March 04, 2025 07:08 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Haryana Congress worker murder: Video emerges showing accused dragging suitcase with Himani Narwal's body inside it | Supreme Court slams 'oversmart' Samay Raina for making fun of proceedings in Canada, asks him to 'behave' | Indian woman facing death row in UAE for killing a child has been executed: Foreign ministry tells court | Crucial to have Trump’s support, says Zelenskyy a day after fiery White House exchange | 'We're looking for peace, Zelenskyy wants Russia-Ukraine war to continue': Donald Trump after White House public spat | Volodymyr Zelenskyy refuses to apologise to Donald Trump after public spat over Russia-Ukraine war | 'Make a deal or we are out': Donald Trump tells Volodymyr Zelenskyy at White House | Himachal govt seeks fund from temple to support welfare schemes, BJP calls move 'shocking' | Injustice to opposition MLAs: Atishi writes to Delhi Assembly Speaker on suspension of 21 AAP lawmakers | We will leave for US tomorrow: Father of Indian student Neelam Shinde after urgent visa grant
Adani Group
Adani Group chairman Gautam Adani. File photo from Wallpaper Cave

Adani Group ‘unequivocally rejects and denies’ Swiss media report saying authorities froze over $310 million in funds

| @indiablooms | Sep 13, 2024, at 09:11 pm

Ahmedabad/IBNS: Indian multinational conglomerate Adani Group has dismissed and denied "baseless allegations" regarding reports of funds being frozen in Swiss bank accounts.

In a post on X (formerly Twitter), the United States-based short seller Hindenburg Research referenced a report by Swiss media outlet Gotham City, which claimed that Swiss authorities had frozen over $310 million (Rs 2,601 crore) across multiple Swiss bank accounts as part of an investigation into the Adani Group.

The Gautam Adani-led conglomerate stated that it is not involved in any Swiss court proceedings, and none of the Ahmedabad-headquartered company's accounts have been subject to sequestration by any authority.

“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," Adani Group said in a statement.

"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,” it added.

“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," the statement read.

"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 company further stated.

The Adani Group reiterated its strong commitment to transparency and adherence to all legal and regulatory requirements, condemning any attempts to spread baseless allegations.

Earlier in January last year, Hindenburg Research accused the Adani Group of manipulating stock prices, conducting undisclosed related-party transactions, and breaching public shareholding regulations.

Since then, the firm has published several reports concerning the company's operations.

Most recently, in August, Hindenburg alleged that Madhabi Puri Buch, the chairperson of the Indian stock market regulator Securities and Exchange Board of India (SEBI), held stakes in offshore entities connected to the purported Adani money siphoning scandal.

The Adani Group, however, had refuted all these allegations against the company.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
FM Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:45 pm
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
PM Modi on Budget 2024 Jul 23, 2024, at 09:30 pm