'Baseless, absurd': Adani Group rejects Hindenburg claim of Swiss banks' $310 million funds freeze
By Team Asianet Newsable | First Published Sep 13, 2024, 9:42 AM ISTSwiss authorities have frozen over $310 million in Adani Group-linked accounts as part of a money laundering and securities investigation. The Adani Group vehemently denies the allegations, calling them fabricated and part of a coordinated attack on their reputation.
Swiss authorities have frozen more than $310 million in funds across several bank accounts linked to the money laundering and securities investigation of Adani Group, said US-based short seller Hindenburg Research, citing local reports.
In a post on X, Hindenburg wrote, "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, dating back as early as 2021."
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, dating back as early as 2021.
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The conglomerate has "no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," the Adani Group disputed the allegations.
"We categorically reject and refute the fabricated accusations made. The Adani Group is not involved in any legal processes in Switzerland, nor has any authority sequestered any of our company's accounts. Furthermore, our group firms have not been identified by the Swiss court, even in the purported decision, and we have not received any demands for explanation or information from any regulatory organisation or authority of that kind," company spokesperson said.
A representative for the company stated, "We reaffirm that our offshore holding structure is open, fully disclosed, and consistent with all applicable regulations."
The Adani Group went on to say that the claims made by Hinderburg are "obviously ridiculous, illogical, and ridiculous." "We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group's reputation and market value," the statement stated.
Hindenburg made severe accusations of financial malfeasance and stock market manipulation against the vast ports-to-power company owned by billionaire Gautam Adani in January 2023. Nonetheless, Gautam Adani has repeatedly and unequivocally denied all of the accusations made by the short-selling company.
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