The US short seller claimed late Thursday, citing recently released Swiss criminal court records, that the Adani-Hindenburg saga is still ongoing and that the Swiss authorities have frozen more than $310 million in funds across Swiss bank accounts as part of an investigation into allegations of money laundering and securities forgery linked to the Adani Group, dating back as early as 2021. The "baseless allegations" made in the Hindenburg post, however, have been categorically repudiated and denied by the Adani Group.

The Adani Group responded by restating that their foreign holding structure is open, completely disclosed, and complies with all applicable legal requirements. Additionally, they made it clear that they are not a part of any Swiss court proceedings and emphasized that neither the court records nor any requests for clarification had referenced any of their group firms.

"We categorically reject and refute the fabricated accusations made." The Adani Group stated that it is not a party to any court cases in Switzerland and that no authority has sequestered any of its business accounts.

It further stated, "We have not received any requests for clarification or information from any such authority or regulatory agency, and the Swiss court has not even identified our group firms in the supposed ruling. We reaffirm that our offshore holding structure complies with all applicable rules, is fully disclosed, and is transparent."

It stated that the accusations "are obviously absurd, irrational, and preposterous." We do not hesitate to declare that this is just another calculated and heinous attempt by the same cohorts working together to destroy the market value and reputation of our group." "The Adani Group remains steadfastly committed to transparency and compliance with all legal and regulatory requirements," it said, adding it "strongly condemns" the allegations.

The US short-seller claimed in a post on X on Thursday that the investigation, which began in 2021, has provided insight into the financial practices of opaque offshore organizations connected to the Indian company.

The U.S.-based short seller claimed in a post on X, formerly Twitter, that Swiss criminal court records provide a detailed account of how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that held Adani shares almost entirely. The post cited a Swiss media outlet.

According to Swiss media reports, the Geneva Public Prosecutor's Office began investigating potential wrongdoing by the Indian giant Adani even before activist investors from Hindenburg Research made the first charges. According to the report, more than $310 million belongs to an alleged frontman for billionaire Gautam Adani and is held in Swiss bank accounts.