Adani Group's befitting reply to Hindenburg, not a single penny is deposited in Swiss bank
Adani Group rejected the allegation and said that the group has no role in any proceedings of the Swiss court. He said that no account of its company has been seized by any authority. Let us understand the whole matter.
Hindenburg's latest report claims that Swiss banks have frozen $310 million or more, or Rs 2600 crore, as part of the Adani Group's money laundering and fraud investigation. Now Adani Group's statement has come. It has rejected this allegation and called it baseless.
India's Adani Group said late on Thursday that it has no role in any proceedings of the Swiss court, as Hindenburg Research indicated that authorities have frozen the company's funds worth more than $310 million, or Rs 2600 crore, as part of a money laundering and securities fraud investigation.
The group rejected
US-based short seller company Hindenburg said in its post that Swiss criminal court records show in detail how an Adani frontman invested in opaque BVI/Mauritius and Bermuda funds that owned almost exclusively Adani stock. The post cited a Swiss media outlet.
Adani Group rejected the allegation, saying the group has no hand in any Swiss court proceedings. He said that none of its company accounts have been seized by any authority.
Hindenburg company does short selling
Hindenburg has been making various allegations against the Adani Group for the last one year. The research agency has initially accused SEBI Chairperson Madhabi Puri Buch and her husband Dhawal Buch through allegations against the Adani Group in 2023 that they had invested in an offshore fund linked to the Adani Group.
Hindenburg Research short sells stocks - this means that it takes those stocks and hopes that their value will fall - when the value of the stock falls, Hindenburg Research buys them back at a lower price and makes a profit. It has made a lot of headlines due to the dispute with Adani.