SEBI Chairperson Madhabi Puri Buch and her husband Dhawal Buch on Sunday issued a detailed statement responding to the allegations leveled by US short seller Hindenburg. Hindenburg, in its new report, has claimed a link between the Adani Group and SEBI chief Madhabi Puri Buch, alleging that documents received from the whistleblower show that the SEBI chairman had a stake in the offshore entities used in the Adani money siphoning scandal. The Buch couple said that their investment in the fund was made two years before Madhabi joined SEBI.
Investment was made two years before joining SEBI
In the statement, the Buch couple said that they had invested in IPE Plus Fund 1 managed by 360 One Asset and Wealth Management (formerly IIFL Wealth Management) in 2015. The investment was made on their behalf two years before Madhabi joined SEBI as a full-time member when both of them lived in Singapore as private citizens.
According to the statement, the decision to invest in this fund was taken because Chief Investment Officer Anil Ahuja is a childhood friend of Dhawal from school and IIT Delhi and had a strong investment career spanning several decades as a former employee of Citibank, JP Morgan and 3i Group PLC.
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‘Our life and finances are like an open book’
Completely rejecting the allegations made by the American short seller, SEBI Chairperson Madhabi Puri Buch and her husband Dhawal Buch said in a statement issued early Sunday morning that the allegations made in the Hindenburg report of August 10 are baseless and there is no truth in them. Our life and finances are like an open book. Whatever disclosures we needed to make, all that information has been given to SEBI in the past years.
SEBI also issued a statement
SEBI has also issued a statement on the report of Hindenburg Research. SEBI said, ‘The report claims, among other things, that SEBI has not taken any action against the Adani Group. This raises questions on SEBI’s action of issuing a show cause notice to Hindenburg Research on June 27, 2024. It is worth noting that SEBI has duly investigated the allegations made by Hindenburg Research against the Adani Group.
SEBI said, ‘The Supreme Court in its order dated January 3, 2024 said that SEBI has completed 22 out of 24 investigations of Adani Group. After this, another investigation was completed in March 2024 and one remaining investigation is nearing completion. During the ongoing investigation in this case, more than 100 summons, about 1100 letters and emails have been issued to seek information. Also, more than 300 documents containing about 12,000 pages have been examined.’
What did Hindenburg allege?
The report released by Hindenburg on Saturday claimed that whistleblower documents reveal that Madhabi Buch and her husband Dhawal Buch opened their account with IPE Plus Fund 1 in Singapore on June 5, 2015. The couple’s total investment in it is estimated at $ 10 million. Hindenburg alleged that the offshore Mauritius fund was set up by a director of the Adani Group through India Infoline and is registered in tax haven Mauritius.
Source (PTI) (NDTV) (HINDUSTANTIMES)