Adani Group rout puts spotlight on billions flowing through Mauritius

The accusations against Adani - some reported by local media years before Hindenburg dropped its report - come at an uncomfortable time for Mauritius

The tiny island of Mauritius spent years trying to clean up its image as a base for murky money launderers and shell firms. The short-seller allegations against billionaire Gautam Adani are once again reviving questions about the country’s role as a tax haven for India’s tycoons.
 

In a report late January that sent Adani stocks on a $153 billion downward spiral, Hindenburg Research said that entities controlled by the tycoon’s brother, Vinod, or his associates used Mauritius as a conduit for money laundering and share-price manipulation. Though the report mentioned a “vast labyrinth” of shell companies from the Caribbean to