US-based short-seller Hindenburg Research released a new report on August 10, 2024, alleging that Securities and Exchange Board of India (SEBI) chairperson Madhabi Buch and her husband, Dhaval Buch, were involved in offshore funds linked to the Adani Group’s alleged “money siphoning scandal.” The report, which has sparked controversy, claims that these obscure financial systems were used in the alleged scandal.
The Congress party, along with the Trinamool and Shiv Sena (UBT), reacted strongly to the report. Congress leader Jairam Ramesh demanded a Joint Parliamentary Committee (JPC) investigation and expressed fresh concerns about Madhabi Puri Buch’s 2022 meetings with Gautam Adani, the Chairman of the Adani Group.
Madhabi Puri Buch and her husband issued a joint statement denying all charges. They described the allegations as an attempt at “character assassination.“
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The Hindenburg report, which has raised eyebrows in the financial and political sectors, comes at a time when the Adani Group is already under scrutiny for its financial practices. The allegations of offshore funds being used in a money siphoning scandal have added fuel to the fire, with opposition parties demanding a thorough investigation into the matter.
As the controversy unfolds, the SEBI chairperson and her husband’s denial of the allegations has only intensified the debate. The demand for a JPC investigation by the Congress party highlights the seriousness of the allegations and the need for a comprehensive inquiry into the matter.
The situation is developing, and it remains to be seen how SEBI and the Indian government will respond to the allegations made in the Hindenburg report.
