Swiss Freeze $310 Million in Adani Probe

Swiss authorities have frozen over $310 million in funds across several bank accounts linked to the Adani Group, amid ongoing investigations into money laundering and securities fraud. This development was reported by Hindenburg Research, citing Swiss media outlet Gotham City, which detailed that the Geneva Public Prosecutor’s Office had been investigating the alleged misconduct of the Adani conglomerate as early as 2021, well before Hindenburg made its first accusations.

According to the Gotham City report, the frozen funds belong to a suspected front man for billionaire Gautam Adani and are held across six Swiss banks. Following media revelations, the Office of the Attorney General of Switzerland (OAG) took charge of the investigation.

In January 2023, Hindenburg leveled serious allegations against Adani’s vast empire, accusing the group of stock market manipulation and financial misconduct. However, Gautam Adani has repeatedly denied these allegations, asserting that Hindenburg’s claims are baseless and aimed at damaging the reputation of his business.

This ongoing investigation adds another layer of scrutiny to Adani Group’s operations, as global financial watchdogs continue to monitor the situation closely. The freezing of these funds signifies a significant step in the legal battle surrounding one of the world’s most high-profile business magnates.