Swiss probe triggers sell-off in Adani stocks, reports say over $310 million frozen

Hindenburg Research said, Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts.

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26 Aug, 2025 12:21

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Adani group stocks fell into a sea of red in early trade on September 13, after reports suggested that Swiss authorities froze more than $310 million across multiple Swiss bank accounts as part of the investigation into entities allegedly linked to the Adani Group.

The investigation, which dates back to 2021, showed significant financial activity tied to investment structures in offshore tax havens, including the British Virgin Islands (BVI), Mauritius, and Bermuda that exclusively owned Adani stocks, according to the report by the Swiss media outlet. The link to the report was posted on X by Hindenburg Research.

At 9.25 am, Adani Power was the biggest loser in the group, falling 1.23 percent to Rs 643 per share. Adani Energy Solutions, the flagship-Adani Enterprises and Adani Ports all recorded losses of over 0.7 percent.

Adani group's cement plays ACC and Ambuja Cement, along with Adani Green Energy, Adani Wilmar, and Adani Total Gas also fell up to half a percent in trade.

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In a post on X, US-based short seller Hindenburg Research 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.

Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stocks, according to newly released Swiss criminal court records reported by Swiss media outlet."

In a statement, the Adani Group denied what it termed as "baseless allegations".

Adani Group has strongly refuted allegations that Swiss authorities have sequestered bank accounts linked to the group as part of a money laundering investigation. The Adani Group called the allegations "preposterous, irrational, and absurd". The Group further added that the latest allegations are another attempt by the same cohort to damage its reputation and market value.

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