Once again shocking claims have surfaced against chief of Indian stock market regulator Securities Exchange Board of India (SEBI) and her husband in the latest report of American firm Hindenburg Research. The report sees a link between the names of SEBI chairperson Madhavi Buch and her husband Dhawal Buch and alleges that the couple had a stake in the obscure offshore fund used in the alleged Adani money laundering scam.
Hindenburg released a new blogpost 18 months after its last report related to billionaire industrialist Gautam Adani’s business group. It alleges that SEBI has surprisingly not shown interest in Adani’s alleged undeclared web of Mauritius and offshore shell entities. Citing ‘whistleblower documents’, the American short-seller claimed, ‘SEBI’s current chief Madhavi Buch and her husband had stakes in both the shadowy offshore funds used in the Adani money laundering scam.’
After releasing the new report, Hindenburg stated, “Almost 18 months have passed since release of our original report on Adani Group. Sufficient evidence has been presented that the Indian business group (Adani) has been involved in the biggest scam in corporate history. However, despite concrete evidence and more than 40 independent media investigations, SEBI did not take strict action against Adani Group. Instead of action, SEBI sent us a clear ‘show cause’ notice in June 2024.
No immediate response from SEBI
No action is being taken even after giving full information about the black money network of Adani Group in Mauritius. Hindenburg Research, citing confidential documents, has said that SEBI chairperson and her husband had stakes in the offshore entities used in the Adani scam. These entities are reportedly run by Vinod Adani, the elder brother of Adani Group chairman Gautam Adani. However, there has been no response from SEBI on this matter yet.
Madhabi Puri Buch transferred her shares to her husband
The report alleges that Madhavi Puri Buch transferred her shares to her husband. From April 2017 to March 2022, Madhavi Puri Buch was the chairperson along with being a member of SEBI. She had 100 percent stake in a consulting firm called Agora Partners in Singapore. Two weeks before being appointed as chairperson of SEBI on March 16, 2022, she transferred her shares in the company to her husband.
Last year, Adani Group suffered a setback
In January 2023, Hindenburg Research released a report on Adani Group which created a stir which resulted in loss of crores of rupees of investors through a massive decline in most of the shares of Adani Group. The economic loss could be gauged from the fact that before the release of Hindenburg report, Gautam Adani was on second spot among the world’s rich, but afte the report he slipped to number 36 position.
What is Hindenburg Research?
Hindenburg Research is a forensic financial research company of America. It was founded in the year 2017 by Nathan Anderson. The job of this company is to analyze equity, credit and derivatives. It detects irregularities occurring in any company and publishes a report of irregularities committed therein.
Opposition attacks government, smells ‘Chaukidaar’ connect
After the new report of Hindenburg, the opposition has switched on to attacking mode. Congress General Secretary Jairam Ramesh targeted the government while Trinamool Congress has trained guns at SEBI chief.
Hindenburg in its new report mentioned that it had released its report on Adani Group 18 months back, but SEBI did not take action against the group.
After the report of Hindenburg Research against SEBI chief, Congress attacked the Central government. Congress General Secretary Jairam Ramesh said in a social media post that now it is known why the proceedings of Parliament were adjourned indefinitely. The meeting of Parliament was scheduled till August 12, but it was adjourned on August 9 itself.
Why SEBI did not respond to the letters is now clear
US company Hindenburg has claimed in its new report that SEBI Chairperson Madhabi Buch and her husband had stakes in the obscure offshore funds used in the Adani money siphoning scam. Shiv Sena (UBT) leader Priyanka Chaturvedi reacting to the report said that now it was clear why SEBI did not respond to her letters seeking details of Adani Group companies. Chaturvedi had sought details of the investigation against Adani Group companies in April last year.
Big Question- Who will investigate the allegations
Shiv Sena (UBT) spokesperson Anand Dubey said that the report of Hindenburg Research suggests the involvement of SEBI chief in this matter. He said, now the big question is that who will investigate the allegations. The way the
