In a twist that might just upend the Indian financial scene, Hindenburg Research has dropped a bombshell. The notorious US-based short-seller is now targeting SEBI chief Madhabi Puri Buch, suggesting she’s entangled in the Adani saga in ways no one anticipated. And, in a shocking turn, her husband, Dhaval Buch, might be part of the scandal too!
Known for their disruptive revelations, Hindenburg has hinted at a new scandal with a cryptic message on Elon Musk’s X: “Something big soon India.” This follows their January 2023 report that decimated Adani Group’s stocks, erasing a jaw-dropping $86 billion in market value. Now, they’ve set their sights on SEBI, and the stakes are higher than ever.
According to the latest report, whistleblower documents suggest Madhabi Puri Buch and her husband were allegedly involved in dubious offshore transactions linked to the Adani Group. Reports claim they opened an account with IPE Plus Fund 1 in Singapore back in 2015. This fund, allegedly set up by an Adani director through India Infoline, is registered in the notorious tax haven of Mauritius.
The timing couldn’t be more intriguing. Just weeks before Madhabi Buch was appointed SEBI chairperson in 2017, Dhaval Buch supposedly requested the fund administrator to name him the sole operator of these accounts. Is this a mere coincidence? Hindenburg doesn’t think so.
But wait—there’s more. The report also connects Buch to another offshore entity, Agora Partners Pte Ltd, based in Singapore. She was reportedly the sole shareholder until just before her SEBI appointment in 2022, after which she might have transferred her stake to her husband to sidestep any “political sensitivity.”
SEBI has been approached for a comment but has yet to respond. One thing is clear: Hindenburg’s allegations are set to stir up major ripples in India’s financial corridors.
If history is any guide, Hindenburg’s last attack on Adani triggered a massive sell-off, causing one of the biggest financial upheavals in recent times. Could we be witnessing a repeat, this time with SEBI in the hot seat? Strap in—this could be just the beginning of a seismic shift.
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