Funds Of Adani’s Proxy Co Frozen: Hindenburg

Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stocks, US-based shortseller said citing the report

New Delhi: ecoSwiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of money laundering allegations into Adani Group, US-based short seller Hindenburg Research claimed citing media.

In a post on X, Hindenburg cited ‘newly released Swiss criminal records reported by Swiss media outlet’ to state that Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021.

“Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stocks,” it said citing the report.

The Swiss media outlet Gotham City in its report stated that “A ruling by the Federal Criminal Court (FCC) reveals that the Geneva Public Prosecutor’s Office was investigating alleged wrongdoing by the Indian conglomerate Adani well before activist investors from Hindenburg Research made the first accusations.” “More than $310 million belonging to an alleged front man for billionaire Gautam Adani is sequestered in five Swiss banks,” it said adding the Office of the Attorney General of Switzerland (OAG) took over the investigation after the case was revealed in the media.