The Adani Group has firmly rejected recent claims from Hindenburg Research regarding legal troubles in Switzerland.

The company says that it is not involved in any Swiss court cases and that none of its accounts have been frozen by Swiss authorities.

Adani described these accusations as “ridiculous and baseless,” asserting that they are part of a deliberate attempt to damage its reputation and market value.

A spokesperson for Adani explained that the company has not received any communication from Swiss authorities about the alleged court order.

They also noted that the order does not mention Adani or request any information from the company.

According to the spokesperson, Adani’s international operations are transparent and fully comply with all relevant laws.

These statements come in response to a report by Swiss media outlet Gotham City, which was cited by Hindenburg Research.

The report claimed that Swiss authorities had frozen over $310 million in Adani’s accounts as part of an investigation into money laundering and securities fraud dating back to 2021.

It also alleged that Adani had invested in obscure funds in Mauritius and Bermuda, which mainly held Adani stocks.

However, the report also noted that the Swiss prosecutor’s investigation began before Hindenburg Research made its initial accusations against Adani.