American short seller firm Hindenburg is once again in the headlines in India. Hindenburg, which targeted Adani Group last time, has this time directly attacked market regulator SEBI. Hindenburg Research has claimed in its disclosure that whistleblower documents have revealed that SEBI Chairman Madhabi Puri Buch had a stake in obscure offshore entities used in the Adani money siphoning scam. This is the reason why it has not taken any action against Adani Group even in 18 months. This report of Hindenburg is sure to cause a ruckus between the ruling party and the opposition in India.
“NEW FROM US: Whistleblower Documents Reveal SEBI’s Chairperson Had Stake In Obscure Offshore Entities Used In Adani Money Siphoning Scandal”, Wrote Hindenburg Research on X.
The American firm accused the market regulator of showing a “surprising lack of interest in Adani’s alleged undisclosed web of Mauritius and offshore shell entities” because of Buch’s secret financial interest in the conglomerate.
On the other hand, SEBI Chairperson Madhabi Puri Buch and her husband on Saturday termed Hindenburg’s allegations baseless and said that their finances are an open book. Madhabi Puri Buch and Dhawal Buch also said in a statement that it is unfortunate that Hindenburg Research, against which SEBI has taken enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same.
Madhabi Buch said, ‘In reference to the allegations leveled against us in the Hindenburg report dated August 10, 2024, we would like to say that we strongly deny the baseless allegations and insinuations made in the report.
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