Adani Group denies Hindenburg comment on frozen funds in Swiss banks
The Adani Group has no involvement in any Swiss court proceedings, the company said. Photo: Shutterstock.com
India’s Adani Group said late on Thursday it has no involvement in any Swiss court proceedings after Hindenburg Research indicated that authorities had frozen more than $310 million of the company’s funds as part of a money laundering and securities forgery investigation.
Swiss criminal court records show in detail how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stock, the US-based short seller said in a post on X, formerly Twitter, citing a Swiss media outlet.
“The Adani Group has no involvement in any Swiss court proceedings,” the multinational conglomerate said, adding that none of its company accounts have been subject to sequestration by any authority.
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First Published: Sep 13 2024 | 7:03 AM IST