The Adani Group has strongly refuted allegations made by US-based short seller Hindenburg Research, claiming that Swiss authorities have frozen over $310 million in funds linked to the conglomerate across multiple Swiss bank accounts. The allegations, initially reported by Swiss media outlet Gotham City, were categorically denied by the Adani Group.
In a statement, a spokesperson for the Adani Group asserted, “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. 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.”
The Adani Group emphasized that its overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws. The conglomerate also described the allegations as “preposterous, irrational, and absurd,” suggesting that this is yet another orchestrated attempt to harm the group’s reputation and market value.
The allegations stem from a broader investigation by the Geneva Public Prosecutor’s office and the Office of the Attorney General of Switzerland (OAG), which reportedly began well before Hindenburg Research’s accusations surfaced.
Adani Group Chairman Gautam Adani has consistently denied all allegations of financial misconduct and stock market manipulation since Hindenburg’s initial claims in January 2023.
