In a fresh salvo against Adani Group, US short-seller Hindenburg Research alleged that Swiss authorities have frozen more than $310 million in funds across six Swiss bank accounts as part of an investigation into money laundering and securities forgery by the Indian conglomerate.
In a post on X on Thursday, September 12, Hindenburg, citing newly released Swiss criminal court records, said that the probe, which dates back to 2021, has shed light on financial practices involving opaque offshore entities tied to the Indian conglomerate.
“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,” Hindenburg wrote in the post, citing a news report by a 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…
The Adani Group, however, dismissed Hindenburg’s latest allegations as baseless.
“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,” media reports quoted an Adani Group spokesperson as saying.
“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,” the spokesperson said.
According to a report by the Swiss media outlet, the Geneva Public Prosecutor’s Office was investigating alleged wrongdoing by the Adani Group well before Hindenburg Research made its first accusations against the conglomerate.
Hindenburg, which had accused the Adani Group of using tax havens to circumvent local market regulations back in January 2023, recently alleged that Indian market regulator Securities and Exchange Board of India (SEBI) chairperson, Madhabi Buch, might be influencing the slow investigation into the conglomerate due to her past investments and dealings.
Both Buch and the Adani Group have denied these recent allegations.
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