Swiss authorities have frozen greater than $310 million in funds throughout a number of Swiss financial institution accounts as a part of cash laundering allegations into Adani Group, US-based brief vendor Hindenburg Analysis claimed citing a media report – a cost that the conglomerate vehemently denied.
In a submit on X, Hindenburg cited “newly launched Swiss prison information reported by Swiss media outlet” to state that “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, relationship again as early as 2021.”
“Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that just about completely owned Adani shares,” it mentioned citing the report.
- Additionally learn: Hindenburg shared Adani report with consumer two months earlier than publishing it: SEBI
Adani group rejected the allegations as baseless saying it had no involvement in any Swiss court docket proceedings.
“We unequivocally reject and deny the baseless allegations offered. The Adani Group has no involvement in any Swiss court docket proceedings, nor have any of our firm accounts been topic to sequestration by any authority,” it mentioned.
It went on to state that “even within the alleged order, the Swiss court docket has neither talked about our group firms, nor have we obtained any requests for clarification or info from any such authority or regulatory physique. We reiterate that our abroad holding construction is clear, absolutely disclosed, and compliant with all related legal guidelines.”
- Additionally learn: SEBI Chairperson, her husband had hidden stakes in obscure offshore funds with hyperlinks to Vinod Adani: Hindenburg Analysis
The allegations, it mentioned, “are clearly preposterous, irrational, and absurd. We’ve got no hesitation in stating that that is one more orchestrated and egregious try by the identical cohorts appearing in unison to inflict irreversible harm on our group’s popularity and market worth.”
“The Adani Group stays steadfastly dedicated to transparency and compliance with all authorized and regulatory necessities,” it mentioned, including it “strongly condemns” the allegations.
The Swiss media outlet Gotham Metropolis in its report said that “A ruling by the Federal Prison Court docket (FCC) reveals that the Geneva Public Prosecutor’s Workplace was investigating alleged wrongdoing by the Indian conglomerate Adani effectively earlier than activist traders from Hindenburg Analysis made the primary accusations.”
“Greater than USD 310 million belonging to an alleged entrance man for billionaire Gautam Adani is sequestered in 5 Swiss banks,” it mentioned including the Workplace of the Legal professional Normal of Switzerland (OAG) took over the investigation after the case was revealed within the media.
- Additionally learn: Chronology of occasions within the Hindenburg-Adani case
Hindenburg, which had in January final 12 months alleged inventory market manipulation and fraud, claimed that prison court docket information present intimately how an Adani frontman invested in opaque BVI/Mauritius and Bermuda funds that just about completely owned Adani inventory.
Adani Group had denied all allegations Hindenburg made in its January 2023 report.