Hindenburg Research on Saturday stated that whistleblower documents suggest SEBI Chairperson Madhabi Buch and her husband held stakes in offshore entities implicated in the Adani funds siphoning scandal.
The report indicated, “We had previously noted Adani’s total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani’s relationship with SEBI Chairperson, Madhabi Buch.”
The report revealed, “What we hadn’t realized: 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,”
According to whistleblower documents, “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,”
However, Madhabi Puri Buch, the SEBI Chair, did not immediately reply to a request for comment.
The US-based short seller, noted for its alleged expose on the Adani Group, alluded to another forthcoming significant revelation concerning India earlier on Saturday.
