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Newslaundry
Newslaundry
National
Ravi Nair

Adani proxy’s $311 million frozen by Swiss authorities

Adani Group Chang ChungLing Gautam Adani Hindenburg PPO India OCCRP SEBI United States

Over the last three years, the Swiss authorities have frozen US $311 million (Rs 2,610.7 crore) belonging to a prominent associate of the Adani group for his role in money laundering, manipulation of the group’s stocks in the Indian markets, and forgery.

The Swiss investigators suspect that the associate, Taiwanese resident Chang Chung-Ling, is not the Ultimate Beneficial Owner (UBO) of the company under investigation, but is a mere front for the Adani Group. The Adani Group has however said that the court order was not linked to them and they have not been mentioned in it.  

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