Adani’s $310 mn in Swiss banks frozen: Hindenburg

A Swiss investigative news website on Thursday reported that the Swiss authorities had frozen more than $310 million in funds across multiple bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021.

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US short seller Hindenburg, which has been accusing the Gautam Adani-led conglomerate of alleged “stock price manipulation and financial irregularities”, shared a link to the website Gotham City on its X handle. “Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stocks, according to newly released Swiss criminal court records reported by Swiss media outlet @news_gotham,” said Hindenburg in the post.

The Adani Group rejected the allegations as “baseless”. In a statement, it said, “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. Furthermore, 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.”