The short seller from the United States, well-known for exposing the Adani Group, had alluded to yet another important revelation concerning India.
On August 10, Hindenburg Research reported that documents leaked by whistleblowers claimed that Madhabi Buch, the chairperson of SEBI, and her husband had financial ties to the unknown offshore companies implicated in the Adani money-laundering affair.
The assessment by Hindenburg stated, “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.”
“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,” said the study.
“According to whistleblower records, Madhabi Buch and her husband Dhaval Buch first seem to have created an account with IPE Plus Fund 1 on June 5th, 2015 in Singapore. According to a statement of funds signed by an IIFL principal, the couple’s estimated net worth is $10 million, and the source of the investment is “salary.”
