Hindenburg Alleges SEBI Chair's Conflict in Adani Offshore Funds Scandal

Aug 10, 2024, 06:09 PM

Hindenburg Research has released whistleblower documents alleging that Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI), and her husband, Dhaval Buch, held stakes in offshore funds used by the Adani Group. These funds, reportedly involved in a money siphoning scandal, were linked to Vinod Adani and based in Bermuda and Mauritius. The documents suggest a conflict of interest, as SEBI is the regulatory body investigating the Adani Group. The allegations have been strongly denied by Madhabi Puri Buch. The controversy also touches on SEBI regulations around Real Estate Investment Trusts (REITs), which allegedly benefited Blackstone Private Equity, where Dhaval Buch served as a Senior Advisor.