Adani Group Rejects Allegations Concerning Swiss Bank Accounts, Terms Them Baseless

The Adani Group has rejected and denied "baseless allegations" over reports concerning freezing of some funds in Swiss bank accounts. The Business conglomerate asserted that it has no involvement in any Swiss court proceedings, nor have any of the company accounts been subject to sequestration by any authority.

The Adani Group said in a statement that the allegations are clearly preposterous, irrational, and absurd and it is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict damage on the group's reputation.

"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 statement said.

"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 added.

In a post on X, 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 the Adani group.

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