‘Preposterous, irrational, absurd’: Adani Group dismisses Hindenburg’s allegations; says no involvement in Swiss court proceedings

Adani Group, responding to the fresh salvo by Hindenburg Research about Swiss authorities freezing more than $310 million in funds in six accounts, has called the allegations baseless. A company spokesperson said that the conglomerate was not involved in any Swiss court proceedings and none of its accounts have been subject to sequestration by the authority.

“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. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws,” the spokesperson said.

The company called the allegations “preposterous, irrational, and absurd”. “We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group's reputation and market value,” said the spokesperson, adding that the group is committed to transparency and compliance with legal and regulatory requirements.

The group’s response comes to a news report by Swiss media outlet Gotham City that Hindenburg cited to claim:  “Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021.”

It claimed that Adani frontman, according to prosecutors, invested in opaque Mauritius and Bermuda funds that almost exclusively owned Adani stocks.

The Geneva Public Prosecutor’s Office was investigating alleged wrongdoing by the Adani Group well before Hindenburg Research made its first accusations against the conglomerate, according to the report by the Swiss media outlet.