Hindenburg Vs Adani Group: US short seller firm Hindenburg Research has once again attacked the Adani Group. Now it has cited a report from Swiss media outlet Gotham City saying that Swiss authorities have frozen more than $310 million in several Swiss bank accounts as part of an investigation into the Adani Group. Hindenburg made this allegation in a post on X on September 12, 2024. Swiss authorities have reportedly been investigating the Adani Group for money laundering and securities fraud since 2021.
“Nonsense, irrational and absurd”
On this, an Adani Group spokesperson termed the allegations as “baseless, irrational and absurd” and said, “Adani Group has no involvement in any proceedings in the Swiss Court, nor has any account of our company been seized by any authority.
“We have no hesitation in saying that this is yet another well-planned and serious attempt by the same group working in unison to cause irreversible damage to the reputation and market value of our group,” the statement said.
He said, ‘Neither has the Swiss court mentioned our group companies in the alleged order nor have we received any request for clarification or information from any such authority or regulatory body. We reiterate that our foreign holding structure is transparent, fully disclosed and compliant with all relevant laws.
$310 million in six Swiss banks
Hindenburg quoted the news as saying that a frontman representing Adani invested in opaque funds based in the British Virgin Islands/Mauritius and Bermuda, all of which held almost exclusively Adani stocks. The report further said that the frontman held more than $310 million in six Swiss banks, all of which are now frozen.
