Adani Group denies ’baseless’ claims of ‘involvement’ in Swiss Bank accounts, refutes Hindenburg’s allegations

Adani-Hindenburg saga: The Adani Group, an Indian business conglomerate, strongly refuted claims regarding the freezing of funds in Swiss bank accounts in a media statement on September 12. The group vehemently denied any involvement in Swiss court proceedings and asserted that authorities had sequestered none of its company accounts.

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

What did the Adani Group say?

Responding to these allegations, the Adani Group issued a forceful statement.

An Adani Group 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 group further emphasized the transparency of its overseas holding structure, stating it is fully disclosed and compliant with all relevant laws. They characterized the allegations as "preposterous, irrational, and absurd," suggesting they were part of a coordinated effort to damage the group's 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 compliance with all legal and regulatory requirements, while condemning what it views as baseless allegations against the company.