MUMBAI, Sept 13, 2024 (BSS/AFP) - India's Adani Group has denied involvement
in a money laundering and securities fraud probe that reportedly saw the
freezing of more than $310 million in funds stowed in Swiss bank accounts.

US short-seller Hindenburg Research, a longtime critic of the Indian
conglomerate, cited court records reported on by Swiss media outlet Gotham
City in making the claim on X on Thursday night.

"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," Hindenburg said.

The firm added that prosecutors in the case had established that an "Adani
frontman" channelled funds through the British Virgin Islands, Mauritius and
Bermuda -- nations known as popular intermediaries for opaque financial
transactions -- to invest in Adani stocks.

Adani Group quickly rejected the allegations, calling them "preposterous" and
"baseless".

"The Swiss court has neither mentioned our group companies, nor have we
received any requests for clarification or information from any such
authority or regulatory body," it said in a statement.

The back-and-forth is the latest in a long-running battle between Hindenburg
and the family-run Indian industrial behemoth, which has interests ranging
from mining and power generation to ports and media.

Adani Group saw billions of dollars wiped from its market value last year
after a bombshell report by Hindenburg accused it of "brazen" corporate
fraud.

Billionaire founder Gautam Adani, Asia's second-richest man, denied the
allegations made in that report, calling it a "deliberate attempt" to damage
its image for the benefit of Hindenburg and other short-sellers.

Shares in Adani were flat on Friday.