before an appellate tribunal, citing a lack of communicated rationale for advancing to adjudication.

Targeted by something similar?

Call 1930 (free, 24x7) straight away, then file at cybercrime.gov.in. Money reported in the first hours is far easier to freeze.

Report it on Report Scams Emergency guide How these scams work

Keep reading

More cases like this one.

P-Notes Market Manipulation ProbeStock Market Manipulation · Maharashtra Pune Fake Share Trading SchemeStock Market Manipulation · Maharashtra 🚨 #MCDECODED | WhatsApp chats. Flight bookings. Food orders. Hotel stays. 📱✈️🍔 How did SEBI use a digital trail, not just trading data - to crack an alleged ₹144 crore pump-and-dump scam involving 226 entities across five stocks? In this video, Zoya SpriStock Market Manipulation · Multiple States SEBI bans 221 entities in Rs 144 crore pump-and-dump scam, bars mastermind Hanif Shekh for 7 yearsStock Market Manipulation · Multiple States

Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

indianewsnetwork.comOriginal report livemint.comOriginal report Primary source / searchen.wikipedia.org Securities Regulator Concludes Hindenburg Probe on Adani Group - India News NetworkIndia News Network · 23 Sept 2026

Prepared by Report Scams, with the help of AI, from the published reports listed above. Check those reports for the latest. Cases here describe allegations. An FIR, arrest or charge is not a finding of guilt. To report a mistake, or to ask for a correction or removal, write to our Grievance Officer. See also the Safe Posting policy.