Adani Power’s Middle East unit which has emerged as one of seven pre-qualified bidders for South Africa’s R440 billion transmission grid expansion programme, is facing renewed scrutiny after banking records revealed the scale of secret investments in its shares by long-time family associates.
According to Financial Times, internal documents from Swiss banking group REYL Intesa Sanpaolo show that two men with documented ties to the Adani family held approximately $3 billion in Adani Group stock as recently as 2023 through offshore hedge fund structures.
The disclosures relate to Nasser Ali Shaban Ahli, a UAE national, and Chang Chung-Ling, a Taiwanese citizen, both previously linked to Adani-affiliated entities. Banking records indicate that Ahli held about $2.02 billion through a British Virgin Islands vehicle, Gulf Asia Trade & Investment Ltd, while Chang controlled roughly $1.02 billion via Lingo Investment Ltd. The bulk of these assets were invested in Bermuda-based hedge funds that, according to internal compliance notes, were likely concentrated in Adani Group securities.
These admissions were reportedly made during meetings with bank executives in February 2023, weeks after US short seller Hindenburg Research alleged that the conglomerate’s decade-long stock surge had been supported by undisclosed insider-linked offshore funds. Adani Group denied the allegations and characterised the report as an attack on India’s economic interests. While share prices initially fell sharply, the group’s market capitalisation later recovered as domestic regulatory processes unfolded.
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India’s market regulator, the Securities and Exchange Board of India (SEBI), conducted multiple investigations into the allegations. In January 2024, the Supreme Court of India declined to transfer oversight of the probe, noting that SEBI had completed most strands of its review. In September 2025, SEBI issued final orders on two transaction sets referenced by Hindenburg, stating that the allegations were not established, although other investigative strands remain unpublished.
The new documents also reference Swiss judicial interest predating the Hindenburg report. Swiss prosecutors have been investigating Chang since 2021 on suspicion of money laundering and document forgery. In August 2024, the Swiss Federal Criminal Court upheld a decision to freeze more than $310 million in assets linked to Chang, citing ongoing inquiries into whether he acted as a nominee shareholder for Adani-linked interests. No charges have been publicly announced, and the Adani Group has denied any involvement.
The banking files further reveal that the hedge funds involved — including Gleneagles Investment Fund, Pangea Fund and Oyster Bay Fund — were administered by Apex Fund Services and, in some cases, managed by Elara Capital. Previous investigations highlighted that certain Elara-managed funds had significant exposure to Adani stocks during key periods of price escalation. Neither Apex nor Elara responded to requests for comment in the underlying reporting.
In parallel, US federal prosecutors indicted Gautam Adani and a relative in November 2024 over alleged bribery offences linked to energy contracts, while the US Securities and Exchange Commission filed a civil complaint. The group has described those claims as baseless and stated it will contest them.