Report says close associates of India’s Adani Group secretly purchased large numbers of shares

NEW DELHI (AP) — Two people closely linked to India’s Adani Group, one of the country’s largest conglomerates, secretly purchased of millions of dollars of stocks in the group’s companies, possibly violating Indian law, according to a report by a network of investigative journalists. Market rules require that at least 25% of a company’s shares be available for public purchase. The report by the Organized Crime and Corruption Reporting Project says the two men used “opaque investment funds based in the island nation of Mauritius” to obscure their involvement in controlling nearly 14% of the public shares. The Adani Group rejected the report’s allegations, saying that all of its publicly listed entities are in compliance with the law.