Swiss authorities have reportedly frozen over $310 million in funds linked to a money laundering and securities investigation involving the Adani Group, according to US-based short seller Hindenburg Research, which cited local reports.

Hindenburg Research claimed on X that the funds were frozen in several Swiss bank accounts as part of an ongoing investigation that dates back to 2021.

The Adani Group has firmly denied these allegations, asserting that it is not involved in any Swiss court proceedings and that none of its accounts have been seized. The conglomerate described the claims as baseless and said that it has not been contacted by any Swiss authorities regarding this matter.

In its response, the Adani Group described the Hindenburg Research allegations as "preposterous, irrational, and absurd," and accused the short-seller of attempting to damage its reputation and market value.

Hindenburg cited a Swiss media outlet, Gotham City, which reported that the Geneva Public Prosecutor's office was investigating the Adani Group's alleged misconduct prior to the activist investors' accusations. Gotham City claimed that the Office of the Attorney General of Switzerland took over the case following media revelations, and that the frozen funds belong to an individual associated with the Adani Group.

The controversy began in January 2023 when Hindenburg Research accused Gautam Adani's conglomerate of stock market manipulation and financial misconduct. Gautam Adani has consistently denied all allegations made by the short-selling firm.