Hindenburg-Adani case LIVE updates: The US-based short seller, in its new investigative report, has alleged that SEBI chairperson Madhabi Puri Buch had a stake in obscure offshore entities used in Adani’s ‘money siphoning scandal’. On Saturday, Hindenburg Research posted a cryptic message hinting at a possible new India-centric report.
“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 published on 10 August by Hindenburg research read.
LiveMint has reached out to SEBI for a response on the latest report by Hindenburg Research. The blog will be updated once we receive a response.
Hindenburg Research’s allegation comes over a year after it published allegations against the Adani group of companies of insider trading and other violations in the stock market.
In January 2023, Hindenburg Research published a report accusing the Adani Group of financial irregularities, which caused a dramatic decline in the company’s stock prices. The Adani Group dismissed these allegations multiple times.
Hindenburg’s report alleged stock manipulation and fraud by the conglomerate, claiming that Adani had artificially inflated its share prices. The revelations led to a significant drop in the stock values of various Adani Group companies, with losses exceeding $100 billion.
Stay tuned to LiveMint for the latest updates on Hindenburg Research’s new investigative report
Hindenburg-Adani case LIVE updates: Hindenburg alleges ‘SEBI showed surprising lack of interest in Adani scandal
In its report, Hindeburg said, ‘’It has been nearly 18 months since our original report on the Adani Group presented overwhelming evidence that the Indian conglomerate was operating “the largest con in corporate history”. Our report exposed a web of offshore, primarily Mauritius-based shell entities used for suspected billions of dollars of undisclosed related party transactions, undisclosed investment and stock manipulation.”
Hindenburg-Adani case LIVE updates: ‘SEBI Chairperson had stake in obscure offshore funds’, alleges Hindenburg
Hindenburg-Adani case LIVE updates: The Hindenburg report published on 10 August claimed that SEBI Chairperson Madhabi Puri Buch and her husband had stakes in both obscure offshore funds used in the ‘Adani money siphoning scandal’
“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 Hindenburg report reads