New Delhi: The Adani Group is facing renewed scrutiny regarding its financial practices following a joint investigative report published on February 17–18, 2026, by the Financial Times (FT) and the Organized Crime and Corruption Reporting Project (OCCRP). The report cites internal documents from Italy’s largest bank, which allegedly flagged suspicious offshore transactions linked to the conglomerate.
Italian Bank’s Internal Probe According to the Financial Times report, Intesa Sanpaolo, a major Italian banking institution, conducted an internal investigation in 2023 following the release of the Hindenburg Research report. The bank reportedly discovered “suspicious activity” involving accounts held by two long-time associates of Vinod Adani (Gautam Adani’s brother): Chang Chung-Ling and Nasser Ali Shaban Ahli.
Citing the bank’s internal memos, the report states that Chang and Ahli held approximately $1 billion and $2 billion, respectively, in offshore hedge funds. The underlying assets of these funds were reportedly invested in Adani Group companies. The FT and OCCRP investigation highlights that the bank restricted these accounts immediately after the Hindenburg allegations surfaced, suspecting that the offshore structures might have been used to manipulate Adani share prices and obscure the true beneficiaries of the funds.
US Treasury Probe into Sanctions In a separate development, The Economic Times reported on February 10, 2026, that Adani Enterprises has received a notice from the US Department of the Treasury’s Office of Foreign Assets Control (OFAC). The inquiry pertains to potential violations of US sanctions regarding the import of petroleum products from Iran.
In a stock exchange filing, the company acknowledged the communication, stating that they are “voluntarily engaging and fully cooperating” with US authorities and that there has been no finding of non-compliance at this stage.
Political Fallout and Demands for Probe The fresh allegations have triggered a political storm in New Delhi. According to a report by The New Indian Express dated February 18, 2026, the Congress party has intensified its attack on the central government. General Secretary Jairam Ramesh cited the leaked bank documents to allege that “benami funds” were used to bypass regulations and acquire significant stakes in Adani firms. The opposition has reiterated its demand for a Joint Parliamentary Committee (JPC) investigation into the matter.
The Adani Group has consistently denied all allegations of wrongdoing, maintaining that they are fully compliant with all Indian laws and that previous investigations by the Securities and Exchange Board of India (SEBI) have found no evidence of regulatory failure.
