Adani Group: The Adani Group, an Indian conglomerate, strongly denied claims of having funds frozen in Swiss bank accounts, as stated in a media release on September 12. The group firmly rejected any involvement in Swiss court cases and asserted that none of its accounts had been sequestered by authorities.
This controversy arose after US-based short seller Hindenburg Research alleged on the social media platform X that Swiss authorities had frozen over $310 million across several Swiss bank accounts linked to the Adani Group, citing a report from Swiss media outlet Gotham City.
In response, the Adani Group issued a firm statement denying the allegations. A spokesperson said, “We unequivocally reject and deny the baseless allegations presented. 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. Furthermore, 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 emphasized the transparency and compliance of its overseas holding structure, describing it as fully disclosed and in accordance with all relevant laws. The group labeled the allegations as “preposterous, irrational, and absurd,” suggesting they were part of a coordinated effort to damage its reputation and market value.
“We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws. These allegations are clearly preposterous, irrational, and absurd. 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 statement continued.
The Adani Group concluded by reaffirming its commitment to transparency and adherence to all legal and regulatory obligations, condemning the accusations as baseless and unjustified.