In a post on X on Thursday, the US short-seller said that the probe, which dates back to 2021, has shed light on financial practices involving opaque offshore entities tied to the Indian conglomerate.
As per a report by Swiss media, Geneva Public Prosecutor’s Office was investigating alleged wrongdoing by the Indian conglomerate Adani well before activist investors from Hindenburg Research made the first accusations.
“More than $310 million belonging to an alleged front man for billionaire Gautam Adani is sequestered in six Swiss banks. The Office of the Attorney General of Switzerland (OAG) took over the investigation after the case was revealed in the press,” said Gotham City in its report.
Just as the Adani-Hindeburg saga was nearing its end, new allegations in August revived the episode.
Hindeburg Research, this time, had accused Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and husband Dhaval Buch allegedly made investments in an offshore fund which is linked to the Adani Group.
What started off in January 2023 for the Adanis with the first report of allegations from the US short-seller, which the Indian conglomerate has called ‘baseless’, the latest allegations have once again stirred havoc, drawing major political criticism.
