Swiss authorities have frozen over $310 million in Adani-linked probe, alleges US short-seller

United States-based short-seller Hindenburg Research alleged on Thursday that authorities in Switzerland have frozen funds of over $310 million, or more than Rs 2,600 crore, as part of a money-laundering investigation linked to the Adani Group.

The Adani Group, however, termed the allegations as baseless and claimed that it was not involved in any Swiss court proceedings.

Hindenburg Research cited recently-released records from a Swiss criminal court to claim that the investigation has been going on since 2021, about two years before the United States-based firm released its first allegations against the conglomerate led by industrialist Gautam Adani.

Switzerland-based news website Gotham City, in a report about the court proceedings, said that “over $310 million belonging to an alleged frontman of billionaire Gautam Adani have been sequestered in five Swiss banks”.

Hindenburg Research claimed that prosecutors in the case revealed details of how the alleged Adani frontman invested in opaque funds in the British Virgin Islands, Mauritius and Bermuda that “almost exclusively owned Adani stocks”.

Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021.

Prosecutors detailed how an Adani frontman invested in opaque…— Hindenburg Research (@HindenburgRes) September 12, 2024

The Adani Group, however, called the allegations “‘preposterous, irrational, and absurd”.

“The Adani...

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