Hindenburg Claims Adani Funds Worth ₹2,600 Crore Have Been Frozen By Swiss Authorities; Conglomerate Denies Reports

In what has transformed into a never-ending saga of revelations, the American short-selling group Hindenburg has come about with a new set of claims associated with the Indian business conglomerate, the Adani Group.

Adani's Funds Frozen By Swiss

The Hindenburg research group took to its X account to share this new set of information. According to the short-seller, the Switzerland authorities have frozen funds belonging to Adani Group as part of an ongoing investigation against the company. Funds attuned to the amount of USD 310 million or Rs 2,602 crore, have been put out of Adani Group's reach.

In the post on X, Hindenburg claimed, "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts."

Elucidating the reason behind the apparent action, Hindenburg said, "...as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021"

Furthermore, the post also added, "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."

Hindenburg has cited the Swiss media outlet Gotham City News for this piece of information.

Previously in this Adani-Hindenburg Saga, the group had accused the market regulator, Security and Exchange Board of India's (SEBI)'s chairperson, Madhabhu Buch and her spouse of having vested interests in Adani's offshore companies.

It further accused Buch of impropriety and partiality in the matter.

Adani Group's Response

The Gautam Adani-led group has continued to stay defiant and in fact has issued a media statement in the matter.

The group 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. 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. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws," a company spokesperson said."

Furthermore, the statement called the recent tranche of information "preposterous, irrational and absurd".