NEW DELHI: Adani Group has ‘unequivocally’ rejected and denied the ‘baseless allegations’ made by US short-seller Hindenburg Research, which on Thursday hinted that the Swiss authorities have frozen $310 million in six Swiss bank accounts belonging to an alleged front man for billionaire Gautam Adani.
Hindenburg has posted a copy of the ruling by the Swiss Federal Criminal Court (FCC) revealing that the Geneva Public Prosecutor’s Office was investigating alleged wrongdoing by Indian conglomerate Adani Group well before activist investors from Hindenburg Research made the first accusations. As per Swiss media reports, the Office of the Attorney General of Switzerland (OAG) took over the probe after the case was revealed in the press.
The court ruling dated 7 August reveals that the Public Prosecutor’s Office of the Canton of Geneva opened criminal proceedings against the alleged front man (who has been referred to as B in the court ruling) on 28 December 2021 on suspicion of money laundering following a report from the Money Laundering Reporting Office.
On 20 July 2023, the Office of the Attorney General of Switzerland resumed investigation of the case. The court address Adani group as A Ltd in its ruling “Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority.
Even in alleged order, the court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws,” says an Adani group spokesperson.
He says these allegations are preposterous, irrational, and absurd. As per the court order shared by Hindenburg, the submission made by Office of the Attorney General of Switzerland in court shows six Swiss Bank Accounts of the Adani front man were frozen on different dates over the period of December 2021 to November 2023.
‘Allegations irrational, preposterous and absurd’
Adani Group says these allegations are preposterous, irrational, and absurd. As per the court order shared by Hindenburg, the submission made by Office of the Attorney General of Switzerland in court shows six Swiss Bank Accounts of the Adani front man were frozen on different dates over the period of December 2021 to November 2023.