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ORGANIZED CRIME AND CORRUPTION REPORTING PROJECT (OCCRP)

20th October, 2023

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Context: The Securities and Exchange Board of India (SEBI) approached the Organized Crime and Corruption Reporting Project (OCCRP) for documents related to the allegations of stock manipulation and accounting fraud against the Adani Group.

Details

  • The Adani Group was accused of routing funds to foreign individuals to invest in its shares through Mauritius-based platform These allegations were first raised by the US short-seller Hindenburg Research, and SEBI has been investigating the matter.
  • OCCRP published a report in August detailing the alleged manipulation by the Adani Group. This report relied on documents indicating that the Adani Group was overvaluing power equipment imports and investing the excess money in listed companies through entities in Mauritius and Dubai.
  • SEBI requested key documents related to these allegations from OCCRP. However, OCCRP refused, stating that its information sources were accessible through official channels.

Organized Crime and Corruption Reporting Project (OCCRP)

  • It is a globally recognized network of investigative journalists dedicated to uncovering and reporting on organized crime and corruption. Founded in 2006, OCCRP has played a pivotal role in exposing high-profile cases of corruption and money laundering, making it a valuable resource for those interested in transparency, accountability, and justice.

Scope and Specialization

●OCCRP focuses on investigative journalism related to organized crime and corruption. It works on a global scale, with staff and partners across six continents, making it one of the leading organizations in this field.

Notable Investigations

●OCCRP has gained widespread recognition for its high-impact investigations. Some of its most prominent projects include the Panama Papers, the Russian Laundromat, and the Troika Laundromat. These investigations have revealed the illicit activities of powerful individuals, exposing financial wrongdoing on an unprecedented scale.

Collaborative Approach

●OCCRP collaborates with various media outlets to publish its stories. It often works in partnership with local journalists and news organizations to ensure that its findings reach a wide audience. This approach helps shed light on corruption and organized crime in different regions.

Recognition and Awards

●OCCRP's work has received acclaim from law enforcement agencies, anti-corruption groups, and the media. In 2017, it was named the world's most influential anti-corruption organization by the Center for Public Integrity, highlighting the organization's impact.

Goals and Objectives

●OCCRP has several key goals, including raising awareness about the presence of organized crime and corruption in different countries and governments.

●It aims to expose corruption at the highest levels, provide resources and tools to journalists for their safety, and create a global network of investigative reporters who can collaborate on important stories.

Funding

●OCCRP operates as a non-profit organization and relies on funding from various sources, including grants from foundations and contributions from individuals who support its mission. This funding model allows OCCRP to maintain its independence and continue its vital investigative work.

Conclusion

  • OCCRP's work is pivotal in holding those involved in corrupt and criminal activities accountable, and it serves as an essential resource for journalists, activists, and the general public who seek to understand and combat corruption and organized crime in their own countries and beyond.

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Securities and Exchange Board of India (SEBI): https://www.iasgyan.in/daily-current-affairs/securities-and-exchange-board-of-india-sebi

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