Who are these 3 Mauritius firms that hold Rs 45,000 crore Adani group stocks?
Who are all behind the controversial three firms from Mauritius invested in Adani Group companies? These three companies named Albula Investment Fund, Cresta Fund and Asia Investment Corporation share the same address in Mauritius. All the three firms are known as Foreign Portfolio Investors (FPI) in Indian Stock Exchanges are having the same common address: Les Cascade Building, Edith Cavell Street, Port Louis, Mauritius. This was once exposed in Paradise Papers exposé.
The recently published 15-page report by the business portal – The Morning Context exposes the dubious pattern of Mauritius based entities or shell firms located at the same address in Adani Group companies. These three companies have invested more than Rs.45,000 crores in the shares of Adani Group firms.
Both Government of India and Adani owe an explanation as to who the owners of these little-known Mauritius companies are, sharing the same address Les Cascade Building, Edith Cavell Street, Port Louis, Mauritius.
The Economic Times on Monday reported that National Security Depositary Limited (NSDL) blocked the shares of Adani Group purchased by the three Mauritius based firms. The report created a major correction in the shares of Adani companies from 5 to 15 per cent. Later in the afternoon, Adani Group issued a rejoinder that the report was not correct.
But here the question is who are the owners of these unknown companies who have the capacity to put Rs.45,000 crore in Adani Group’s shares? That too during the Lockdown period? Both Government of India and Adani owe an explanation as to who the owners of these little-known Mauritius companies are, sharing the same address Les Cascade Building, Edith Cavell Street, Port Louis, Mauritius.
Reacting to the developments BJP leader Subramanian Swamy who always terms Gautam Adani as Trapeze artist, tweeted:
I have seen evidence of the violations by the Trapese Artist Adani of the Prevention of Money Laundering Act, a matter for the Enforcement Directorate to prosecute. But PM Modi must get a background check of ED top officials before ED prosecution is launched to avoid sabotage
— Subramanian Swamy (@Swamy39) June 14, 2021
Why does Mauritius, with a 13-lakh population invest so much in India? The fact is that it is the whitening of black money using the Mauritius route, which was first opened in 2000 by Finance Minister Yashwant Sinha. Then we saw his two sons and their wives becoming part of several Mauritius companies. Mauritius is a tax haven where all back money can be dumped and rerouted and this is the main business of this small Island. All the Indian Stock Exchange manipulations and origin of dubious Participatory Notes with the knowledge of people in power originates from here.
Cresta Fund was set up in 2007, the same year Adani Ports and SEZ Ltd went public. The fund publicly holds 14 stocks with a net worth of over Rs.10,124.8 crore; out of this, Rs.9,861 crore comes from three listed Adani companies. The fund’s fourth-largest holding is in Jindal Saw Ltd, for a measly Rs.82.6 crore.
Albula Investment Fund was set up in 2007 and publicly holds 20 stocks with a net worth of over Rs.11,998.8 crore; of this, Rs.11,450 crore is from four Adani companies. In terms of the number of shares held its top four holdings are in Adani companies. The difference in shares held between the fourth largest holding and fifth-largest holding is wide at about 1.3 crore shares.
Asia Investment Corporation (Mauritius) has investments in six stocks, with a total net worth of over Rs.5,571.9 crore. Its top two holdings are Adani group companies. Albula Investment Fund along with Asia Investment Corporation (Mauritius), is part of the data dump referred to as the Paradise Papers, analysed and reported by the International Consortium of Investigative Journalists (ICIJ).
Who owns the three companies?
Now the Billion Dollar question is: who owns these three same addressed Mauritius companies – Albula Investment Fund, Cresta Fund and Asia Investment Corporation – which invested Rs.45,000 crore in the shares of Gautam Adani’s companies? The Government of India and SEBI must know the human faces who invested Rs.45,000 crores in Adani Group companies through the Mauritius route. Why do Indian Stock Exchanges all these trapeze-artist games under the Narendra Modi Government?
 Why do these foreign funds love Adani Group companies? – Apr 26, 2021, The Morning Context
 Accounts of 3 FPIs owning Adani Group shares frozen – Jun 14, 2021, ET
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