Sebi Chief’s Alleged Link to Adani Scandal

Hindenburg Claims Sebi Chief Had Stake in Offshore Funds Linked to Adani Scandal

In a recent report, Hindenburg Research has made explosive claims regarding Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch. The US-based short-seller firm alleges that Buch and her husband, Dhaval Buch, had stakes in obscure offshore entities connected to the “Adani money siphoning scandal.”

According to the report, whistleblower documents reveal that the Buchs were involved with offshore funds based in Bermuda and Mauritius, which were also used by Vinod Adani. The report highlights that Madhabi Buch and Dhaval Buch opened their account with IPE Plus Fund 1 in Singapore on June 5, 2015. The documents note that their investment source was listed as ‘salary,’ with their combined net worth estimated at $10 million.

Hindenburg’s report suggests a potential conflict of interest, alleging that Sebi Chairperson’s connection with these offshore entities may explain why the Adani Group faced minimal regulatory scrutiny. The report further claims that this involvement undermines the regulatory body’s integrity.

Political reactions have been swift. Trinamool Congress MP Mahua Moitra criticized Sebi’s oversight, stating, “This is both Conflict and Capture of SEBI. Chairperson of SEBI is an opaque investor in Adani Group.” Similarly, Shiv Sena (UBT) leader Priyanka Chaturvedi expressed frustration over ignored communications, questioning the regulatory body’s responsiveness.

The Hindenburg report comes on the heels of its previous accusations against Gautam Adani’s conglomerate, alleging stock market manipulation and financial misconduct. Gautam Adani has consistently denied these allegations.

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