Swiss authorities have frozen more than $310 million in funds across several bank accounts linked to the money laundering and securities investigation of Adani Group, said US-based short seller Hindenburg Research, citing local reports.
In a post on X, Hindenburg stated, "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021."
However, the Adani Group refuted the claims, saying the conglomerate has "no involvement in any Swiss court proceedings, nor have any any of our company accounts been subject to sequestration by any authority".
"We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority. Furthermore, even in the alleged order, the Swiss court has neither mentioned our group companies nor have we received any requests for clarification or information from any such authority or regulatory body. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws," a company spokesperson said.
The Adani Group further stated that the Hinderburg allegations are "clearly preposterous, irrational and absurd".
"We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group's reputation and market value," the statement read.
Hindenburg cited a Swiss media outlet, Gotham City, which claimed that an order from the Federal Criminal Court (FCC) revealed that the Geneva Public Prosecutor's office was investigating the alleged wrongdoing of the Adani Group conglomerate "well before activist investors from Hindenburg Research made its first accusations".
The Gotham City report further alleged that more than $310 million belonging to an alleged frontman for billionaire Gautam Adani is sequestered in six Swiss banks. The Office of the Attorney General of Switzerland (OAG) took over the investigation after the case was revealed in the press, it said.
In January 2023, Hindenburg levelled serious allegations against billionaire Gautam Adani's sprawling ports-to-power conglomerate, accusing it of stock market manipulation and financial misconduct.
However, Gautam Adani has on multiple occasions categorically rejected all the allegations levelled by the short-selling firm.
Source: India Today