Adani-Hindenburg dispute has been revived, Research firm had made new allegations
Adani-Hindenburg Case: The American research firm Hindenburg put another sensational disclosure about Adani Group. The research firm Hindenburg said this in a post on social media platform X that Swiss authorities have frozen $310 million (Rs 2600 crore) deposited in 6 accounts as part of an investigation into allegations of money laundering and securities fraud linked to the Adani Group. While the firm also claims that, there are investigation is going on in this matter since the year (2021)
Hindenburg allegation on Adani Group
In the while Hindenburg Research, citing Swiss criminal records released in a Swiss media company on social media platform X. that Swiss authorities have seized more than $310 million kept in Swiss bank accounts as part of an investigation into money laundering and security fraud related to Adani. This investigation took place in 2021. Hindenburg Research quoted a media report saying that prosecutors detailed how a key person of Adani invested in opaque BVI, Mauritius and Bermuda funds.
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.
— Hindenburg Research (@HindenburgRes) September 12, 2024
Prosecutors detailed how an Adani frontman invested in opaque…
Research quoted a media report
The research firm, Claim that ₹ 2600 Cr of Adani group deposited in Swiss Bank, On the one hand, Hindenburg's report against SEBI Chairperson has created a stir. At the same time, once again the latest case on Adani Group is very serious. After this report, the shares of Adani Group will also be monitored. This information has been given by American short-seller Hindenburg Group, citing recently released Swiss criminal court records.
Investigation going on since 3 years
It also highlights financial transactions related to a suspicious offshore firm linked to the Indian group. Hindenburg, citing Swiss media reports, said, prosecutors have described how an associate (frontman) of Adani had invested in BVI/Mauritius and Bermuda. Most of the money from these funds was invested in Adani Group stocks.
Breaking market rules through tax havens
Hindenburg had made new allegations. In early 2023, short-sellers accused the Adani Group of breaking market rules through tax havens. Hindenburg Research has accused market regulator SEBI's chairperson Madhabi Puri Buch and her husband Dhaval Buch of investing in an offshore funds linked to the Adani Group
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Adani Group has rejected this allegation
While Adani Group termed these allegations baseless and said that it has no connection with any court proceedings in Switzerland. The statement issued by the Adani Group said that we categorically reject these baseless allegations. The Adani Group has no connection with any Swiss court proceedings nor has any account of our company been seized by any authority, these allegations are baseless. Attempt to damage reputation and market value
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