Hindenburg report LIVE updates: A 2024 report accuses SEBI chairman Madhabi Puri Buch of investing in offshore firms of the Adani group (PTI)
Hindenburg Report LIVE Updates: In a series of posts on X on Sunday, Hindenburg Research claimed that the joint statement by SEBI chief Madhabi Buch and her husband Dhaval Buch raised further questions that needed to be clarified. The research firm asked Buch to disclose a client list of all the people who advise them on their offshore investments to verify whether they are associated with the entities that SEBI is seeking to regulate.…Read more
In the post, they also claimed that Buch, in her response, confirmed the firm’s claim that the offshore fund was run by a childhood friend of her husband Dhaval Buch, a director of the Adani Group, which constituted a significant conflict of interest.
On August 10, Hindenburg Research, a US-based short-selling and financial investigations firm, published a report titled “Whistleblower documents reveal SEBI chairman owned shares in obscure offshore companies used in Adani fund embezzlement scandal.”
The report followed on from their 2023 allegations against the Adani Group of financial misconduct and share price manipulation. In their 2024 report, they alleged that SEBI chief Madhabi Buch and her husband had invested in offshore funds controlled by Gautam Adani’s brother Vinod Adani.
The same offshore companies were accused of playing a central role in the Adani Group’s financial fraud.
SEBI Chairman Madhabi Buch responded by saying that Hindenburg’s allegations were baseless and their financial records were an open book.
