There are constant new twists in the case of Adani Group and controversial American short seller Hindenburg Research. This case, which started one and a half years ago, is not getting resolved and new chapters are constantly being added to it. In the latest case, Hindenburg has made a new allegation against the Adani Group. It says that billions of dollars of Adani Group have been frozen in various Swiss bank accounts. However, Adani Group has also rejected Hindenburg’s new allegations and called them baseless.
Hindenburg Research again shared an update on Adani Group on social media platform X on Thursday. It alleged that the Swiss authority has frozen more than $310 million of funds belonging to the Adani Group. After that a statement was issued by the Adani Group. In its statement, the Adani Group completely rejected Hindenburg’s latest allegations and termed them baseless.
Adani Group’s statement- foreign holding is transparent
Adani Group says that the structure of its overseas holding is completely transparent. It has fully disclosed its foreign structure and it follows all the rules applicable to it. Adani Group has also said that no case is going on against them in any court of Switzerland. The name of any company of the group has not appeared in any such court document. Nor has any clarification been sought from them in this regard.
Hindenburg made this new allegation against Adani
Earlier, Hindenburg Research, in its new attack on the Adani Group, had claimed that an investigation is going on against Adani in Switzerland for money laundering and securities fraud. Hindenburg has written in its X update that in connection with that investigation, the Swiss authority has frozen more than $310 million of funds belonging to Adani, which were kept in various Swiss bank accounts. According to Hindenburg, the investigation has been going on since 2021. Hindenburg has made this allegation quoting Swiss media outlet Gotham City.
Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities fraud investigation into Adani, dating back as early as 2021.
Prosecutors detailed how an Adani frontman invested in opaque…
— Hindenburg Research (@HindenburgRes) September 12, 2024
Hindenburg is attacking Adani from January 2023
This is not Hindenburg’s first attack on the Adani Group. The controversy began more than a year and a half ago in January 2023, when Hindenburg Research first targeted the Adani Group. At that time, Hindenburg Research accused the Adani Group of committing the biggest stock market fraud in history. Its allegations included mispricing of shares and money laundering using a web of shell companies.
Hindenburg had made this allegation a month ago
Adani Group had also denied those allegations of Hindenburg. However, at that time Adani Group had to suffer huge losses. The market capitalization of many companies of the group had fallen to less than half. Just a month ago, Hindenburg had attacked Adani Group. In that, Hindenburg had questioned the ongoing SEBI investigation against Adani Group and claimed that SEBI Chairperson Madhabi Puri Buch and her husband Dhawal Buch have financial relations with Adani Group. That allegation was denied by SEBI Chairperson and her husband by issuing a joint statement. Adani Group also issued a statement denying any financial relationship with the SEBI chief.
Also read: New revelations announced today! Whose turn is next after Adani, who will become Hindenburg’s new victim?