Hindenburg, the U.S. investment research firm known for its earlier attempt to expose the Adani empire, has once again made a striking revelation concerning the Adani Group of Industries. This time, Hindenburg Research has accused Madhabi Puri Buch, the chairperson of India’s market regulator SEBI (Securities and Exchange Board of India), and her husband of holding stakes in foreign funds linked to the Adani Group.
The latest Hindenburg report specifically targets both Madhabi Puri Buch and her husband, Dhaval Buch. However, the couple has issued a joint statement categorically denying the allegations, calling them baseless and unfounded.
In their statement to the media, they said, “Regarding the allegations made in the Hindenburg Report dated August 10, 2024, we strongly deny the baseless allegations and insinuations presented in the report.”
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Key points from the Hindenburg report include:
- Hindenburg has dropped a new bombshell, this time targeting SEBI Chief Madhabi Buch, alleging that she has close ties with the Adani Group.
- The report accuses Buch of not taking strict action in the investigation against the Adani Group, claiming that no investigation was conducted for 18 months.
- Hindenburg Research claims the investigation into the Adani Group was not impartial and that despite evidence, no action was taken.
- The report further alleges that shares in Bermuda and Mauritius funds were concealed. According to Hindenburg, Madhabi Puri Buch and her husband Dhaval Buch hid their holdings in obscure offshore Bermuda and Mauritius funds that were part of a complex structure linked to Vinod Adani.
- Hindenburg also asserts that no action was taken against Adani Group’s offshore funds, alleging that the funds were used in a siphoning scandal and financial manipulation. The report claims that the Buch couple holds stakes in these offshore entities.