Adani Group denied allegations by New York based short-seller Hindenburg Research that Swiss authorities have frozen more than $310 million in funds across half a dozen Swiss bank accounts as part of a money laundering and securities forgery investigation into the Adani Group, dating back as early as 2021.
Hindenburg made the claim on X, citing newly released Swiss criminal court records. In response, Adani Group said it has no involvement in any Swiss court proceedings nor have any of its companies’ accounts been subject to sequestration by any authority.
Hindenburg said the investigation detailed how an Adani frontman invested in opaque British Virgin Islands, Mauritius and Bermuda funds that almost exclusively owned Adani stocks.
“More than $310 million belonging to an alleged front man for Gautam Adani (chairman of Adani Group) is sequestered in six Swiss banks. The Office of the Attorney General of Switzerland took over the investigation after the case was revealed in the press,” Swiss media outlet Gotham City reported.
“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,” said Adani Group, adding, “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.”
