Adani Group: 2600 crores frozen in 6 Swiss accounts of Adani Group! Hindenburg's allegations termed baseless

Hindenburg Report: It started even before the first report issued by Hindenburg against Adani Group on 24 January 2023. In the latest claim made by Hindenburg, Adani Group has issued a statement calling any such allegation completely baseless.

Adani Hindenburg Saga: US-based activist short seller Hindenburg Research has again attacked the Adani Group. This time Hindenburg, citing a report by Swiss media outlet Gotham City, claimed that Swiss authorities have frozen $310 million (Rs 2600 crore) deposited in several Swiss bank accounts as part of an investigation against the Adani Group. Zee News does not confirm any such report. Hindenburg has posted on X late night regarding this claim.

The first report was released in January 2023

According to the Gotham City report, Swiss authorities have been investigating the Adani Group for money laundering and securities fraud since 2021. This investigation began even before the first report issued by Hindenburg against the Adani Group on January 24, 2023. Hindenburg Research released its first report 'Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History' in January 2023. The Gotham City report has cited the decision of the Swiss Federal Criminal Court (FCC).

Such news is completely baseless,

however Adani Group has issued a statement in the media and termed any such allegation as completely false and baseless. After the latest case came to light, Adani Group has said that no case is going on against them in any court of Switzerland. They have also said that the Swiss authorities have not frozen any of their bank accounts. Adani Group has termed these reports as false and said that such news is completely baseless.

Attempt to damage reputation and market value

A statement issued by the Adani Group said that we can say without hesitation that this is an attempt by the same group to damage the reputation and market value of our group. The Adani Group statement said, 'Furthermore, even in the alleged order, the Swiss court has not mentioned our group companies. Nor have we received any request for clarification or information from any such official or regulatory body.

$310 million was deposited in six Swiss banks

Hindenburg, citing news reports, said that a person representing Adani invested in opaque funds based in the British Virgin Islands / Mauritius and Bermuda. All of these almost exclusively owned Adani shares. The report further said that more than $310 million of the frontman was kept in six Swiss banks, which have now been frozen. Earlier on August 10, Hindenburg had claimed business relations between SEBI chief Madhabi Puri Buch and Adani Group. Now a month later, Hindenburg has again attacked the group.