Adani Group ‘unequivocally rejects and denies’ Swiss media report saying authorities froze over $310 million in funds

In a post on X (formerly Twitter), the United States-based short seller Hindenburg Research referenced a report by Swiss media outlet Gotham City, which claimed that Swiss authorities had frozen over $310 million (Rs 2,601 crore) across multiple Swiss bank accounts as part of an investigation into the Adani Group.

The Gautam Adani-led conglomerate stated that it is not involved in any Swiss court proceedings, and none of the Ahmedabad-headquartered company's accounts have been subject to sequestration by any authority.

“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," Adani Group said in a statement.

"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," the statement read.

"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 further stated.

The Adani Group reiterated its strong commitment to transparency and adherence to all legal and regulatory requirements, condemning any attempts to spread baseless allegations.

Earlier in January last year, Hindenburg Research accused the Adani Group of manipulating stock prices, conducting undisclosed related-party transactions, and breaching public shareholding regulations.

Since then, the firm has published several reports concerning the company's operations.

Most recently, in August, Hindenburg alleged that Madhabi Puri Buch, the chairperson of the Indian stock market regulator Securities and Exchange Board of India (SEBI), held stakes in offshore entities connected to the purported Adani money siphoning scandal.

The Adani Group, however, had refuted all these allegations against the company.