Adani Group junks report alleging involvement in Swiss court proceedings

Adani-Hindenburg saga: Gautam Adani-led Adani Group has completely dismissed allegations of involvement in any Swiss court proceedings. This comes after a Swiss media outlet reported that the authorities in Switzerland 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.

“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,” Adani Group said in a statement.

“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. 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. Should you decide to proceed, we request that you include our statement in full," the statement added.

Earlier in the day, New York-based short-seller Hindenburg Research posted on X, “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.”