 "Adani, Adani Group")
Chang Chung-Ling, a Taiwan-based investor, is described as having long-time business ties with Adani Group. He has been alleged to have made considerable profits by buying and selling Adani stock through offshore funds, according to a report by the Organized Crime and Corruption Reporting Project.
He has held or continues to hold directorships in various group firms like Adani Global and former related-party Gudami International, according to an earlier report from US-based short-seller Hindenburg Research.
Furthermore, Chang Chung-Ling has also been identified as the sole director of Growmore, allegedly a shell company based in Mauritius used to siphon off funds.
According to the allegations by Hindenburg, Growmore netted an overnight $423 million gain through a stock merger with Adani Power.
Chung-Ling’s name has also appeared in the Directorate of Revenue Intelligence (DRI) report from 2014. The DRI report had made allegations of siphoning off cash from the group.
Chung-Ling’s son, Chang Chien-Ting, has also been identified as the sole beneficial owner of PMC Projects (India), another firm under scrutiny for undisclosed transactions with Adani Group and suspected to have been related-party transactions.
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Chien-Ting has been referred to as an Adani representative in several media reports from China.
The Securities and Exchange Board of India in its status report submitted to the Supreme Court has mentioned that it has investigated transactions with PMC Projects, Growmore, and Adani Global among the 13 related-party transactions. However, the report does not detail any findings.
Interestingly, according to several court and disclosure documents analysed by Hindenburg, Chung-Ling is said to have shared an address in Singapore with Vinod Adani, elder brother of Gautam Adani and now part of the promoter group.
