America-based short seller Hindenburg Research said the Swiss authorities have frozen more than $ 310 million of funds across multiple Swiss bank accounts related to money laundering allegations into Adani Group, a charge the conglomerate fervently denies.
In a post on X, Hindenburg cited "newly released Swiss criminal records reported by a Swiss media outlet" to state 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 as early as 2021.
"Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stocks," it said citing the report.
Adani group rejected the allegations as baseless saying it had no involvement in any Swiss court proceedings.
We unequivocally reject and deny such baseless allegations made therein. The Adani Group does not have any relation to the Swiss court proceedings, nor has any of our company accounts been sequestrated by any authority," it said.
It further said, "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."
It said the charges "are patently frivolous, irrational, and absurd. We do not hesitate to state this as yet another coordinated and maliciously motivated attempt by the same lot acting in concert to harm irreparably and irrevocably our group's reputation and market value."
"The Adani Group is deeply committed to transparency and compliance with all regulatory requirements," it added.
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