The Adani Group has firmly rejected recent claims made by Hindenburg Research, which alleged that Swiss authorities had frozen over $310 million across six bank accounts linked to the conglomerate in connection with a money laundering investigation.

In a statement, the Adani Group clarified that it is not involved in any legal proceedings in Switzerland. The company emphasized its unwavering commitment to transparency and adherence to legal and regulatory frameworks, dismissing the allegations as completely unfounded.

This denial comes as part of the group’s ongoing effort to counter accusations that have raised concerns about its financial dealings. Adani Group continues to stress its dedication to maintaining ethical business practices while upholding the highest standards of corporate governance.

Adani Group denied the allegations of Hindenburg Research

Swiss authorities have reportedly frozen more than $310 million held in several Swiss bank accounts as part of an ongoing money laundering investigation. According to Swiss investigative news website Gotham City, the frozen accounts are allegedly connected to entities linked to the Adani Group.

This development came to light after Hindenburg Research posted a link to the Gotham City report on X (formerly known as Twitter). The investigation raises fresh concerns about financial activities involving entities associated with the Adani Group, though the group has not yet responded to these latest claims.

The ongoing investigation, which began in 2021, has uncovered substantial financial activity tied to investment structures based in offshore tax havens, including the British Virgin Islands (BVI), Mauritius, and Bermuda. According to a report by the Swiss media outlet Gotham City, these offshore entities were exclusively holding Adani stocks, raising further questions about the conglomerate’s financial dealings.

The use of offshore tax havens has sparked concern, as investigators continue to probe the links between these entities and the Adani Group amid accusations of potential money laundering.

Adani Group React On the Post of Hindenburg Research

In response to recent claims, the Adani Group has issued a firm statement rejecting the allegations made against it. “We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority,” the statement read.

“Furthermore, even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws,” the Adani Group said.

“These allegations are clearly preposterous, irrational, and absurd. We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group’s reputation and market value,” it said.

“The Adani Group remains steadfastly committed to transparency and compliance with all legal and regulatory requirements. We strongly condemn this effort and urge you to refrain from publishing this story. Should you decide to proceed, we request that you include our statement in full,” the Adani Group said.

Hindenburg Accuses Adani Group of Stock Manipulation; SEBI Chairperson Denies Allegations

In January 2023, Hindenburg Research leveled serious accusations against the Adani Group, claiming involvement in stock-price manipulation, undisclosed related-party transactions, and violations of public shareholding norms. The Adani Group swiftly denied all allegations, asserting its compliance with legal and regulatory standards.

In a follow-up report on August 10, Hindenburg further alleged that Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, held investments in offshore entities linked to a fund supported by Vinod Adani, the brother of billionaire Gautam Adani. The report cited information provided by a whistleblower. Both Buch and SEBI have strongly denied these claims.