Hindenburg Research has alleged that 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 to 2021.
Hindenburg had shared via a tweet alleging, “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. Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stocks, according to newly released Swiss criminal court records reported by Swiss media outlet @news_gotham.”
According to a ruling by the Federal Criminal Court (FCC), the Geneva Public Prosecutor’s Office had been investigating alleged wrongdoing by the Indian conglomerate “well before investors from Hindenburg Research made their initial accusations,” Gotham City reported.
The report, dated September 11, states: “More than $310 million belonging to an alleged frontman for billionaire Gautam Adani is sequestered in five Swiss banks. The Office of the Attorney General of Switzerland (OAG) took over the investigation after the case was revealed in the press.”
Adani Group Responds To Hindenburg Research Allegations On Swiss Authorities Freezing Its Funds
The Adani Group on Thursday unequivocally rejected and denied baseless allegations regarding claims by US short-seller Hindenburg Research that Swiss authorities have frozen its funds. Dismissing the latest allegations, an Adani Group spokesperson denied the baseless claims.
“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,” said the company spokesperson.
“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,” the spokesperson added.
The spokesperson further said that these 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,” said the spokesperson.
The Adani Group remains “steadfastly committed to transparency and compliance with all legal and regulatory requirements”, the spokesperson noted.
