look news india
Adani Group News : Hindenburg has once again made sensational allegations against Adani. He has quoted Swiss media outlet Gotham City as saying that Adani's Rs. 2600 crores were frozen in Swiss banks. Several accounts of Adani Group were frozen in Swiss banks in 2021 in an investigation into money laundering and securities fraud. Adani Group has denied Hindenburg's allegations. Swiss courts have not identified him.
The Financial Times (FT) says the parties mentioned by the court in the Hindenburg dossier are cited, and a later report by the FT supports that Adani and its chief, Taiwanese businessman Chang Chung Ling, were involved.
Hindenburg said in a post on social media that lawyers have revealed how Adani's frontman has invested in opaque funds in the British Virgin Islands (BVI) and Mauritius and Bermuda. These funds mainly hold exclusive ownership of Adani shares. Swiss media outlet Gotham City quoted the Swiss Criminal Court as saying.
Adani Group spokesperson denied this report and called it baseless. He said that Adani Group is not involved in any Swiss court proceedings. They do not have any account that has been seized by the authorities. The Swiss court has not named any of our companies or groups anywhere in its order. We have not received any notice from any authority or regulatory body. Our foreign holding structure is also transparent, completely public and in line with the law.
Gotham City reports that the Federal Criminal Court's ruling shows that the Geneva public prosecutor's office was investigating Adani's embezzlement long before Hindenburg brought the indictment. Amounting to $31 million in five Swiss accounts belonging to a man believed to be the front for billionaire Adani was frozen. The Confederation's public prosecutor's office launched an investigation after the matter was reported in the newspaper. According to the court document, A Limited filed a case to release the frozen funds.
Swiss investigators suspect that Chang-Chung Ling is not the ultimate beneficiary, but in fact another name that has surfaced is Saudi Nasser Ali Shaban Ahli. He and Taiwanese-Chinese citizen Chang-Chung have been portrayed as public investors. In fact they are Adani insiders and this is a violation of Indian law.
Hindenburg alleged in its report that shell companies linked to Vinod Adani or Gautam Adani were used for stock parking or engineering in Adani's accounts. It has 38 such units in Mauritius, Cyprus, Singapore and various Caribbean islands. Changchung Lee's name first appeared in the 2023 Hindenburg report. He was accused of making huge profits by investing in Adani shares with the help of offshore funds. According to the Hindenburg report, Chung Ling's company Gromor made a profit of $ 423 million overnight by merging Adani Power shares.
Ting, the son of Chung Lee and Chang Chien Ting, is the sole beneficiary of PMC Projects (India), one of the companies investigated by SEBI for related party transactions, along with Gromor and Adani Global. The outcome of the SEBI probe is awaited.
According to a Swiss media report dated August 9, 2024 and a court order published on September 10, 2024, the Adani Group is involved in all kinds of illegal activities ranging from money laundering to embezzlement. The company owned by Chang-Chung Ling has invested heavily in the opaque Manata Fund of the Adani Group.