On Thursday, US short-seller Hindenburg Research claimed that Swiss authorities have frozen over $310 million in funds across six Swiss bank accounts amid an investigation into money laundering allegations linked to the Adani Group.
Referencing newly released Swiss criminal court records, Hindenburg stated in a post on X (formerly Twitter) that the investigation, which began in 2021, has uncovered financial practices involving opaque offshore entities associated with the Indian business conglomerate.
The Adani Group has dismissed the allegations, calling them "preposterous, irrational, and absurd.
According to a report by Swiss news portal Gotham City, the Federal Criminal Court (FCC) ruling disclosed that the Geneva Public Prosecutor’s Office had been investigating alleged misconduct by the Adani Group well before activist investors from Hindenburg Research raised accusations. The report states that over $310 million, allegedly linked to a front man for billionaire Gautam Adani, has been frozen across six Swiss banks. The Office of the Attorney General of Switzerland (OAG) took over the investigation after the case surfaced in the media.
In response, an Adani Group spokesperson stated, “We unequivocally reject and deny the baseless allegations. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been sequestered by any authority.” The spokesperson further added that the Swiss court order does not mention Adani Group companies, and no requests for clarification or information have been received from any such authority or regulatory body.The group emphasized, "We reiterate that our overseas holding structure is transparent, fully disclosed, and in full compliance with all applicable laws.
The Adani Group stated, "We have no doubt that this is yet another coordinated and malicious effort by the same parties working together to cause irreparable harm to our group's reputation and market value.
