“It is unfortunate that Hindenburg Research against which SEBI has taken enforcement action and issued a show cause notice has chosen to attempt character assassination,” the husband-wife duo said in a late night statement.
Earlier on Saturday night, Hindenburg published a report on its website claiming that Buch had stakes in offshore funds based in Bermuda and Mauritius used by Gautam Adani’s brother Vinod Adani to “accumulate and trade large positions in Adani Group stocks”.
“Regarding the allegations leveled against us in the Hindenburg Report dated August 10,2024, we wish to state that we strongly deny the baseless allegations and aspersions made in the report. The same is devoid of any truth. Our lives and finances are an open book,” Buch said in the statement.
Hindenburg has claimed that SEBI chief Madhabi Buch had stake in an offshore entity linked to Adani.
The family said that all required disclosures have already been made to SEBI over the years and they have no qualms in disclosing any and all financial documents pertaining to the period to any and every authority. can find them.
“Furthermore, in the interest of full transparency, we will issue a detailed statement in due course,” they said.
Citing whistleblower documents, the Hindenburg report claims that Buchs was found to have opened his account with IPE Plus Fund 1 in Singapore on June 5, 2015. The offshore Mauritius fund is said to have been set up by Adani directors through IIFL and is registered in tax haven Mauritius.
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“In short, despite the existence of thousands of mainstream, reputable onshore Indian mutual fund products, an industry that is now responsible for its regulation, documents show that SEBI chairperson Madhabi Buch and her husband held stakes in a multi-tier offshore fund structure with minimal assets. , across known high-risk jurisdictions, is overseen by a company with reported ties to the Wirecard scam, run by an Adani director in the same entity and used significantly by Vinod Adani in the alleged Adani cash siphoning scam,” the report said. is
It said Adani’s confidence to continue operating without the risk of serious regulatory intervention “can be explained by Adani’s relationship with Sebi Chairperson, Madhabi Buch.”
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