Records show Shah Dhandharia paid INR 32,000 (U.S. $435 in 2021) in monthly office rent. The only other listed entity we found that it audits has a market capitalization of about INR 640 million (U.S. $7.8 million). (49/x)

The Vinod-Adani shells seem to serve several functions, including (1) stock parking / manipulation (2) and laundering money through Adani’s private companies onto the listed companies’ balance sheets in order to maintain the appearance of financial health and solvency. (18/x)

India Pubcos are subject to rules requiring promoter holdings to be disclosed. Listed co's must have >25% of float held by non-promoters to mitigate manipulation/insider trading. 4 of Adani’s listed co's are near the delisting threshold for high promoter ownership. (19/x)

We believe the Adani Group has been able to operate a massive, flagrant fraud in broad daylight in large part because investors, journalists, citizens and even politicians have been afraid to speak out about the obvious, for fear of reprisal. (54/x)

We have included 88 questions in the conclusion of our report. If Gautam Adani truly embraces transparency, as he claims, they should be easy questions to answer. We look forward to Adani’s response. (55/end)

Our Reply To Adani: Fraud Cannot Be Obfuscated By Nationalism Or A Bloated Response That Ignores Every Key Allegation We Raised