Switzerland authorities have frozen funds worth USD 310 million across various Swiss bank accounts allegedly related to the Adani Group, as part of an ongoing investigation regarding alleged money laundering and security forgery.
In a new revelation, US-based short seller Hindenburg Research highlighted on social media that Switzerland’s Federal criminal court has been investigating accounts linked to the Adani Group since 2021. This investigation by the public ministry of Geneva predates Hindenburg’s public accusations of alleged financial crimes committed by the Vinod Adani-led conglomerate.
The investigation reportedly froze five bank accounts of an alleged “straw man” for Adani. The frozen Swiss bank accounts reportedly had a collective investment of USD 310 million (Rs 2573 crore.)
According to the Swiss prosecutors, the alleged frontman working for Adani has been investing in dubious funds in tax havens including the British Virgin Islands, Mauritius, and Bermuda. These funds were allegedly used exclusively to buy and own Adani stocks.
In response, the Adani Group has denied any connection to the bank accounts or the Swiss court proceedings. The company stated, “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 Hindenburg Research had made recent allegations regarding Adani Group and Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch having dubious financial connections and a potential conflict of interest from the country’s security regulators.
The US-based short seller Hindenburg Research published a damning report in 2023 against the Adani group that led to the wiping away of USD 150 billion in the market value of listed firms of the conglomerate in the following weeks.
