Adani Group's $310 million held in Swiss banks seized
September 14, 20242 Mins Read
Six Swiss bank accounts linked to the Adani Group, owned by Indian businessman Gautam Adani, have been seized of more than USD 310 million. The Swiss government has taken this step as part of an investigation into allegations of money laundering.

New York-based financial research firm Hindenburg Research confirmed this information on Thursday night according to the Swiss media. News from Indian Express.

According to Indian media reports, the Swiss authorities have taken this step in the wake of an investigation related to illegal share and money transactions in 2021. Allegedly, a person linked to Gautam Adani's industrial group invested money in financial institutions in the British Virgin Islands, Mauritius and Bermuda. Those institutions invested almost the entire amount in the Adani Group. That person's account has been confiscated.

However, the Adani Group has denied these allegations and termed their claims as 'absurd, absurd and absurd'.

"We unequivocally reject and deny the baseless allegations presented," Adani Group spokesperson said in a statement on Friday. Adani Group is not involved in any Swiss court proceedings, none of our company accounts have been seized by any authorities.

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The statement further said, "We have no hesitation in saying that this is yet another orchestrated and heinous attempt to cause irreparable damage to our group's reputation and market value."

Earlier in January 2023, Hindenburg Research published a strongly critical report on Adani Enterprises ahead of its planned stake sale. As a result, the value of the group's shares fell by $86 billion. At the same time, Gautam Adani dropped from second place to number 36 in the list of the world's top richest people.