Adani Group Rejects Swiss Bank Fund Freeze Claim

The Adani Group has strongly rejected Hindenburg Research’s claim that Swiss authorities froze $310 million in funds linked to the conglomerate. Citing Swiss media outlet Gotham City, Hindenburg alleged that multiple Swiss banks were involved in a money laundering investigation against the Adani Group.

In a statement, Adani Group declared, “We categorically reject the baseless allegations. Our group has no involvement in any Swiss court proceedings, nor have our accounts been sequestered by any authority.” The company emphasized that its overseas holdings are transparent and compliant with all relevant laws.

Adani called the claims “absurd and irrational,” suggesting a coordinated effort to damage the group’s reputation and market value.

According to Hindenburg, the alleged Swiss court order revealed investigations by the Geneva Public Prosecutor’s office into Adani’s business dealings as early as 2021. However, Adani Group clarified that no formal requests or notifications were received from Swiss authorities regarding their accounts.

In January 2023, Hindenburg had accused Gautam Adani’s conglomerate of stock market manipulation and financial misconduct, allegations that Adani has repeatedly denied.

Aakhir Tak Editor-in-Chief

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