Swiss authorities have frozen over $310 million held in six Swiss bank accounts as part of an investigation into money laundering and securities forgery allegations linked to the Adani Group, claimed Hindenburg Research citing recently released Swiss federal criminal court records.
The US short-seller stated that the investigation, which began in 2021, has provided insights into financial practices involving opaque offshore entities connected to the Indian conglomerate.
The US short-seller stated that the investigation, which began in 2021, has provided insights into financial practices involving opaque offshore entities connected to the Indian conglomerate.
A Swiss media report indicated that the Geneva Public Prosecutor’s Office had been investigating alleged misconduct by the Adani conglomerate well before activist investors from Hindenburg Research made their initial accusations.
“More than $310 million belonging to an alleged front man for billionaire Gautam Adani is sequestered in six Swiss banks. The Office of the Attorney General of Switzerland (OAG) took over the investigation after the case was revealed in the press,” said news outlet Gotham City in its report.
