Adani's brother borrowed $263 mn on back of Adani stocks: Forbes

It's not been even a month of the Hindenburg Research report, which triggered a sell-off in Adani Group stocks that another controversy seems to have broken out involving Vinod Adani, the elder brother of Gautam Adani.

Forbes has identified previously unreported transactions involving offshore funds with ties to Vinod Adani that appear designed to benefit the Adani group as a whole.

According to Forbes, billionaire Gautam Adani's brother Vinod Adani's firm Pinnacle Trade and Investment borrowed $263 million from Russia's VTB Bank on back of Adani Group firms' shares.Pinnacle, which Vinod indirectly controls, offered Afro Asia Trade and Investments Limited and Worldwide Emerging Market Holding Limited as loan's guarantors. Both funds together hold $4 billion in Adani stocks.