Swiss authorities freeze over $310 million funds across accounts related to Adani investigation: Hindenburg Research | Mint

US-based short seller Hindenburg Research alleged that Swiss authorities have frozen more than $310 million in funds across several Swiss Bank accounts linked to the money laundering and securities investigation of Adani Group, according to the firm’s social media post on platform X, on September 12.

“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,” said the US-based short seller in its post on platform X, on Thursday night. 

Hindenburg, in its post, cited a Swiss media outlet, Gotham City, claiming that an order from the Federal Criminal Court (FCC) revealed that the Geneva Public Prosecutor’s office was investigating the alleged wrongdoing of the Adani Group conglomerate “well before activist investors from Hindenburg Research made its first accusations.”

The report also alleged that more than $310 million belonging to a frontman working for billionaire Gautam Adani is sequestered (hidden) in six Swiss banks. The report also mentioned that the Office of the Attorney General of Switzerland (OAG) took over the investigation after the case was revealed in front of the press.

The short seller mentioned that the alleged frontman invested in “opaque BVI/Mauritius & Bermuda funds,” which nearly just own Adani group’s stocks, citing the court records released by the Swiss criminal court, reported in the local Swiss media outlet.

“Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stocks, according to newly released Swiss criminal court records reported by Swiss media outlet,” said Hindenburg Research in its post on platform X.

This comes as the latest development in the Adani-Hindenburg Saga, which originated from the original Hindenburg report on the Adani Group named as “Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History.” The short-seller released the report on January 24, 2023. 

Adani Enterprises shares closed 1.84 per cent higher at 2,991.40 after Thursday’s market close, compared to 2,937.35 in the previous day. Hindenburg’s post came after market operating hours.