US short seller Hindenburg Research has once again targeted the Adani Group, claiming that Swiss authorities have frozen more than $310 million deposited in six Swiss bank accounts of the Adani Group as part of an investigation into allegations of money laundering and fraud.
Hindenburg posted on social media that Swiss authorities have frozen more than $310 million deposited in several Swiss bank accounts of Adani Group as part of an investigation into money laundering and fraud. This investigation has been going on since 2021.
Hindenburg quoted a Swiss media outlet Gotham City as saying how an associate representing Adani invested in suspicious funds from British Virgin Islands/Mauritius and Bermuda. Most of the money from these funds was invested in Adani shares. These six Swiss banks had more than $310 million in funds, which have now been frozen. This has been revealed from the records of the Swiss Criminal Court.
Adani Group called the allegations
Adani Group has called these allegations of Hindenburg false. A statement has been issued by the group saying that all this is being done to reduce their market value. Adani Group issued a statement saying that Adani Group is not related to any Swiss court proceedings. Nor has any account of our company been seized. Our overseas holding structure is completely transparent and in accordance with the law. We have no hesitation in saying that this is an attempt by those working to harm our reputation and market value.
Last year Hindenburg made this allegation
Hindenburg Research published a 106-page report on Adani Group on 24 January 2023 last year. In this, many allegations were made against Adani Group, ranging from debt to manipulation of share prices. After the publication of this report, when the stock market opened, there was an earthquake in the shares of Adani’s companies listed in it and they collapsed in no time. Due to the tsunami in the shares, not only the market cap of Adani Group was broken, but there was also a big decline in Gautam Adani Networth.
Due to the impact of Hindenburg’s first report, Gautam Adani’s wealth saw a decline of about $60 billion. However, Adani Group’s shares have made a strong comeback this year and have recovered, but Hindenburg is sometimes attacking the group over the SEBI chief, and now it has released this new post.
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