swiss-freeze-usd-311m-tied-to-adani-probe-adani-denies

Swiss authorities have frozen USD 311 million (Rs 2,610 crore) held by a Taiwanese resident in several Swiss bank accounts as part of a money laundering investigation.

 

It is suspected the individual may be linked to the Adani Group, a charge the conglomerate has strongly denied.

 

The Adani Group stated it is neither involved in any Swiss court proceedings, nor are its accounts under sequestration.

 

The US-based short-seller Hindenburg Research, which previously released a critical report on the Adani Group leading to a sharp decline in its market value, cited Swiss criminal records to report that Swiss authorities have frozen over USD 310 million in a money laundering and securities forgery investigation dating back to 2021.

 

The funds were allegedly linked to opaque offshore investments in Adani stocks.

 

Adani Group rejected these allegations, stating, "We unequivocally reject and deny the baseless allegations. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our accounts been sequestered." It added that its overseas structure is transparent, fully disclosed, and compliant with all laws.

 

Swiss media outlet Gotham City reported that a ruling by the Federal Criminal Court revealed more than USD 310 million linked to an alleged associate of Adani, Chang Chung-Ling, had been sequestered in Swiss banks over the past three years. Swiss prosecutors suspect Chang is a frontman, not the ultimate beneficiary.

 

Adani Group dismissed these claims, stating they are not mentioned in the Swiss court order and have received no requests for information from authorities. The conglomerate called the allegations "preposterous" and part of a coordinated attempt to damage its reputation.

 

Chang Chung-Ling had previously been named in Hindenburg’s 2023 report, which accused the Adani Group of stock manipulation, accounting fraud, and money laundering, all of which the group has denied. Chang was alleged to have profited from Adani stocks through offshore entities, including Growmore, a shell company in Mauritius.

 

The Swiss court order, dated August 9, 2024, and published in September 2024, noted the Adani Group is suspected of illicit activities, including money laundering and embezzlement.

 

According to Hindenburg, court records detail how Adani-linked funds were invested in opaque offshore entities holding primarily Adani stock.