Swiss authorities have frozen more than $310 million in Swiss bank accounts linked to Adani, part of a wider investigation into alleged money laundering and securities forgery dating back to 2021.
Recently, Swiss prosecutors unveiled new details about the case.
The investigation which we have led has brought to light a sophisticated scheme of important transfers of money,” said prosecutor Isabelle Dupont.
“The assets, now frozen, were routed through investment funds based in the British Virgin Islands, Mauritius, and Bermuda. These, in turn, were almost fully invested in Adani stocks. What this does is raise very serious questions about their legitimacy.”
Dupont went on to say, “The investment vehicles were designed to camouflage the true ownership and source of funds, which made tracing the money extremely complicated.”
Further, she added, “Our investigation indicates there was an element of obfuscation of connectivity between these funds and Adani. That adds another layer to the legal complexity to the case at hand.”
Rajesh Sharma, a spokesperson of Adani Group said, “We strive for maximum openness and compliance with laws on finance. We deny any wrongdoing.”
Sharma went further to explain that “the allegations are based on misunderstandings related to its financial practices and investment structures.
Recent Swiss criminal court records provide an insight for the first time into minute detail about how Adani’s frontman invested in these shadowy funds.
The records detail that the investments were deep and strategically placed with the aim of extracting value from Adani stocks. These disclosures have increased overall scrutiny on Adani.
Regulatory bodies and financial institutions all over the world are revisiting their relationships with Adani. The report details the intricacy of international finance and regulatory supervision.
