The Adani Group has vehemently rejected recent allegations made by Hindenburg Research regarding Swiss authorities freezing over $310 million in funds across six accounts. The conglomerate’s spokesperson has labeled the claims as unfounded and misleading, asserting that the Adani Group is not involved in any Swiss court proceedings and that none of its accounts have been subject to sequestration.
Company Denies Swiss Court Involvement
In response to the latest report by Swiss media outlet Gotham City, which Hindenburg Research has cited, the Adani Group has issued a strong denial. According to the company spokesperson, “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.” The spokesperson further noted that even if the Swiss court had issued an order, it did not reference the Adani Group or its affiliated companies, and the company has not received any requests for information or clarification from Swiss authorities.
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Allegations Described as “Preposterous”
The Adani Group has characterized the allegations as “preposterous, irrational, and absurd,” and accused those behind them of attempting to damage the group’s reputation and market value. The spokesperson emphasized that the Adani Group is committed to maintaining transparency and adhering to legal and regulatory standards. “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,” the spokesperson added.
The allegations surfaced in a report from Gotham City, which Hindenburg Research used to claim that “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.” The report also suggested that Adani executives invested in opaque Mauritius and Bermuda funds that predominantly held Adani stocks.
Investigation Background
According to the Swiss media outlet, the Geneva Public Prosecutor’s Office had been investigating alleged wrongdoing by the Adani Group well before Hindenburg Research’s initial claims against the conglomerate. This background information is part of the broader context of the accusations and the ongoing scrutiny of the Adani Group’s financial practices.
