Panama Papers: Adani Group terms Gautam Adani's mention in media reports 'strange'

Claims "deliberate" attempts being made in media reports to draw Group Chairman's name, in order to mislead readers

Amid more revelation on foreign account holders being made following the Panama Papers leak, the Adani Group on Wednesday maintained that deliberate attempts were being made in media reports to draw Group Chairman Gautam Adani's name.

On Wednesday, Adani Group released a media statement with regard to an Indian Express report on Gautam Adani's elder brother Vinod Shantilal Shah Adani applying for a name change two months after forming a company in Bahamas in 1994.

"It is strange that Mr. Gautam Adani's name is mentioned in the headline though he is not the account holder and the story actually pertains to Indians having not legitimate bank accounts abroad. This is a deliberate attempt to draw Mr. Gautam Adani's name, not just to mislead the readers at large but mischievously sensationalising the matter," Adani Group stated.

The $10 billion conglomerate group maintained that the reported account holder as per the papers, Vinod Adani, who is the elder brother of Gautam Adani, has been a Non-Resident Indian (NRI) for about 30 years and has his own established business interests outside India.

"Adani Group and the Indian resident family members of Adani family always conduct transactions within the framework of extant regulatory guidelines and provisions. We welcome the government initiatives to reach to the bottom of this matter pertaining to the black money trail including Panama leaks and assure our fullest cooperation in any kind of investigation for that matter," the group further stated.