On Thursday (12th September), US-based short seller Hindenburg Research claimed that Swiss authorities had frozen more than USD 310 million in funds across several Swiss bank accounts over money laundering allegations against Adani Group. The Adani conglomerate strongly rejected the claims made by Hindenburg Research.
Taking to X, Hindenberg Research claimed: “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.”
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.
— Hindenburg Research (@HindenburgRes) September 12, 2024
Prosecutors detailed how an Adani frontman invested in opaque…
Adani Group trashes Hindenburg and Gotham City’s money laundering proceedings claim
The Adani Group has rejected and denied “baseless allegations” over reports concerning the freezing of some funds in Swiss bank accounts. The Business conglomerate asserted that it has no involvement in any Swiss court proceedings, nor have any of the company accounts been subject to sequestration by any authority.
The Adani Group said in a statement that the allegations are clearly preposterous, irrational, and absurd and it is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict damage on the group’s reputation.
In an official statement, the Adani conglomerate said: “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. 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. Adani Group said it remains steadfastly committed to transparency and compliance with all legal and regulatory requirements,” the statement added.
