Adani Group Denies Hindenburg's Claim of $310 Million Frozen by Swiss Authorities

The Adani Group has vehemently denied the claims that Swiss authorities have seized bank accounts linked to the group as a part of a money laundering investigation. The statement comes after Hindenburg Research claimed late Thursday that Swiss authorities have frozen more than $310mn in funds across Swiss bank accounts as part of an investigation into allegations of money laundering and securities forgery linked to the Adani Group, dating back to 2021, citing a report from Swiss media outlet Gotham City.

"Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stocks," it said citing the report.

In their response, the Adani Group stated that their overseas holding structure is transparent, fully disclosed and compliant with all relevant laws. The conglomerate clarified that they are not involved in any Swiss court proceedings, weighing that neither their group companies were mentioned in any such court documents nor have they received any requests for clarification.

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"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," it said.

The statement added that “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.”

According to Adani Group, these allegations 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.

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“The Adani Group remains steadfastly committed to transparency and compliance with all legal and regulatory requirements. We strongly condemn this effort and urge you to refrain from publishing this story," it said

The Adani-Hindenburg row began in January 2023 when the short-seller accused the Adani Group of stock-price manipulation, undisclosed related-party transactions, and breach of public shareholding norms. However, the group denied all allegations.

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In an August 10 report, Hindenburg claimed that Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch and her husband, Dhaval Buch, held stakes in obscure offshore entities linked to a fund backed by Gautam Adani’s brother Vinod Adani, citing information shared by a whistleblower. However, Buch and Sebi denied all the allegations.