Swiss Authorities Freeze $311 Million in Connection to Adani Probe

Swiss authorities have frozen USD 311 million held by a Taiwanese resident in multiple Swiss bank accounts amid a money laundering probe linked to the Adani Group. The Adani conglomerate denies allegations, asserting no involvement in Swiss court proceedings. The investigation includes allegations of opaque investments and securities forgery.

Swiss authorities have frozen USD 311 million belonging to a Taiwanese resident in Swiss bank accounts as part of a money laundering probe. The Adani Group, accused of being linked to the case, vehemently denies any involvement, asserting its compliance with all legal requirements.

Hindenburg Research cited newly released Swiss criminal records to report that the funds were frozen due to allegations of money laundering and securities forgery linked to the Adani Group. The investigation dates back to 2021 and involves investments in opaque funds.

The group rejects the charges, stating it had no involvement in Swiss court proceedings. The name of the allegedly implicated individual, Chang Chung-Ling, had appeared in previous reports accusing the Adani Group of financial irregularities.

(With inputs from agencies.)