Swiss court freezes Adani's $310 million: Hindenburg's allegation; Adani Group said – all claims are false, an attempt to reduce our market value

US short-selling firm Hindenburg Research on September 12 made a new allegation against the Adani Group. A post on X said that $310 million has been frozen in the group's 6 Swiss bank accounts as part of a money laundering investigation in Switzerland. The report also said that “according to new records of the Swiss Criminal Court, prosecutors have told how a person associated with the Adani Group invested in BVI/Mauritius and Bermuda funds without revealing his identity. According to a report by a Swiss media outlet, the Geneva Public Prosecutor's Office was investigating the group's wrongdoings long before Hindenburg made the first allegation against the Adani Group. However, late on Thursday night, the Adani Group has clarified this new report. In which it called all these allegations false, and also said that all this is being done to bring down their market value. Adani Group told the media – If you print the news, then add our full statement. In a blog released on Friday, Adani Group said, “Adani Group has no connection with any Swiss court proceedings. Nor has any account of our company been seized. Our overseas holding structure is completely transparent and in accordance with the law. We have no hesitation in saying that this is another attempt by those working to harm our reputation and market value.” At the end of the statement, the media has also been asked not to publish this news, if they publish it, then include the full statement of the group. Allegations like money laundering, share manipulation were leveled against Adani Group On January 24, 2023, Hindenburg Research published a report on Adani Group. After the report, there was a huge decline in the shares of the group. However, later there was a recovery. Regarding this report, the Indian stock market regulator Securities Exchange Board of India (SEBI) also sent a 46-page show cause notice to Hindenburg. In a blog post published on July 1, 2024, Hindenburg Research said that the notice states that it has violated the rules. The company said, SEBI has alleged that Hindenburg's report contains some false statements to mislead readers. Responding to this, Hindenburg had made many allegations against SEBI itself. After the report, the share of Adani Enterprises fell by 59% On January 24, 2023 (January 25 as per Indian time), the share price of Adani Enterprises, the flagship company of Adani Group, was Rs 3442. On January 25, it fell 1.54% to close at Rs 3388. On January 27, the share price fell 18% to Rs 2761. By February 22, it had fallen 59% to Rs 1404. However, later the stock saw recovery. However, Adani denied allegations of any wrongdoing. In such a situation, Adani Group also cancelled its follow-on public offer of Rs 20,000 crore. The Supreme Court formed a 6-member committee to investigate the case and SEBI also investigated the matter. After the court's decision, Adani Group Chairman Gautam Adani had said, 'The court's decision shows that truth has won.

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