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).
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 night. “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,” Hindenburg said. The firm added that prosecutors in the case had established that an “Adani frontman” channelled funds through the British Virgin Islands, Mauritius and Bermuda — nations known as popular intermediaries for opaque financial transactions — to invest in Adani stocks. Adani Group quickly rejected the allegations, calling them “preposterous” and “baseless”. “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,” it said in a statement. The back-and-forth is the latest in a long-running battle between Hindenburg and the family-run Indian industrial behemoth, which has interests ranging from mining and power generation to ports and media. Adani Group saw billions of dollars wiped from its market value last year after a bombshell report by Hindenburg accused it of “brazen” corporate fraud. Billionaire founder Gautam Adani, Asia’s second-richest man, denied the allegations made in that report, calling it a “deliberate attempt” to damage its image for the benefit of Hindenburg and other short-sellers. Shares in Adani were flat on Friday (13). For More Interesting News Follow Us on Instagram){kind=link}