Adani Group: ‘Swiss officials seized Adani Group’s Rs 2600 crore’, Hindenburg’s claim rejected by the company

New Delhi| Hindenburg Research has made a new allegation against Adani Group. The American short seller company has claimed that about $310 million (about Rs 2600 crore) of Adani Group deposited in several Swiss banks has been frozen by the authorities there. Hindenburg claims that this action has been taken as part of the investigation into the money laundering and counterfeiting cases going on there against Adani. Hindenburg Research made this claim in a post on social media.

Swiss authorities have frozen more than $310 million deposited in six Swiss bank accounts as part of an investigation into money laundering and share counterfeiting allegations involving the Adani Group, the U.S. company wrote. Hindenburg cited recently released Swiss Criminal Court records as the reason behind this claim. Swiss prosecutors have described how an Adani associate had invested in suspicious funds of the BVI/Mauritius and Bermuda, Hindenburg was quoted as saying by Swiss media.

At the same time, Adani Group has rejected the news related to freezing of some funds in its own back accounts and termed them baseless. The group has clarified that there is no case against it in the Swiss court nor have the company’s accounts been frozen by any official.

Adani Group said in a statement that these allegations are completely baseless, impractical and ridiculous. This allegation is another organized attempt to damage the image of the group. “We completely reject these baseless allegations”, the statement said. Adani Group is not involved in any Swiss court proceedings and no account of our company has been frozen by any authority. The Swiss Court has not made any mention of our group companies in the order nor have we received any clarification or request for information from any authority or regulatory body.