The move, according to US-based short seller Hindenburg Research, was a component of an investigation into the Adani Group for securities fraud and money laundering.
A Swiss media outlet reported that Hindenburg sourced information for a post on X from “recently released Swiss criminal court records.”
The Adani Group has refuted Hindenburg’s previous accusations of money laundering and stock market manipulation.
Hindenburg claimed that the court records showed how an Adani frontman invested in foreign funds that were nearly solely owned by Adani stocks.
The Adani Group issued a statement on Thursday disputing the claims. It stated as much.
no participation in any Swiss judicial cases” and that no government has blocked the company’s funds.
“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,” said the statement.
It described the accusations as “another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group’s reputation and market value.”.
Hindenburg Research says nothing in response to the Adani Group’s statement.
The Indian business magnate’s organization was embroiled in yet another dispute a while back, this time around over claims made by Hindenburg Research.
