Hindenburg Research alleges that SEBI chair Buch had a stake in obscure offshore entities used in the Adani scandal.
The US-based short seller, known for exposing the Adani Group, hinted at another significant disclosure involving India.
Hindenburg Research reported on August 10 that whistleblower documents have alleged SEBI’s Chairperson Madhabi Buch and her husband had a stake in the obscure offshore entities used in the Adani money siphoning scandal.
The Hindenburg report stated, "We had previously observed Adani’s unwavering confidence in continuing operations without the risk of significant regulatory intervention, which may be attributed to Adani’s connection with SEBI Chairperson, Madhabi Buch."
"We hadn't realized that the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the same obscure offshore Bermuda and Mauritius funds as Vinod Adani, all found in a complex nested structure," the report stated.
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, according to 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.
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