Suspense Crime Sach Ka Dam
Adani Group has denied a report by Hindenburg Research that Swiss authorities have frozen more than $310 million in several Swiss bank accounts as part of a money laundering and securities fraud investigation against Adani that began in early 2021. Adani Group has categorically denied this and said that there is no truth in it. Hindenburg Research says that according to new Swiss criminal court records released by a Swiss media outlet, prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius and Bermuda funds that almost exclusively owned Adani shares.
Adani Group denied the allegations.
Denying the allegation, an Adani Group spokesperson said, “We categorically deny the baseless allegations presented. The Adani Group has no connection with any Swiss court proceedings, nor has any of our company’s accounts been seized by any authority. Moreover, even in the alleged order, the Swiss court has neither mentioned our group companies nor have we received any request for clarification or information from any such authority or regulatory body.”
We reiterate that our overseas holding structure is transparent, fully disclosed, and complies with all relevant laws. These allegations are absurd and irrational. We have no hesitation in saying that this is yet another well-planned and serious attempt by the same partners working together to cause irreparable damage to our group’s reputation and market value. The Adani Group is firmly committed to transparency and compliance with all legal and regulatory requirements. We strongly condemn this attempt.
Hindenburg was accused last month.
Hindenburg, in January 2023, accused the Adani Group of using tax havens to circumvent local market regulations. Hindenburg had alleged last month that Securities and Exchange Board of India (SEBI) chairperson Buch’s past investments and dealings may be behind the slow probe against the group. Though Buch and the Adani Group denied last month’s allegations, the opposition Congress party has leveled several allegations against Buch in recent times, including holding 99 percent shares in a company that to date actively provides advisory/consultancy services and that her husband Dhaval Buch earned income from companies that were being decided by her.
