In a not so surprising twist, the Hindenburg Adani controversy has taken center stage once again, drawing fresh scrutiny on key players involved.
This time, the spotlight is on SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, as Hindenburg Research—an influential U.S.-based short-seller—levels serious allegations against the couple.
According to Hindenburg, the Buch couple allegedly held undisclosed investments in an offshore entity known as IPE Plus Fund 1, which is reportedly linked to the Adani Group.
This revelation adds another layer to the already intricate web of offshore dealings at the heart of the controversy.
Here’s where things get complicated: Hindenburg claims that ATIL, a company controlled by Vinod Adani, was involved in funneling money through the Bermuda-based Global Dynamic Opportunities Fund (GDOF) to the Mauritius-registered IPE Plus Fund 1. This fund is not just a financial tool but is alleged to have held stakes owned by the Buch couple themselves.
What makes the situation even murkier are the connections Hindenburg points out.
Anil Ahuja, the Chief Investment Officer (CIO) of the IPE Plus Fund 1, previously served as a director at Adani Enterprises.
This connection has raised eyebrows and questions about the fund’s ties to the Adani Group, especially in light of the Buch couple’s involvement.
Timing, as they say, is everything. Hindenburg has brought attention to the timing of the Buch couple’s investment in and subsequent withdrawal from the fund, suggesting potential conflicts of interest, particularly given Madhabi Buch’s pivotal role as the head of SEBI, India’s market regulator.
SEBI, for its part, has firmly denied the allegations, dismissing them as “baseless” and a clear attempt at “character assassination.”
The Buch couple has also come forward with a detailed rebuttal, asserting their innocence and transparency in the matter.
Adding to the mix, 360 ONE WAM, the fund’s manager, has stated that IPE Plus Fund 1 was fully compliant with all regulations and had no exposure to Adani Group stocks.
Despite these reassurances, the controversy has undeniably cast a shadow on the credibility of those involved.
As this drama continues to unfold, the Hindenburg SEBI controversy is far from reaching its conclusion. With each new allegation, the story grows more complex, keeping both the public and the markets on edge.
