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Swiss authorities have frozen USD 311 million (Rs 2,610 crore) held by a Taiwanese resident in multiple Swiss bank accounts as part of a money laundering investigation, amid suspicions that the individual may be a proxy for India’s Adani Group. The Adani conglomerate, however, strongly denied any connection to the probe or the frozen funds.
U.S.-based short-seller Hindenburg Research, which previously accused the Adani Group of stock manipulation and fraud in a 2022 report, reignited scrutiny by referencing “newly released Swiss criminal records” through Swiss media. The report, published by media outlet Gotham City, alleged that Swiss authorities had frozen the funds in connection with an investigation into money laundering and securities forgery involving Adani as early as 2021.
Hindenburg Research, in a post on ‘X’ (formerly Twitter), stated that “Swiss authorities have frozen more than USD 310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani.” It also claimed that prosecutors outlined how an alleged Adani proxy invested in offshore funds that primarily held Adani stocks.
The Adani Group categorically dismissed these claims. “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,” the conglomerate said in a statement.
Gotham City’s report detailed that the Swiss Federal Criminal Court (FCC) had recently ruled on the case, revealing that the Geneva Public Prosecutor's Office had been investigating the matter for three years. Over USD 310 million, allegedly linked to a frontman for Adani Group founder Gautam Adani, was sequestered in five Swiss banks.
The Adani Group has been under increased scrutiny since the release of Hindenburg Research’s explosive 2022 report, which led to a significant decline in the stock market value of the group’s listed companies, wiping out nearly USD 150 billion. However, Adani has consistently denied any wrongdoing.
