As the Hindenburg saga unfolds, the Adani Group has strongly rejected and denied the “baseless” allegations made by U.S. short-seller Hindenburg.
Swiss authorities have frozen over $310 million in funds spread across six Swiss bank accounts as part of an investigation into alleged money laundering and securities fraud linked to the Adani Group, according to newly released Swiss criminal court documents cited by Hindenburg.
In a post on X on Thursday, the U.S. short-seller stated that the investigation, which dates back to 2021, has uncovered financial practices involving opaque offshore entities associated with the Indian conglomerate.
Swiss media reported that the Geneva Public Prosecutor’s Office had been investigating alleged misconduct by the Adani Group well before Hindenburg Research raised its first accusations.
The Adani Group responded with a media statement, calling the allegations “baseless.”
A spokesperson for the Adani Group stated:
We unequivocally reject and deny the baseless allegations. The Adani Group is not involved in any Swiss court proceedings, nor have any of our company accounts been frozen by any authority. Furthermore, the Swiss court order does not mention our group companies, and we have not received any requests for clarification or information from any authority or regulatory body. Our overseas holding structure is fully transparent, disclosed, and compliant with all relevant laws. These allegations are absurd and clearly part of a coordinated attempt to harm our group’s reputation and market value.
The Adani Group remains committed to transparency and compliance with all legal and regulatory requirements. We strongly condemn this effort and urge you not to publish this story. If you do, we request that our statement be included in full.
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