Hindenburg Research on Saturday claimed that whistleblower documents show Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch had a stake in the obscure offshore entities used in the “Adani money siphoning scandal”.
“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 Adani’s relationship with Sebi Chairperson, Madhabi Buch,” the Hindenburg report claimed.
“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,” it alleged.
“Madhabi Buch and her husband Dhaval Buch first appear to have opened their account with IPE Plus Fund 1 on June 5th, 2015 in Singapore, per whistleblower documents. A declaration of funds, signed by a principal at IIFL states that the source of the investment is ‘salary’ and the couple’s net worth is estimated at $10 million,” the report stated further.
[Disclaimer: We have reached out to Sebi in response to the allegations, and the story will be updated with comments once available.]
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