Swiss prosecutors have frozen $310 million (CHF263 million) held at six Swiss banks by a person they suspect to be “a frontman” for Adani, the controversial Indian conglomerate fighting accusations of fraud. + Get the most important news from Switzerland in your inbox A decision of the Federal Criminal Court published this week, which rejected an appeal against the “sequestration” orders, revealed that allegations of criminal activity and money laundering in relation to Adani have been under investigation in Switzerland since at least December 2021. The probe predates a January 2023 report by the US short selling firm Hindenburg Research, which accused Adani of running the “largest con in corporate history” by using front men to manipulate the conglomerate’s stock market valuation. Swiss prosecutors suspect the alleged frontman is “not the actual beneficial owner” of the company holding the sequestered $310 million, the judgment said. Prosecutors instead suspect that substantial ...
