Hindenburg Accuses SEBI Chairperson of Concealed Stakes in Adani-linked Offshore Entities

Hindenburg Research has accused SEBI Chairperson Madhabi Buch and her husband of holding stakes in offshore entities linked to the Adani money siphoning scandal. The hedge fund published a report based on whistleblower documents, causing significant market implications.

US-based firm Hindenburg Research on August 10 accused SEBI Chairperson Madhabi Buch and her husband of having stakes in offshore entities tied to the Adani money siphoning scandal. The report detailed alleged links between Buch and the Adani Group, raising concerns about regulatory intervention.

According to Hindenburg, documents provided by a whistleblower reveal that Buch and her husband had hidden stakes in the same offshore Bermuda and Mauritius funds associated with Vinod Adani. The full report was made available on Hindenburg Research's 'X' account, emphasizing serious implications for India's financial regulatory body.

The report claimed that Madhabi Buch and her husband opened an account with IPE Plus Fund 1 in Singapore on June 5, 2015. The couple's net worth was estimated at USD 10 million, according to whistleblower documents. This disclosure follows Hindenburg's earlier accusations against the Adani Group, which the conglomerate has consistently denied, resulting in a dramatic drop in its stock value.

Hindenburg's January 2023 report had already alleged stock manipulation and fraud by the Adani Group, leading to a significant fall in the company's share prices, amounting to over USD 100 billion. The Adani Group has continuously refuted these claims.