Industrialist Gautam Adani (file photo)Image credit source: PTI
If you are thinking that Gautam Adani has moved away from the ghost of Hindenburg, then you are wrong. An American investigation firm has dropped another bombshell on Gautam Adani and the Adani Group. Which shows that Hindenburg is not going to leave Gautam Adani behind easily. The revelation made this time by the American firm is related to the Swiss bank. The latest report by Hindenburg claims that the Swiss Bank has frozen over Rs 31 crore i.e. Rs 2,600 crore as part of the investigation into money laundering and fraud of the Adani Group.
What is special is that this investigation has been going on for about 3 years. This latest case of Adani Group can prove to be very serious and worrying for Adani Group. This also at a time when the group is planning to turn to retail investors to raise funds. Now the eyes of investors will be on the shares of Adani Group. We may see a fall in Adani Group shares on Friday. Let us try to understand in detail what it is all about.
Hindenburg Group’s new accusation against Adani
The American firm Hindenburg Research has made a new accusation, or rather revealed it, against the Adani Group. The company posted on its social media account. The information provided by the American short-seller is based on the files of the Swiss Criminal Court. According to the government agency, its investigation has been ongoing continuously since 2021. This investigation has shed light on financial transactions involving offshore entities related to the Adani Group.
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Swiss media reports cited
The Adani Group has become a topic of much discussion in Swiss media reports. US short-seller Hindenburg, citing media reports, said that prosecutors have provided information on how Adani’s subsidiary (Frontman) had invested in controversial funds in BVI/Mauritius and Bermuda. What is special is that the money from these funds was invested in Adani shares. Information on all this was obtained from the files of the Swiss Criminal Court.
The controversy arose again
Actually, nobody thought that the Adani Hindenburg battle was over. But this did not happen. The new report has reignited this war. In a series of allegations against the Adani Group that began last year, SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch have been accused of investing in an offshore fund linked to the Adani Group. Hindenburg Research sells shares short (this means it takes those shares and hopes that their value falls); when the share price falls, Hindenburg Research buys them back at the lower price and makes a profit. It has made many headlines because of the dispute with Adani.
