Hindenburg hints at another major revelation in India
Washington DC: Hindenburg Research, the U.S.-based short-seller known for its explosive reports, has hinted at another significant disclosure related to India. In a cryptic message posted on X (formerly Twitter) on Saturday, Hindenburg stated, "Something big soon India," sparking widespread speculation.
This announcement comes after the notorious January 2023 report by Hindenburg that targeted the Adani Group. That report, released just before Adani Enterprises' planned share sale, alleged stock manipulation and fraud by the conglomerate, resulting in an $86 billion decline in the market value of Adani Group's stocks and a substantial sell-off of its overseas-listed bonds.
The Adani Group has consistently denied the accusations, and the Indian Supreme Court eventually gave the conglomerate a clean chit on the charges after reviewing SEBI's report on the matter. Despite these denials, the controversy has continued, with various political and business figures weighing in on the fallout.
In July 2024, BJP leader and senior lawyer Mahesh Jethmalani alleged that a U.S.-based businessman with Chinese ties had commissioned the Hindenburg report, accusing the Adani Group of fraud. Jethmalani claimed that Mark Kingdon of Kingdon Capital Management LLC had hired Hindenburg to undermine the Indian conglomerate, with the alleged involvement of Chinese operatives.
As Hindenburg teases its next big move, the business community and investors in India are on high alert, awaiting further details that could potentially shake the markets again.
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Traffic fraud: Fake 'no-entry' sticker racket busted in Delhi, mastermind among 3 held
New Delhi (PTI): Police here have busted a crime syndicate involved in traffic fraud and extortion, arresting three people including the alleged mastermind who sold fake stickers to help commercial vehicles bypass no-entry restrictions, an official said on Saturday.
The police said they dismantled a third organised syndicate linked to traffic-related frauds, with the arrest of Rinku Rana alias Bhushan, his associate Sonu Sharma and Mukesh Kumar alias Pakodi, who was also connected to another extortion syndicate.
According to the police, Rinku Rana was running a well-organised network that facilitated the movement of commercial goods vehicles during restricted hours by selling fake 'marka' or stickers for Rs 2,000 to Rs 5,000 per vehicle every month. The stickers were falsely projected as authorisation to evade traffic challans.
During raids, the police recovered Rs 31 lakh in cash, property documents worth several crores of rupees, over 500 fake stickers and six mobile phones allegedly used to operate the syndicate.
The crackdown followed a complaint filed by a traffic police officer in April this year after a commercial vehicle tried to evade checking by producing a fake sticker claiming exemption from enforcement action.
Investigation revealed that social media groups were being used to coordinate the illegal movement of vehicles and alert drivers about traffic police checkpoints, police said.
"A parallel system was being run to cheat drivers and vehicle owners while undermining traffic enforcement. On the basis of evidence, provisions related to organised crime under the BNS were invoked," a senior police officer said.
Sonu Sharma, the police said, managed social media groups through which stickers were sold and real-time alerts were circulated regarding traffic police movement. He also acted as a link between Rana and drivers operating in the field.
In a related development, Mukesh Kumar alias Pakodi, an associate of Rajkumar alias Raju Meena, who was earlier arrested under the Maharashtra Control of Organised Crime Act (MCOCA), was also apprehended.
Mukesh allegedly helped extort money from transporters and was involved in blackmailing traffic police personnel by recording enforcement actions, the police said.
Investigators alleged the syndicate led by Rajkumar deployed drivers to deliberately violate traffic rules and secretly record police officials during challans, later using manipulated videos to extort money under threat of false allegations.
The police said that in total, eight accused belonging to three different organised crime syndicates linked to traffic frauds and extortion have been arrested so far.
Further investigation is underway to trace the remaining members, conduct financial probes, and analyse digital evidence recovered during the raids, officials added.
