Connections Map

Corporate groups, regulators, and government bodies rarely act in isolation. This map traces documented links between entities named in our reports — regulatory actions, contract awards, and policy decisions that connect them — sourced to independently reported public record.

Adani Group

Corporate

A diversified conglomerate with major holdings in ports, airports, power, and mining. Came under major public scrutiny in January 2023 when Hindenburg Research alleged stock manipulation and improper use of offshore shell entities — allegations the group has denied.

Policy Impacts

  • Awarded all six airport concessions available in India's 2019 privatization round, after prior-experience eligibility criteria were changed shortly before bidding.
  • Subject of a SEBI investigation following the January 2023 Hindenburg Research report.
  • A Supreme Court-appointed expert committee found no regulatory failure in its 2023 review, though litigation and SEBI's probe continued.

Related Reports

Election Commission of India (ECI)

Government Body

The constitutional body responsible for administering elections in India. Oversaw the Electoral Bonds scheme from 2018 and has faced recurring criticism from opposition parties over consistency of Model Code of Conduct enforcement.

Policy Impacts

  • Administered the Electoral Bonds scheme (2018–2024), which permitted anonymous corporate political donations until the Supreme Court struck it down.
  • Published bond purchase and encashment data only after the Supreme Court's February 2024 disclosure order.

Related Reports

Enforcement Directorate (ED)

Government Body

India's federal financial-crime investigation agency, enforcing the Prevention of Money Laundering Act (PMLA) and FEMA. Its caseload against opposition politicians and businesses has expanded sharply since 2014, a pattern documented in parliamentary replies and investigative journalism.

Policy Impacts

  • PMLA case registrations rose sharply after 2014, per government responses tabled in Parliament.
  • The agency's own Lok Sabha disclosures show a conviction rate under 1% of cases filed in recent years.
  • Multiple investigative reports have found a correlation between companies facing ED/CBI/Income Tax scrutiny and subsequent Electoral Bond purchases.

Related Reports

Reserve Bank of India (RBI)

Regulator

India's central bank, responsible for monetary policy, inflation targeting, and rupee exchange-rate management. Its published data is the primary independent benchmark used to fact-check government claims about inflation and currency performance.

Policy Impacts

  • Maintains the 2–6% inflation tolerance band referenced across this site's inflation-related fact-checks.
  • Publishes the exchange-rate data underlying the INR/USD trajectory tracked on this site.

Securities and Exchange Board of India (SEBI)

Regulator

India's capital markets regulator. Directed by the Supreme Court to investigate allegations raised in the Hindenburg Research report against Adani Group, including possible violations of related-party and public shareholding disclosure rules.

Policy Impacts

  • Given a Supreme Court deadline to complete its Adani Group investigation, later extended.
  • Faced conflict-of-interest questions after reports that its chairperson held investments linked to funds also connected to the case.

Related Reports

State Bank of India (SBI)

Government Body

India's largest public-sector bank, designated the sole authorized issuer of Electoral Bonds throughout the scheme's operation. Initially asked the Supreme Court for a four-month extension before disclosing full bond data.

Policy Impacts

  • Sole issuer of Electoral Bonds, 2018–2024.
  • Sought a deadline extension to disclose bond purchaser data before the Supreme Court ordered immediate compliance in March 2024.

Related Reports