Swiss Authorities Investigate Adani Financial Scandal to Freeze Funds: Hindenburg
Swiss Authorities Investigate Adani Financial Scandal to Freeze Funds: Hindenburg
Despite glaring evidence of money laundering and accounting fraud against the Adani Group, the Supreme Court of India is not allowing a transparent investigation in this case.
By RMN News Service
Hindenburg Research – which is a U.S. investment research firm – has again accused the Adani Group of money laundering crime. In its tweet posted on September 12, Hindenburg said, “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.”
The tweet adds that prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius and Bermuda funds that almost exclusively owned Adani stocks. It has quoted a Swiss media outlet report of September 11 to reveal that a Swiss criminal court has taken action against the Adani Group.
[ Also Read: Hindenburg Accuses SEBI Chief of Collusion in Adani Money Laundering Scandal ]
In a report published on August 10, 2024, Hindenburg Research claimed that the Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and her husband Dhaval Buch had a stake in obscure offshore entities used in the Adani money siphoning scandal.
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.
Prosecutors detailed how an Adani frontman invested in opaque…
— Hindenburg Research (@HindenburgRes) September 12, 2024
Earlier, in its investigative report released on January 24, 2023, Hindenburg Research said that the Adani Group and its chairman Gautam Adani have engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades. The report accused Adani of commiting one of the biggest corporate frauds in the world.
However, with their vague statements, the SEBI chairperson and the Adani Group have refuted the revelations made by Hindenburg.
Despite glaring evidence of money laundering and accounting fraud against the Adani Group, the Supreme Court of India is not allowing a transparent investigation in this case because Gautam Adani is a close partner of India’s prime minister Narendra Modi.
