NEW DELHI:

Hindenburg Research

, the firm known for its critical report on the

Adani Group

, has made allegations against

Madhabi Puri Buch

, the chief of Securities and Exchange Board of India (Sebi). They claim that she had stakes in “obscure

offshore entities

used in Adani money siphoning scandal”.
Citing whistleblower documents, Hindenburg said Buch and her husband held stakes in an offshore fund where a substantial amount of money was invested by Vinod Adani, brother of Gautam Adani, who is chairman of the Adani group of companies.

Hindenburg’s initial report in January 2023 accused the Adani Group of engaging in various fraudulent activities, leading to a market value erosion of over $150 billion. The report prompted Sebi to investigate the group, including its offshore investments and financial practices.
Recently, SEBI issued a show-cause notice to Hindenburg, alleging that the firm colluded with a US hedge fund to profit from the report by using non-public information.
(This is a developing story)