This afternoon in Asian trading, the Nathan Anderson founded short-selling activist firm Hindenburg Research published a report on the Indian billionaire and founder Gautam Adani, highlighting the issues of stock manipulation and accounting fraud.

The report unveils the findings of a 2-year investigation that highlights alleged fraud has occurred for decades.

Hindenburg cites conversations with former senior executives, reviews of thousands of documents and due diligence which was conducted at site visits in several countries.

Hindenburg believes that 5 of the 7 key listed companies have reported current ratios below a value of ‘1’ which indicates near-term liquidity pressure.

The report also cites that The Adani Group has previously been the focus of four major government fraud investigations which have alleged money laundering, theft of taxpayers’ funds and corruption with a total value of $17 billion USD.

Hindenburg has identified 38 Mauritius shell companies controlled by Vinod Adani or close associates and further shell entities set up in Cyprus, the UAE, Singapore and several of the Caribbean Islands.

A former trader from Indian broker Elara Securities which holds $3 billion of concentrated Adani shares told Hindenburg “it is obvious that Adani controls the shares” and explained that the funds are intentionally structured to conceal their ultimate beneficial ownership.

Today the group of Adani Stocks will be under the spotlight with traders finding ways to trade the significant news.

The key listed group of Adani companies on the Indian exchange include:

• IN:512599 / Adani Enterprises
• IN:539254 / Adani Transmission
• IN:542066 / Adani Total Gas
• IN:541450 / Adani Green Energy
• IN:533096 / Adani Power
• IN:532921 / Adani  Ports
• IN:543458 / Adani Wilmar

The Fintel platform has highlighted the top 42 ETF’s that hold Adani Enterprises stock. Below we have included the list of the top ETF’s that have a portfolio allocation of greater than 1%:

 

ETF	Shares	Reported Value ($1000)	Port Allocation (%)
NFTY – First Trust India NIFTY 50 Equal Weight ETF	20,135	850	1.96
FEM – First Trust Emerging Markets AlphaDEX Fund	128,820	5,437	1.88
EMGF – iShares Edge MSCI Multifactor Emerging Markets ETF	355,322	14,101	1.69
INDY – iShares India 50 ETF	165,414	6,981	1.24
INDA – iShares MSCI India ETF	1,285,324	51,006	1.22
EEMO – Invesco S&P Emerging Markets Momentum ETF	1,431	58	1.17

This article originally appeared on Fintel

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