Adani rejects Hindenburg claims of $310 million fund freeze in Swiss banks

The Adani Group issued a statement late on Thursday refuting claims made by New York-based short-seller Hindenburg Research. Hindenburg Research alleged that Swiss authorities had frozen over $310 million in multiple Swiss bank accounts as part of a money laundering and securities forgery investigation dating back to 2021 involving the group.

"We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," the company said in a media release.

Hindenburg made the claims on X, referencing newly released records from a Swiss criminal court.

What did Hindenburg say about Adani’s Swiss proceedings?

As the dispute between Adani and Hindenburg continued, the US short-seller repeated its assertion that Swiss authorities had frozen the funds in question, citing criminal court documents that allegedly tied the funds to the Adani Group through a probe into money laundering and securities forgery. However, the Adani Group has strongly rejected these allegations as unfounded.

The Adani Group's response reiterated that its overseas holding structure is transparent, fully disclosed, and adheres to all applicable laws. The company further emphasised that it is not involved in any legal proceedings in Switzerland, clarifying that none of its group companies had been named in any court documents, nor had it received any requests for information from Swiss authorities.

The group added, "Even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws."

The Adani Group called the allegations "preposterous, irrational, and absurd" and stated that they were part of a coordinated attempt to harm the group's reputation and market value.

Hindenburg’s claims included details of an alleged frontman for Gautam Adani, who reportedly invested in opaque funds based in the British Virgin Islands, Mauritius, and Bermuda that held primarily Adani stocks. "More than $310 million belonging to an alleged frontman for Gautam Adani (chairman of Adani Group) is sequestered in six Swiss banks. The Office of the Attorney General of Switzerland took over the investigation after the case was revealed in the press," Swiss media outlet GothamCity reported.