New Delhi: The ongoing battle between the Adani Group and the controversial American short-seller Hindenburg Research has taken another twist with fresh allegations surfacing. Hindenburg has accused the Adani Group of having billions of dollars frozen in various Swiss bank accounts, a claim that the Adani Group has swiftly dismissed as baseless.
On Thursday, Hindenburg Research made the latest allegations through an update on social media platform X, stating that Swiss authorities had frozen more than $310 million in funds belonging to the Adani Group. The group promptly responded, rejecting the claims and describing them as unfounded.
The Adani Group emphasised that its overseas holdings are entirely transparent, stating, “We have fully disclosed our foreign structures and adhere to all applicable rules.” The group further clarified that it is not facing any cases in Swiss courts and that no group company has been named in any court documents or asked to provide explanations related to the allegations.
Hindenburg’s fresh accusations also included claims that the Adani Group is under investigation in Switzerland for alleged money laundering and securities fraud. According to Hindenburg, the Swiss authorities have been probing the matter since 2021, leading to the freezing of $310 million across various Swiss bank accounts linked to the group. These allegations were reportedly based on information from Swiss media outlet Gotham City.
This is not the first time Hindenburg has targeted the Adani Group. The controversy initially erupted in January 2023 when Hindenburg Research accused the conglomerate of orchestrating the “largest stock market fraud in history.” The charges included accusations of inflating share prices and diverting funds through a complex web of shell companies.
Despite the Adani Group’s denials, these allegations led to significant losses, with the market capitalisation of several group companies plummeting by more than half. Just a month ago, Hindenburg also questioned the Securities and Exchange Board of India’s (SEBI) ongoing investigation into the Adani Group and alleged financial connections between SEBI chairperson Madhabi Puri Buch, her husband Dhaval Buch, and the Adani Group. Both the SEBI chairperson and her husband issued a joint statement denying any financial ties, and the Adani Group also rejected the claims.
As the dispute between Hindenburg Research and the Adani Group continues to escalate, the latest developments suggest that this is a story far from over, with both sides preparing for further battles ahead.
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