Adani Group Denies Allegations of Swiss Bank Account Freezing

The Adani Group has refuted recent allegations regarding freezing funds in Swiss bank accounts. In a media statement released on September 12, the group vehemently denied involvement in Swiss court proceedings and asserted that authorities had sequestered none of its company accounts.

“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,” the company stated.

The controversy emerged following claims made by US-based short seller Hindenburg Research on  X. Hindenburg cited a report from Swiss media outlet Gotham City, alleging that Swiss authorities had frozen over $310 million across multiple Swiss bank accounts as part of an investigation into the Adani Group.

In response to these allegations, the Adani Group labeled them as “baseless” and “orchestrated.” The company emphasized that it had not received any requests for clarification or information from any Swiss authority or regulatory body.

“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,” the Adani Group clarified.

The allegations by Hindenburg Research have reignited the ongoing saga between the two entities, which began earlier this year with accusations of market regulation violations by the Adani Group.

The Adani Group concluded its statement by asserting its commitment to transparency and compliance with all regulatory requirements. “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,” the company declared.

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