Adani Group denies Hindenburg comment on frozen funds in Swiss banks

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September 12, 2024 4:01 PM EDT

FILE PHOTO: The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS/Amit Dave/File Photo

(Reuters) - India's Adani Group said late on Thursday it has no involvement in any Swiss court proceedings after Hindenburg Research indicated that authorities had frozen more than $310 million of the company's funds as part of a money laundering and securities forgery investigation.

Swiss criminal court records show in detail how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stock, the U.S.-based short seller said in a post on X, formerly Twitter, citing a Swiss media outlet.

"The Adani Group has no involvement in any Swiss court proceedings," the multinational conglomerate said, adding that none of its company accounts have been subject to sequestration by any authority.

(Reporting by Harshita Meenaktshi in Bengaluru; Editing by Krishna Chandra Eluri)


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