New Delhi: Adani Group denied and “strongly condemned” the allegations that the Swiss authorities have sequestered more than USD 310 million in funds across multiple Swiss bank accounts as part of money laundering allegations against it. The Gautam Adani-led conglomerate termed the allegations as ’baseless’. Adani’s statement came after US-based short seller Hindenburg Research posted on X a report of website Gotham City which mentioned that Switzerland authorities froze more than $310 million across multiple Swiss bank accounts as part of the probe into firms reportedly linked to the Adani Group.
Strongly refuting the claims, the Adani Group called the allegations as absurd and irrational. The conglomerate said that the latest allegations are another attempt to damage the company’s reputation and market value.
In a post on X, Hindenburg Research said, “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.”
Adani denies report Swiss authorities froze $310 mn in funds
Refuting the new allegations, Adani Group said it had no involvement in any Swiss court proceedings.
“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,” Adani Group said.
In its statement, the group said, “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. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws.”
The allegations, it said, “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.”
“The Adani Group remains steadfastly committed to transparency and compliance with all legal and regulatory requirements,” it said.
Adani Group rejected allegations concerning $310 million frozen funds in Swiss bank accounts, slams Hindenburg Research. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
