Adani Group ‘unequivocally reject and deny’ Hindenburg’s new allegations

The Adani Group rejected and denied “baseless allegations” over reports concerning freezing of some funds in Swiss bank accounts. In a post on X (formerly Twitter), US-based short seller Hindenburg Research cited a news report by Swiss media outlet Gotham City and alleged that Swiss authorities have frozen over USD 310 million in funds across multiple Swiss bank accounts as part of an investigation into Adani Group.

Adani Group said that it has no involvement in any Swiss court proceedings and nor have any of the company accounts been subject to sequestration by any authority. The conglomerate said in a statement, “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.”

It added, “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.”

Adani Group also said it remains steadfastly committed to transparency and compliance with all legal and regulatory requirements and condemned any such effort at baseless allegations.