Hindenburg Research, the United States-based short-seller claimed that Swiss authorities had frozen more than USD 310 million in funds across many Swiss bank accounts over money laundering allegations against Adani Group. However, 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.”
The Adani Group has denied allegations over the reports about the freezing of funds in Swiss bank accounts. The Business conglomerate claimed that it has zero involvement in any Swiss court proceedings. ‘The allegations are clearly irrational, absurd and it is yet another attempt by the same cohorts acting in unison to inflict damage on the group’s reputation’, said the Adani Group in a statement.
The Adani conglomerate in an official statement 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’.
The statement further added, ‘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’.
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