Swiss Freeze $310M in Adani Funds Amid Money Laundering Allegations

Hindenburg Research claimed that Swiss authorities have frozen over USD 310 million in Adani Group funds due to money laundering allegations. Adani Group has vehemently denied these charges, asserting no involvement in Swiss court proceedings or illicit activities and upholding its commitment to transparency and compliance.

US-based short seller Hindenburg Research has alleged that Swiss authorities have frozen more than USD 310 million across several bank accounts as part of a money laundering probe targeting Adani Group. The conglomerate has strongly refuted these claims.

Hindenburg, in a post on X, cited newly released Swiss criminal records reported by local media, stating that the funds were frozen due to an investigation into money laundering and securities forgery linked to Adani, dating back to 2021. The report alleged that an Adani frontman funneled investments through opaque funds in BVI, Mauritius, and Bermuda, primarily holding Adani stocks.

The Adani Group dismissed these allegations as unfounded, emphasizing their non-involvement in any Swiss legal matters. The group labeled the charges as absurd and part of a coordinated effort to tarnish its reputation. They reaffirmed their dedication to transparency and adherence to all regulatory and legal standards.

(With inputs from agencies.)