Hindenburg Report: Serious allegations against SEBI chief Madhabi Puri Buch and her husband Dhawal, know what the couple said in their defense
Hindenburg’s recent research report has leveled serious allegations against Indian stock market regulator SEBI chief Madhabi Puri Buch and her husband Dhawal Buch. However, the couple has termed the report as baseless. In fact, the report that came out late on Saturday night alleged that the couple had a stake in the obscure offshore fund used in the alleged Adani money laundering scam.
What was alleged in the report?
The Hindenburg Research report released on August 10 alleged that SEBI’s current chief Madhabi Buch and her husband had stakes in both the obscure offshore funds used in the Adani money laundering scam. Hindenburg has said in its new report that it had released its report on the Adani Group 18 months ago, but SEBI did not take action against the group.
Couple’s reaction after the report
At the same time, the couple has reacted after Hindenburg’s report. He said that many allegations have been made against us in the Hindenburg report of August 10, 2024. In the context of these allegations, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. There is no truth in them.
The couple said that our life and financial transactions are like an open book. All the necessary disclosures in the last few years have already been submitted to SEBI, we have no hesitation in disclosing any financial documents.
Will issue a detailed statement – Madhavi Buch
At the same time, Madhavi and Dhawal said that during the investigation, documents have also been given to SEBI which relate to the period, we were not associated with SEBI. Apart from this, we will also issue a detailed statement at the appropriate time to ensure complete transparency. It is unfortunate that Hindenburg Research, against which SEBI has taken action and also issued a show cause notice, has chosen to attempt character assassination.
What is in Hindenburg’s report?
Hindenburg’s report said that the SEBI chairperson has stakes in offshore companies that were used in the alleged financial irregularities of the Adani Group. Hindenburg Research has written in the report that Madhabi Bich and her husband Dhawal Buch opened their account with IPE Plus Fund 1 in Singapore on June 5, 2015. The fund’s declaration signed by a principal of IIFL states that the source of investment is salary and the couple’s total investment is valued at $ 10 million.
No connection between Madhabi Puri Buch and Adani Group
Hindenburg alleges that the offshore Mauritius fund was set up by a director of Adani through India Infoline and is registered in tax haven Mauritius. Hindenburg also said that it had earlier noticed that the Adani Group had continued its work with full confidence despite the risk of intervention by the regulator. It can be understood that there is some connection between SEBI Chairman Madhabi Puri Buch and Adani Group.
Let us tell you that in January 2023, Hindenburg Research released a shocking report targeting the Adani Group controlled by billionaire Gautam Adani. After this, the shares of Adani Group fell by about $86 billion. This fall in the price of the share was later followed by heavy selling in the group’s foreign listed bonds. Also, SEBI had issued a notice to Hindenburg.
