Hindenburg accuses SEBI Chief, her husband of involvement in Adani money siphoning scandal
The US-based financial research firm on Saturday came out with an investigative report showing India’s stock market regulator SEBI’s chairperson Madhabi Puri Buch and husband’s offshore firm’s details and its links with Industrialist Gautam Adani and his brother Vinod Adani’s offshore firms. “That Madhabi Buch, The Current Chairperson Of SEBI, And Her Husband Had Stakes In Both Obscure Offshore Funds Used In The Adani Money Siphoning Scandal,” said the headline of the Hindenburg Research report published on Saturday late evening.
For the first time, the Government of India has appointed a private banker and financial expert Madhabi Buch as SEBI Chairperson. To date serving Indian Administrative Service (IAS) officers were appointed as SEBI chairpersons. “The current SEBI chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani
“Madhabi Buch and her husband Dhaval Buch first appear to have opened their account with IPE Plus Fund 1 on June 5th, 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 $10 million,” said the Hindenburg Research report.
The report exposing the nexus between the SEBI chairperson and Adani’s firms went on: “On March 22nd, 2017, just weeks ahead of that politically sensitive appointment, Madhabi’s husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust, according to documents we received from a whistleblower. The email was regarding his and his wife’s investment in the Global Dynamic Opportunities Fund (“GDOF”). In the letter, Dhaval Buch requested to “be the sole person authorized to operate the Accounts”, seemingly moving the assets out of his wife’s name ahead of the politically sensitive appointment.
“In a later account statement dated February 26th, 2018, addressed to Madhabi Buch’s private email, the full details of the structure are revealed: “GDOF Cell 90 (IPEplus Fund 1)”. Again, this is the exact same Mauritius-registered “cell” of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani,” said the expose by Hindenburg Research
“If SEBI really wanted to find the offshore fund holders, perhaps the SEBI chairperson could have started by looking in the mirror. We find it unsurprising that SEBI was reluctant to follow a trail that may have led to its own Chairperson,” asked Hindenburg Research Report. The full report can be read here:[1]
Reference:
[1] Whistleblower Documents Reveal SEBI’s Chairperson Had Stake In Obscure Offshore Entities Used In Adani Money Siphoning Scandal – Aug 10, 2024, Hindenburg Research
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The oppositions clammer for PCJ should be accepted and the JPC must be constituted of members who’s party bosses or colleagues are not under allegation / have pending cases in courts or on bail. If we cannot find such a lot, any then JPC formed will have a CONFLICT OF INTEREST. This JPC if formed should also investigate HINDENBURG also.
they are also investors. what’s wrong.