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sweetandbratty · 1 year

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What is the Relationship Between Chang Chung-Ling and Adani?

The name Chang Chung-Ling is mentioned at least four times in the 413-page-long short-seller report, but Adani Group has not addressed it in their response.

The US research firm Hindenburg Research has sourced its findings from Taiwanese media, and claims that Chang Chung-Ling's son owns a major contractor to the Adani Group called PMC Projects.

1. Gudami International

Gudami International is a Singapore registered company that has been named in an Indian probe into bribery in the AgustaWestland helicopter scam. The firm is also associated with a Mauritius entity called Growmore Trade and Investment.

The Hindenburg Research report says that Chang Chung-Ling served as a director of Electrogen Infra Holding Pte Ltd, an Adani private company that was involved in a complex scheme to siphon funds from the company’s publicly listed entities. In addition, the report cites corporate records that show that Chung-Ling shared the same residential address as Vinod Adani in Singapore.

The report further cites a 2014 Directorate of Revenue Intelligence (DRI) report that mentions Gudami International. The report adds that Gudami International was part of a massive corruption scheme in the AgustaWestland Scandal, one of India’s largest and ongoing bribery scandals. It also points out that the son of Chang Chung-Ling is the beneficial owner of a major contractor to the Adani Group called PMC Projects, which the company paid $63 billion over the past 12 years.

2. Gudami International Pte Ltd

The first company examined in this report, Gudami International Pte Ltd, was a Singapore-based firm identified as part of a government fraud investigation into the Adani Group’s alleged circular trading of gems. The company was struck off the register of companies in March 2020, and has since been put into liquidation.

The report notes that Gudami International was a director and key common shareholder in the Adani private entity Adani Enterprises (earlier known as Adani Exports) based in Singapore. It is also an investor in one of the funds under Monterosa Investment Holdings that collectively own stakes in multiple Adani entities worth $4.5 billion.

Moreover, Chang Chung-Ling is the director of Growmore Trade and Investment, which merged with Adani Power in 2011. He also shares a residential address with Vinod Shantilal Shah aka Vinod Adani, whose brother Gautam Adani is a co-owner of Adani Power.

3. Gudami International Limited

According to Hindenburg Research, Gudami International Limited is associated with a Mauritius company called Growmore Trade and Investment. Its director is Chung-Ling and it shares a residential address with Vinod Shantilal Shah (an alias for Gautam Adani), Adani’s elder brother.

This Gudami International firm is listed as one of the three Singaporean firms alleged to have been part of a multi-million dollar AgustaWestland helicopter bribery scandal in India. It is also an investor in several funds under Monterosa Investment Holdings that collectively own stakes in multiple Adani entities worth $4.5 billion.

These Monterosa-owned companies continue as key shareholders in Adani’s flagship companies – Adani Enterprises and Adani Power. However, there is another reason why we should be concerned about these companies. They are related-party entities of Adani and their investments into Adani’s listed companies were heavily concentrated, a practice that is widely frowned upon by investors.

4. Gudami International Holdings

Gudami International Holdings was a major player in the Adani Group. The company had a 1.27% share in Adani Enterprises (earlier known as Adani Exports) and invested heavily in Monterosa Investment Holdings which owns stakes in several Adani companies worth more than half a billion dollars.

The company was also mentioned in a 2014 Directorate of Revenue Intelligence (DRI) report that details a complex scheme by which the Adani Group siphoned off cash from its publicly listed entities. The report also cites corporate records which indicate that Chang Chung-Ling shared the same residential address as Vinod Adani, Gautam Adani’s elder brother.

In addition to being the most expensive ad in the Adani Group’s latest secondary share sale, this one is also the first of five entities that Hindenburg Research identifies as being part of the blxxdy scam. The other four are a bit more difficult to track down. But they are all well-known names in Indian business and investment.

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toptopic4u · 1 year

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Delhi Court Grants Bail to Kamal Nath's Nephew Ratul Puri in Fertiliser Scam

Last Updated: January 18, 2023, 18:21 IST While issuing the summons to Puri, the judge had said prima facie there was enough evidence to prosecute him (PTI) Puri is also an accused in cases related to the AgustaWestland chopper scam and Moser Baer scam. He is currently out on bail A Delhi court on Wednesday granted bail to Ratul Puri, nephew of former Madhya Pradesh Chief Minister Kamal Nath,…

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newslobster · 1 year

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VVIP Chopper Scam-Linked Company, Also Part Of Rafale Deal, Blacklisted

Defsys Solutions is part of the Rs 58,000-crore deal to supply 36 Rafale jets to India. New Delhi: A Bengaluru-based firm which is part of the Rs 58,000-crore deal has been suspended from business dealings by the defence ministry allegedly for its role in the infamous AgustaWestland VVIP helicopter deal. Defsys Solutions was added to the list of ‘put on hold/suspended’ firms’ list yesterday. The…

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squarwell-breakingnews · 1 year

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Another VVIP chopper scam-linked company in fresh MoD list of debarred or suspended firms | India News - Times of India

Another VVIP chopper scam-linked company in fresh MoD list of debarred or suspended firms | India News – Times of India

NEW DELHI: The defence ministry has suspended business dealings with yet another firm, Defsys Solutions Pvt Ltd, in connection with the infamous AgustaWestland VVIP helicopter scam being investigated by the CBI and Enforcement Directorate. The fresh list of debarred or suspended firms issued by the defence ministry on Friday includes Defsys Solutions run by Sushen Gupta, who was arrested by the…

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newsdaliy · 2 years

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DHFL Scam Case CBI seizes AgustaWestland helicopter from premises of builder Avinash Bhosale

Image Source : India TV CBI seizes AgustaWestland helicopter from premises of builder Avinash Bhosale Highlights Builder’s helicopter seized in CBI raid Helicopter found in builder Avinash Bhosle’s premises Biggest ever bank fraud case DHFL Scam Case: In connection with the country’s biggest bank scam (DHFL scam) till date, the Central Investigation Agency (CBI) has seized AgustaWestland…

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hindimaster · 2 years

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DHFL Banking Scam CBI Seizes AgustaWestland Helicopter From Builder Avinash Bhosale Home In Pune ANN

DHFL Yes Bank Scam: 17 बैंकों के समूह को 34 हजार करोड़ रुपए का चूना लगाने की मामले में केंद्रीय जांच ब्यूरो (CBI) ने आज एक अगस्ता वेस्टलैंड हेलीकॉप्टर (AgustaWestland Helicopter) जब्त किया है. ये हेलीकॉप्टर एक दूसरे मामले में आरोपी अविनाश भोसले (Avinash Bhosale) के घर से जब्त किया गया है. ध्यान रहे कि इस मामले में सीबीआई लगातार चीजें जब्त करने की कार्रवाई कर रही है और अब तक कीमती पेंटिंग्स,…

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znewstech · 2 years

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DHFL scam: CBI seizes AgustaWestland helicopter from Pune premises of builder Avinash Bhosale | India News

NEW DELHI: The CBI has seized an AgustaWestland helicopter from the premises of builder Avinash Bhosale in Pune, officials said on Saturday. The agency has been carrying out searches at various locations for the past few days to locate assets acquired from the proceeds of a Rs 34,615-crore bank fraud case involving Dewan Housing Finance Ltd (DHFL). DHFL’s former CMD Kapil Wadhawan, director…

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todaynewsguru · 2 years

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DHFL scam: CBI seizes AgustaWestland helicopter from Pune premises of builder Avinash Bhosale

The CBI has seized an AgustaWestland helicopter from the premises of builder Avinash Bhosale in Pune in connection with the Rs 34,615-crore bank fraud case involving DHFL, officials said Saturday. The CBI has been carrying out searches at various locations for the past few days to locate assets acquired from the proceeds of the scam, officials said. The federal probe agency had booked Dewan…

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newslobster · 2 years

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CBI Ends Probe Against Ex Army Officer In Case Linked To VVIP Chopper Scam

The CBI closed an offshoot of the AgustaWestland VVIP chopper corruption case. (Representational) New Delhi: A retired brigadier’s ordeal ended after seven years as the CBI finally closed an offshoot of the AgustaWestland VVIP chopper corruption case against him following no incriminating evidence supporting bribery allegations found. For Brigadier V S Saini (retired) of Army Aviation, the…

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squarwell-breakingnews · 2 years

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Probe Agency Files Affidavit Opposing Chopper Scam Accused's Bail Plea

Probe Agency Files Affidavit Opposing Chopper Scam Accused’s Bail Plea

Christian Michel is accused of having played a pivotal role in the VVIP Chopper scam. (File) New Delhi: The Enforcement Directorate (ED) on Tuesday filed an affidavit in the Supreme Court opposing British citizen Christian Michel’s plea seeking bail in connection with the AgustaWestland VVIP chopper scam. The ED told the Supreme Court that during the course of Michel’s custodial interrogation,…

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gkt49 · 5 years

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Delhi court extends AgustaWestland scam accused Gautam Khaitan's custody by 6 days

Delhi court extends AgustaWestland scam accused Gautam Khaitan’s custody by 6 days

Delhi, Feb 2 Delhi’s Patiala House Court on Saturday extended by six days the custody of AgustaWestland VVIP chopper case accused Gautam Khaitan to Enforcement Directorate (ED).

The ED had on January 26 arrested Khaitan, a lawyer, in a new case regarding the supposed ownership of black money and money laundering. He was arrested under the Black Money Act.A Delhi court had sent Khaitan to a…

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#AgustaWestland scam #CBI #Delhi&039;s Patiala House Court #ED #Income tax

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harpianews · 3 years

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Michel signed 'sham contract' to hide traces of Agusta bribery: ED

Michel signed ‘sham contract�� to hide traces of Agusta bribery: ED

Several “service contracts” were signed between British middleman Christian Michel and his main client AgustaWestland, which were “sham contracts” to hide alleged bribes. Rs 3,600 crore helicopter deal In India, as per documents submitted to the court by the Enforcement Directorate (ED). In its prosecution complaint, the agency said it was “to create a legal aspect and route the fallback” under…

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dailytimesindiablog · 3 years

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Anoop Kumar Gupta was granted bail by a Delhi court in connection with a money laundering case

Anoop Kumar Gupta was granted bail by a Delhi court in connection with a money laundering case Anoop Kumar Gupta, a businessman, was granted bail by a Delhi court in connection with a money laundering case involving the alleged Rs 3,600-crore VVIP chopper scam. The accused was given relief by Special Judge Arvind Kumar, who noted that the investigation would take time to complete and that he…

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#AgustaWestland Case #Anoop Gupta #VVIP chopper scam

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everythingshouldbereality · 3 years

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UN panel's conclusions on VVIP chopper scam accused Michel based on limited info, biased allegations: MEA

UN panel’s conclusions on VVIP chopper scam accused Michel based on limited info, biased allegations: MEA

Image Source : FILE PHOTO Conclusions drawn by Working Group based on limited information, biased allegations from an unidentified source and on an inaccurate understanding of India’s criminal justice system, says MEA on queries on opinion of Working Group on Arbitrary Detention concerning Christian Michel. Rejecting the opinion of the Working Group on Arbitrary Detention calling for the…

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#AgustaWestland Case #Christian Michel #MEA #UN Panel #VVIP Chopper scam

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newscountryindia · 3 years

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AgustaWestland Case: Custody Of Anoop Gupta Extended Till February 10

ED arrested businessman Anoop Kumar Gupta on January 30. (Representational) New Delhi: Special Judge Arvind Kumar on Thursday extended till February 10, the Enforcement Directorate (ED) remand of businessman Anoop Gupta, who was arrested in the AgustaWestland money laundering case. “Keeping in view the facts and circumstances, submissions made by the parties, the ED remand of accused is further…

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#AgustaWestland Case #Anoop Gupta #VVIP Chopper Scam

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squarwell-breakingnews · 2 years

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DHFL scam: CBI seizes AgustaWestland helicopter from Pune premises of builder Avinash Bhosale | India News - Times of India

DHFL scam: CBI seizes AgustaWestland helicopter from Pune premises of builder Avinash Bhosale | India News – Times of India

NEW DELHI: The CBI has seized an AgustaWestland helicopter from the Pune premises of builder Avinash Bhosale, who is accused of money laundering and cheating in the ₹34,000-crore Dewan Housing Finance Ltd (DHFL) scam case, officials said on Saturday. The agency has been carrying out searches at various locations for the past few days to locate assets acquired from the proceeds of India’s biggest…

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