Hindenburg Research said the Swiss authorities froze more than $310 million in assets related to the Adani Group. The short-seller cited a Swiss media outlet, Gotham City, which claimed that the funds were linked to an alleged frontman for billionaire Gautam Adani.
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| Photo Credit: Hindustan Times |
Adani Group Denies Allegations
To this, the Adani Group has denied the charges categorically. It said that it was not a party to any litigation in any Swiss court and no account of its companies has been attached. It explained that its overseas holding structure is fully transparent and that all relevant laws are followed.
Hindenburg's Claims
Hindenburg's allegations were based on an investigation report from Gotham City stating that the FCC was probing Adani Group over money laundering and forging securities. It also said funds belonging to an alleged Gautam Adani frontman had been frozen in six Swiss banks.
Ongoing Investigation
The investigation was taken over by the Office of the Attorney General of Switzerland after the media reports. Though the Adani Group has denied any wrongdoings, the investigation into the matter throws serious questions at the financial wheeling dealings of the conglomerate.
Previous Allegations
Of course, it is important to note that serious allegations have in the past been levied against the Adani Group by Hindenburg Research for serious wrongdoing involving the manipulation of the stock market and some other financial misdeeds. Gautam Adani has consistently denied the accusations.
Conclusion
The recent set of allegations by Hindenburg Research has given a whole new dimension to the ongoing saga relating to the Adani Group. Though the company has strongly denied any wrongdoing, the investigation to be conducted by Swiss authorities will shed more light on this matter.
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