SEBI chief Madhabi Buch, spouse had stake in offshore entities tied to Adani scam, claims Hindenburg
The fresh allegations suggest a quid pro quo between the Adani Group, Buch and private equity group Blackstone, where her husband Dhaval Buch was an advisor.
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Securities and Exchange Board of India Chairperson Madhabi Buch and her husband Dhaval Buch had “hidden stakes” in offshore entities tied to stock price manipulation and money laundering by the Adani Group, American short-seller Hindenburg Research alleged on Saturday citing whistleblower documents.
Buch and her husband denied the allegations in a statement to the press.
This came 18 months after the firm presented evidence in support of its claim that the Adani Group was behind “the largest con in corporate history”.
Hindenburg Research had said in January 2023 that the Adani Group’s companies were on a “precarious financial footing” and had amassed substantial debt by pledging overvalued shares. It accused the group of accounting fraud and money laundering using offshore tax havens.
India’s markets regulator, led by Madhabi Buch, had “drawn a blank” in its investigation of the allegations last year and told a Supreme Court-appointed panel that further enquiry could be a “journey without a destination.”
“We suspect SEBI’s unwillingness to take meaningful action against suspect offshore shareholders in the Adani Group may stem from Chairperson Madhabi Buch’s complicity in using the exact same funds used by Vinod Adani, brother of Gautam Adani,” Hindenburg Research has said.
“As detailed in our original Adani report, documents from the Directorate of Revenue Intelligence alleged that Adani ‘grossly’ overvalued...
