Hindenburg Research, on August 10, released findings indicating that SEBI Chairperson Madhabi Buch and her husband, Dhaval Buch, had stakes in obscure offshore entities implicated in the Adani group’s alleged money siphoning scandal.The investigative report highlighted previously unknown ties between the Buch couple and offshore funds. Hindenburg stated, “We had previously noted Adani’s total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani’s relationship with SEBI Chairperson, Madhabi Buch.”Expanding on this, the report added, “What we hadn’t realized: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani.”According to whistleblower documents, Madhabi and Dhaval Buch initiated their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. The report elaborated, “A declaration of funds, signed by a principal at IIFL states that the source of the investment is ‘salary’ and the couple’s net worth is estimated at $10 million.”
