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Adani Group completely rejected Hindenburg’s allegations, said- the group has no connection with the Swiss court proceedings

by Aaryan Srivastav
September 13, 2024
Adani Group completely rejected Hindenburg's allegations, said- the group has no connection with the Swiss court proceedings

New Delhi. The Adani Group has categorically rejected allegations made by Hindenburg Research, which said that Swiss authorities have frozen over $310 million in Swiss bank accounts as part of a money laundering and securities fraud investigation against the Adani Group. The investigation began in early 2021.

Hindenburg Research claims that new court records released by Swiss media show a frontman of the Adani Group investing heavily in Adani shares using opaque funds. These funds were operated through the British Virgin Islands (BVI), Mauritius and Bermuda.

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: Spokesperson, Adani Group pic.twitter.com/rZoxHg38hY

— IANS (@ians_india) September 12, 2024

Adani Group’s clarification

An Adani Group spokesperson termed these allegations as baseless and untrue, saying, “We categorically deny these allegations. The Adani Group has no connection with any Swiss court proceedings, nor has any Swiss authority seized the accounts of any of our companies.”

The spokesperson further said that Adani’s overseas holding structure is transparent and complies with all legal and regulatory requirements. He also alleged that these false allegations are part of an organised effort to damage the reputation and market value of the Adani Group.

There were allegations even before Hindenburg

Hindenburg Research had also accused the Adani Group of circumventing Indian market regulations by using tax havens in January 2023. Recently Hindenburg had alleged that Securities and Exchange Board of India (SEBI) Chairperson Madhavi Puri was slowing down the ongoing investigation against Adani due to Buch’s past investments and ties with the Adani Group. However, these allegations were rejected by both Buch and Adani Group.

The Congress party has leveled several allegations against Buch, including that her husband Dhaval Buch was earning income from companies whose affairs were being monitored by his wife.

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