American short seller firm Hindenburg is once again in the headlines. Hindenburg Research has claimed in its disclosure that whistleblower documents have revealed that the SEBI chairman had a stake in the shadowy offshore entities used in the Adani money siphoning scam. Hindenburg Research had posted on X on Saturday. It indicated another big disclosure related to an Indian company. The American short seller firm wrote in the post, “Something big is going to happen in India soon”.
On Saturday evening, Hindenburg Research posted another post on its website claiming this disclosure and shared a related report. In this report, Hindenburg has claimed a link between the Adani Group and the SEBI chief. Hindenburg Research has alleged that documents received from the whistleblower show that SEBI Chairman Madhabi Puri Buch had a stake in the offshore entities used in the Adani money siphoning scandal.
Hindenburg said in its report, ‘It had earlier noticed that the Adani Group continued its work with full confidence despite the risk of intervention by the regulator. This can be interpreted as a connection between SEBI Chairman Madhabi Puri Buch and the Adani Group.’
“Citing whistleblower documents, the report claims that Madhabi Buch and her husband Dhaval Buch opened their account with IPE Plus Fund 1 in Singapore on June 5, 2015. The fund declaration signed by an IIFL principal states that the source of investment is salary and pegs the couple’s total investment at $10 million,” Hindenburg Research wrote in the report.
Hindenburg alleges that the offshore Mauritius fund was set up by an Adani director through India Infoline and is registered in tax haven Mauritius.
Note: Aaj Tak has reached out to SEBI for a response to the allegations, and the report will be updated once a response is received.
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