Swiss Prosecutors Freeze $310M Linked to Suspected Adani Frontman

Swiss authorities have frozen $310 million held in accounts at six Swiss banks, as part of an investigation involving a person believed to be a frontman for the Adani Group. This move stems from a probe that predates a January 2023 report by Hindenburg Research, which accused Adani of using frontmen to artificially manipulate stock values, calling it one of the largest corporate frauds in history. The Swiss prosecutor’s office suspects that the individual holding these funds is not the true owner and may have been used by Adani to inflate the group’s listed companies, violating stock market regulations.

The Geneva prosecutor initially opened the investigation in December 2021, on allegations of money laundering and document forgery, before federal prosecutors took over the case in July 2023. The court has upheld the freeze on these funds, as the appellant could not provide adequate evidence to dispel doubts of wrongdoing. Although Adani has denied all accusations and maintained that its overseas holdings are fully compliant, the investigation continues, drawing significant attention due to Adani’s political connections and vast business interests.

This judgment, reported first by *Gotham City*, highlights the complexities of the case, as well as Chang Chung-Ling’s involvement, a long-time associate of Adani, who has denied any secret dealings when confronted.