×

Adani Group denies allegations as Hindenburg claims Swiss authorities froze its $310M for money laundering

Adani Group claimed that its overseas holding structure is 'transparent, fully disclosed and compliant' with relevant laws

Adani Group has slammed Hindenburg Research over 'baseless' allegations | Reuters

After US short seller Hindenburg Research claimed that Swiss authorities have frozen more than $310 million in six Swiss bank accounts over a money laundering probe into Adani Group, the conglomerate dismissed that allegations as 'baseless'.

Hindenburg Research cited Swiss media outlet Gotham City while making the claims on X. It said the probe dates back as early as 2021. Hindenburg alleged that an order from the Federal Criminal Court (FCC) revealed that the Geneva Public Prosecutor's office was probing the Adani Group "well before activist investors from Hindenburg Research made its first accusations." It claimed that the probe was later transferred to the Office of the Attorney General of Switzerland (OAG) when the case was made public.

However, the Gautam Adani-led group unequivocally dismissed the "clearly preposterous, irrational and absurd" allegations, saying it has "no involvement" in any Swiss legal proceedings and none of its company accounts were sequestered by any authority.

Adani Group said the Swiss court has not mentioned its group companies. It added that no authority or regulatory body sought clarification from the group regarding these allegations.

The conglomerate claimed that its overseas holding structure is "transparent, fully disclosed and compliant" with relevant laws.

Adani Group concluded its statement, saying that the fresh allegations are yet another "orchestrated and egregious" attempt by some cohorts acting in unison to inflict irreversible damage on its reputation and market value.

Hindenburg made its first allegations against the Adani Group in January 2023, accusing the conglomerate of stock market manipulation and financial misconduct. However, the group has denied all the allegations raised by the New York-based firm.