Swiss agencies have frozen accounts worth Rs 2,610 crore ($310 million) belonging to the Adani Group in various Swiss bank accounts in an ongoing probe into alleged tax evasion, Hindenburg Research has claimed citing Swiss media reports. The Adani Group immediately denied the allegations on Thursday night. As a result, shares of seven out of 10 group companies fell in the capital market.
According to Hindenburg Research's comment on 'X', the Swiss media has published documents related to the investigation of financial irregularities there. Accordingly, accounts worth $310 million have been frozen by Swiss agencies in the investigation of tax evasion allegations against the Adani Group in 2021. The investigation has also highlighted how a middleman associated with the Adani Group, who is a citizen of Taiwan, invested only in the shares of Adani through fake BVI / Mauritius & Bermuda funds. The fund had invested heavily in shares of Adani Group companies.
The Adani Group has denied the allegations. "All these allegations are baseless and we reject them," the group said. Adani Group is not involved in any judicial proceedings in Switzerland. Also, no accounts of the group companies have been frozen or seized by the Swiss authorities. The court did not mention the name of the Adani Group or the group company. We have not received any information from the regulators.
This was reported by Gotham City, Switzerland. Accordingly, the judgment of the Criminal Court there shows that Hindenburg Research exposed the wrongdoings of the Indian pharmaceutical group to the public prosecutor in Geneva even before the publication of the report on the allegations against the Adani Group. Five Swiss bank accounts with more than $310 million belonging to an alleged representative of billionaire Gautam Adani have been seized. Switzerland's attorney general's office said it had launched an investigation after the matter came to light in the media.
Hindenburg's allegations
Hindenburg Research had accused the Adani Group of wrongdoing in January last year. It was claimed that the promoter group had inflated the value of the shares of the companies in the capital market by using underhand means. According to Hindenburg Research, foreign intermediaries associated with the Adani Group have invested money in the group's companies. Hindenburg claims that the latest case of Swiss accounts being frozen is a confirmation of those allegations. The Adani Group has denied all the allegations levelled against it by Hindenburg.
