Hindenburg research in its fresh report alleged that Securities and Exchange Board of India (SEBI) chairperson Madhabi Buch and her husband had stake in offshore entities used in Adani scandal.
“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,” the report said.
In January 2023, Hindeburg's allegations about Adani Group orchestrating the "largest con in corporate history" led to a massive plunge in Gautam Adani-led conglomerate's market valuation. Hindenburg said it had "provided evidence of a vast network of offshore shell entities controlled by (group chairman) Gautam Adani's brother, Vinod Adani, and close associates."
