India's Adani Group has refuted allegations of involvement in a money laundering and securities fraud investigation following reports that over $310 million held in Swiss bank accounts had been frozen.
These claims, made by US short-seller Hindenburg Research, were based on Swiss media reports from Gotham City, which Hindenburg shared on Thursday on X (formerly Twitter).
According to Hindenburg, Swiss authorities have frozen the funds as part of an investigation into money laundering and securities forgery linked to Adani.
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The firm further alleged that prosecutors found an "Adani frontman" funneling money through offshore locations like the British Virgin Islands, Mauritius, and Bermuda, known for facilitating opaque financial transactions, to invest in Adani Group's stocks.
Adani Group strongly dismissed the accusations in response, calling them "preposterous" and "baseless."
The conglomerate clarified that no group companies were mentioned by the Swiss court, nor had they been approached by any authority or regulator for information.
This development is the latest episode in the ongoing conflict between Hindenburg Research and the Adani Group.
Last year, Adani’s market value took a significant hit after Hindenburg accused the company of widespread corporate fraud.
Gautam Adani, the group’s billionaire founder and one of Asia’s wealthiest individuals, rejected those claims, labeling them a "deliberate attempt" to harm the company's reputation for the benefit of short-sellers like Hindenburg.
Despite the renewed allegations, Adani's shares remained stable on Friday.
