Hindenburg Research has alleged that Swiss prosecutors have frozen funds belonging to Adani Group as part of a money laundering and securities forgery probe. The Indian conglomerate has issued a denial on the matter.
In a social media post, New York-based short seller Hindenburg Research alleged that over $310 million in funds belonging to Adani Group have been frozen across six Swiss banks over investigations of wrongdoings, citing a report by media outlet «Gotham City».
«Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stocks,» Hindenburg said on X.
Adani’s Denial
In response, Adani Group, owned by Indian billionaire Gautam Adani, 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,» underlined the Gujarat-based conglomerate. «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.»
Adani Group has once again fallen in the crosshairs of Hindenburg. In January 2023, the US investment research firm published a 106-page report accusing the Indian company of operating «the largest con in corporate history».
