Economic Fraud
Hindenburg Strikes Again: SEBI Chief’s Alleged Link to Adani Scandal Exposed
Hindenburg Research has accused SEBI Chairperson Madhabi Puri Buch of having a stake in offshore entities used in the Adani money siphoning scandal. This revelation raises serious concerns about regulatory oversight in India and adds another layer of complexity to the ongoing controversy surrounding the Adani Group.
In a shocking revelation, Hindenburg Research, the U.S.-based short-selling firm known for its explosive report on the Adani Group in 2023, has now accused Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch of having a stake in offshore entities used in the Adani money siphoning scandal. These allegations, backed by whistleblower documents, suggest that Buch and her husband, Dhaval Buch, were involved in obscure offshore funds that played a crucial role in the alleged financial misconduct tied to the Adani Group.
Hindenburg’s recent report claims that Buch and her husband had investments in offshore entities based in Bermuda and Mauritius, which were also allegedly used by the Adani Group for illegal financial activities. These entities, according to the report, were part of a complex web of nested structures designed to siphon money and evade regulatory scrutiny.
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The report raises serious questions about the integrity of SEBI’s regulatory oversight, especially given that no public action has been taken against the Adani Group despite the overwhelming evidence presented in Hindenburg’s original 2023 report. Instead, SEBI issued a show cause notice to Hindenburg in June 2024, accusing the firm of insufficient disclosure about its short position, rather than addressing the substantive allegations against Adani.
Hindenburg’s allegations have sparked widespread concern, given the potential conflict of interest and the implications for regulatory independence. This development comes at a time when SEBI, under Buch’s leadership, has been involved in critical investigations and regulatory reforms aimed at enhancing market integrity in India.
Hindenburg Research is a well-known short-selling firm founded by Nate Anderson. The firm specializes in forensic financial research and is notorious for exposing financial irregularities in publicly traded companies. Their most high-profile report before this involved the Adani Group, where they accused the conglomerate of engaging in the “largest con in corporate history.” This report led to a massive drop in Adani’s stock prices and brought significant global attention to the firm.
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