Adani Group denies allegations of Swiss account freeze  

The Adani Group has vehemently denied allegations that Swiss authorities have frozen over $310 million in funds across multiple Swiss bank accounts as part of a money laundering investigation. In a media statement released on September 12, 2024, an Adani Group spokesperson categorically rejected claims of any involvement in Swiss court proceedings or account sequestration.

The shares of Adani Enterprises Ltd were trading at ₹2,972.70 down by ₹18.30 or 0.61 per cent on the NSE today at 10.25 am.

The statement comes in response to recent assertions made by Hindenburg Research, an American short-selling group, on social media platform X. Hindenburg alleged that Swiss prosecutors were investigating an Adani frontman for investing in opaque funds that primarily owned Adani stocks.

Adani’s spokesperson dismissed these claims as “preposterous, irrational, and absurd,” stating that the group has not received any requests for clarification from Swiss authorities. The company maintains that its overseas holding structure is transparent and compliant with all relevant laws.

This latest development is part of an ongoing controversy surrounding the Adani Group, which has faced scrutiny since Hindenburg’s initial report in January 2023. The conglomerate continues to defend its reputation and market value against what it describes as orchestrated attempts to inflict damage.