Swiss authorities have frozen Ksh39.9 billion ($310 million) in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani Group, which dates back to 2021.

According to newly released Swiss criminal court records, prosecutors outlined how an Adani frontman invested in opaque funds based in the British Virgin Islands, Mauritius, and Bermuda that primarily held Adani stocks.

Adani Group swiftly rejected the allegations, calling them “preposterous” and “baseless.”

“The Swiss court has not mentioned our group companies, nor have we received any requests for clarification or information from any authority or regulatory body,” Adani Group stated.

This exchange marks the latest development in the ongoing battle between Hindenburg and the family-run Indian industrial giant, which has interests in mining, power generation, ports, and media.

Last year, Adani Group lost billions of dollars in market value after Hindenburg’s bombshell report accused it of “brazen” corporate fraud.

Gautam Adani, the billionaire founder and Asia’s second-richest man, denied the allegations, calling them a “deliberate attempt” to damage the company’s image for the benefit of Hindenburg and other short-sellers.

ADANI VS AUSTRALIA

Adani also became an enemy of the Australians. Australia revealed all the corruption and criminal activity Adani has been involved in. The crimes include Tax avoidance and opaque corporate structure.

Adani Group was under fire for alleged tax dodging and the use of offshore tax havens, raising concerns about the transparency of its operations in Australia. In 2014-15, Adani paid no tax on $350 million in revenue earned in the country, according to reports.

One of the most controversial aspects of the company’s activities was the ownership of the Abbot Point coal port and the proposed Carmichael rail line, which Adani was seeking a $1 billion taxpayer loan for.

The Carmichael rail line is reportedly owned by an Adani entity based in the Cayman Islands, a well-known tax haven.

This raises significant concerns about whether public funds could be funneled offshore, with little to no return for Australian taxpayers.

The ownership structure of the Abbot Point coal port remains murky. Financial reports filed in Australia suggest that Adani’s listed Indian company retains ownership of Abbot Point. In contrast, reports in India indicate that ownership has been transferred to a private Singapore company, ultimately controlled by an Adani family entity in the Cayman Islands.

The discrepancies between Adani’s claims in Australia and India have led to accusations of misleading and deceptive conduct.

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