New Delhi: Hindenburg Research on SEBI American short seller company Hindenburg Research, which made serious allegations against Adani Group last year, has now attacked the SEBI chief. Through a new report, Hindenburg has claimed that SEBI chairperson Madhabi Buch and her husband have stakes in Adani's shell companies. 

SEBI chief accused of having stake in Adani's companies

Hindenburg has alleged that the SEBI chief and her husband have stakes in both the offshore companies used in the Adani money siphoning scam. However, the SEBI chairperson and her husband issued a joint statement rejecting the allegations.

What did the SEBI chief say?

SEBI chief Madhabi Puri Buch and her husband have termed the allegations of Hindenburg Research as baseless. They said that through this an attempt is being made to defame their character.

So that is why the report was brought...

Madhabi Buch and her husband Dhaval Buch said it is unfortunate that Hindenburg Research has responded to the enforcement action and show cause notice by SEBI with an attempt to assassinate their character. They said this report has been brought against the action of SEBI. 

Hindenburg made these allegations

Earlier on Saturday, US short seller Hindenburg said that we did not realise that the current SEBI chairperson and her husband Dhaval Buch had hidden stakes in the same anonymous offshore Bermuda and Mauritius funds which were found in the same shell companies used by Vinod Adani.

Hindenburg Research said it has made the fresh allegations based on documents provided by a whistleblower and investigations conducted by other entities. The report said Madhabi Buch and her husband Dhaval Buch first opened their account with IPE Plus Fund 1 in Singapore on June 5, 2015. The fund's declaration signed by a chairman of IIFL states that the source of investment is "salary" and the couple's net worth is estimated at US$10 million.

A report came on Adani last year

Earlier in January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, which led to a sharp drop in the company's share price. At that time, the group rejected these claims.