Citing whistleblower documents, the US-based short-seller has accused Madhabi Puri Buch, head of the Securities and Exchange Board of India (SEBI), and her husband Dhaval Buch, of holding stakes in offshore funds that were invested in the Adani Group. You can read the highlights of Hindenburg’s latest report here here.
Congress leader and Member of Parliament (MP) Jairam Ramesh has revived the demand for a Joint Parliamentary Committee inquiry into the latest allegations.
Here is our statement on the latest Hindenberg revelations
Who will protect them?
Custodies image.twitter.com/D1wGN2uJop-Jairam Ramesh (@Jairam_Ramesh) August 10, 2024
“In true Adani style, even the SEBI chairman is an investor in his group. Crony capitalism at its finest,” Trinamool Congress MP Mahua Moitra said in a social media post, demanding a probe by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED), into alleged money laundering.
Gautam Adani, 62, who is at the centre of the latest storm, is believed to be close to India’s ruling establishment. In January 2023, Hindenburg, the US-based short-seller, accused the Indian billionaire of using offshore funds to inflate his group’s share prices.
Although Adani denied the charges, the case reached the Supreme Court, who decided to place their trust in the market regulator SEBI to conduct a fair investigation.
The stock took a hit and it didn’t go away. until May 2024 that all shares of Adani Group regained the value lost 18 months earlier. Today, Gautam Adani is estimated to have a net worth of $84 billion, according to Forbes.
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