Industrialist Gautam Adani
The latest report from Hindenburg claims that the Swiss bank has frozen over Rs 310 million, or Rs 2,600 crore, as part of the money laundering and fraud investigation of the Adani Group. Now the statement from the Adani Group has come in. It has rejected this allegation and termed it baseless. India’s Adani Group said late on Thursday that it is not involved in any Swiss legal proceedings as Hindenburg Research indicated that authorities have seized $310 million, or Rs 2,600 crore, from the company as part of a money laundering and securities fraud investigation with a value of over Rs. 2,600 crore has been frozen.
The group rejected
US-based short-seller Hindenburg said in its post that Swiss criminal court records show in detail how an Adani leader invested in opaque funds in BVI/Mauritius and Bermuda that held almost exclusively Adani shares. A Swiss media outlet is quoted in this post. Adani Group rejected the allegation and said the group is not involved in any Swiss court proceedings. It said none of its company accounts have been seized by any authority.
Hindenburg Company engages in short selling
Hindenburg Research has been making various allegations against the Adani Group for a year now. In early 2023, through the allegations against Adani Group, the investigative agency accused SEBI Chairperson Madhabi Puri Buch and her husband Dhawal Buch of having invested in an offshore fund related to the Adani Group. Hindenburg Research sells shares short (this means it takes those shares and hopes that their value falls); when the value of the shares falls, Hindenburg Research buys them back at the lower price and makes a profit. It has made many headlines due to the dispute with Adani.
