Adani Group rejects Hindenburg claim of $310 million asset freeze in Swiss banks

The Adani Group has denied claims by Hindenburg Research, which stated that Swiss authorities had frozen over $310 million across six Swiss bank accounts as part of an investigation into money laundering and securities forgery allegations involving the conglomerate. Hindenburg cited recently released Swiss Federal Criminal Court records to support its allegations.
"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 Adani Group spokesperson said in a blog released on Friday.
"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," the blog read.
"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. Should you decide to proceed, we request that you include our statement in full," it added.
The US short-seller stated that the investigation, which began in 2021, has provided insights into financial practices involving opaque offshore entities connected to the Indian conglomerate.
A Swiss media report indicated that the Geneva Public Prosecutor's Office had been investigating alleged misconduct by the Adani conglomerate well before activist investors from Hindenburg Research made their initial accusations.
"More than $310 million belonging to an alleged front man for billionaire Gautam Adani is sequestered in six Swiss banks. The Office of the Attorney General of Switzerland (OAG) took over the investigation after the case was revealed in the press," said news outlet Gotham City in its report.