India’s Adani Group has denied involvement in a cash laundering and securities fraud probe that reportedly noticed the freezing of greater than $310 million in funds stowed in Swiss financial institution accounts.

US short-seller Hindenburg Analysis, a longtime critic of the Indian conglomerate, cited court docket data reported on by Swiss media outlet Gotham Metropolis in making the declare on X on Thursday (12) night time.

“Swiss authorities have frozen greater than $310 million in funds throughout a number of Swiss financial institution accounts as a part of a cash laundering and securities forgery investigation into Adani,” Hindenburg stated.

The agency added that prosecutors within the case had established that an “Adani frontman” channelled funds via the British Virgin Islands, Mauritius and Bermuda — nations often called fashionable intermediaries for opaque monetary transactions — to put money into Adani shares.

Adani Group shortly rejected the allegations, calling them “preposterous” and “baseless”.

“The Swiss court docket has neither talked about our group firms, nor have we acquired any requests for clarification or data from any such authority or regulatory physique,” it stated in a press release.

The back-and-forth is the most recent in a long-running battle between Hindenburg and the family-run Indian industrial behemoth, which has pursuits starting from mining and energy technology to ports and media.

Adani Group noticed billions of {dollars} wiped from its market worth final yr after a bombshell report by Hindenburg accused it of “brazen” company fraud.

Billionaire founder Gautam Adani, Asia’s second-richest man, denied the allegations made in that report, calling it a “deliberate try” to wreck its picture for the advantage of Hindenburg and different short-sellers. Shares in Adani have been flat on Friday (13).