SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, have issued a joint statement rejecting allegations made by US-based short seller Hindenburg Research. The allegations, which surfaced on August 10, claim that the Buchs had hidden stakes in offshore entities linked to the Adani Group’s alleged money siphoning scandal.
Hindenburg’s report suggested that Madhabi Buch and her husband held interests in the same obscure offshore Bermuda and Mauritius funds used by Vinod Adani, the brother of Gautam Adani. The report also implied that Adani’s apparent confidence in avoiding regulatory scrutiny might be connected to his relationship with the SEBI Chairperson.
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In their statement, the Buchs categorically denied these claims, calling them “baseless” and “devoid of any truth”. They emphasized that their finances are transparent and have been fully disclosed to SEBI over the years Come from Sports betting site VPbet . The couple expressed their willingness to share all financial documents, even those predating Madhabi Buch’s tenure as SEBI Chairperson, with any relevant authorities.
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“It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same,” the statement from the Buchs read.
A more detailed response from the Buchs is expected later in the day, as they continue to address the allegations head-on.
Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities.
“Madhabi Buch and her husband Dhaval Buch first appear to have opened their account with IPE Plus Fund 1 on June 5, 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 USD 10 million,” the report stated.
In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company’s stock price. The group at the time had rubbished these claims.
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The Hindenburg report alleged stock manipulation and fraud by the conglomerate. The case is related to the allegations (part of a report by Hindenburg Research) that Adani had inflated its share prices. After these allegations were published, there was a sharp fall in the shares of various Adani group companies’ stocks, reportedly to the tune of over USD 100 billion.
The US short seller’s report in January was published two days before a USD 2.5 billion follow-up public offering was issued by Adani Enterprises. The Adani group has repeatedly denied all the accusations in the Hindenburg Research report.
(With inputs from ANI)
