Hindenburg accuses SEBI chairperson, husband of having stake in Adani’s offshore funds

Updated: Aug 10th, 2024

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The day that started with a tweet by Hindenburg Research today warning India of ‘something big’, ended with the investor research firm accusing SEBI (Securities and Exchange Board of India) chairperson Madhabi Puri Buch and her husband, Dhaval Buch, of having stakes in Adani Group’s funds, the very firm SEBI was tasked to look into for market manipulation and insider trading.

Notably, the earlier allegations that SEBI was tasked by the Supreme Court of India to investigate, were also made by Hindenburg Research.

According to the latest report, Madhabi and Dhaval Buch had hidden stakes in Adani’s offshore accounts. 

The report also alleges that the funds are associated with the same alleged offshore money that was associated with Vinod Adani, brother of Gautam Adani, the head of Adani Group.

The report mentions that the Buch couple opened their account with one IPE PlusFund 1 in 2015 in Singapore.

According to the report, the Singapore entity is exempt from disclosing financial statements, making it unclear from where and whom the revenue came from.

The latest Hindenburg Report also states that according to Ministry of Corporate Affairs records, Madhabi allegedly had 99% stakes in Dhaval-led AgoraAdvosory.

According to Hindenburg, this firm generated 4.4 times Madhabi’s disclosed salary as SEBI chief.

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