New Delhi: Adani Group has fervently denied the recent allegations made by Hindenburg Research, labeling them as malicious, mischievous, and manipulative. These claims suggest that Sebi Chairperson Madhabi Puri Buch had a stake in offshore entities involved in the purported Adani money siphoning scandal, which the Adani Group has firmly refuted.Strong Denial from Adani GroupOn Sunday, the Adani Group issued a strong rebuttal to the latest accusations from Hindenburg Research. The US-based short-seller firm had claimed on Saturday that whistleblower documents indicated Sebi Chairperson Madhabi Puri Buch was connected to offshore entities allegedly used in the Adani money siphoning scandal.In response, the Adani Group dismissed these allegations as a recycling of discredited claims that had been previously investigated and dismissed by the Supreme Court in January 2024. The group accused Hindenburg of selectively using publicly available information to draw predetermined conclusions for personal gain.Hindenburg Report ClaimsHindenburgs report asserted, “We had previously noted Adanis total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adanis relationship with Sebi Chairperson, Madhabi Buch. The report further alleged that Madhabi Buch and her husband, Dhaval Buch, had hidden stakes in offshore funds in Bermuda and Mauritius, used by Vinod Adani.According to Hindenburg, whistleblower documents indicated that the Buchs opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore, with a declared net worth of $10 million, sourced from their salaries.Rejection from Sebi ChairpersonSebi Chairperson Madhabi Puri Buch and her husband also issued a joint statement rejecting the allegations. They described the claims as an attempt at character assassination and asserted that their finances were transparent.The Buchs stated, “In the context of allegations made in the Hindenburg Report dated August 10, 2024, against us, we strongly deny the baseless allegations and insinuations made in the report. The same is devoid of any truth. Our life and finances are an open book. They emphasized that all required disclosures had been furnished to Sebi over the years and expressed their willingness to provide any financial documents to relevant authorities.The Sebi chief and her husband promised to release a detailed statement soon to ensure complete transparency.
