US short-seller Hindenburg Research has published an explosive new report linking SEBI chairperson Madhabi Puri Buch to the ‘Adani money siphoning scandal’. The report comes more than a year after the firm published allegations of insider trading and other stock market violations by the Adani Group — claims that have been repeatedly denied by the Gautam Adani-led conglomerate.
The new report focuses on an offshore Mauritius fund called IPE Plus Fund that was ‘set up by Vinod Adani through India Infoline’. It also cites the Bermuda-based Global Dynamic Opportunities Fund (which then invested in IPE Plus Fund 1). The Dubai-based businessman is the older brother of Chairman Gautam Adani and remains associated with the Group.
“We had previously noted Adani’s total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through his relationship with the SEBI Chairperson. What we hadn’t realized: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani,” the report said.
NEW FROM US:
Whistleblower Documents Reveal SEBI’s Chairperson Had Stake In Obscure Offshore Entities Used In Adani Money Siphoning Scandalhttps://t.co/3ULOLxxhkU
— Hindenburg Research (@HindenburgRes) August 10, 2024
We have reached out to SEBI for a response on the latest report by Hindenburg Research. The story will be updated once we receive response. Details shared in this article are on the basis of the Hindenberg report have have not been independently confirmed by Mint.