look news india
Madhabi Puri Butch: American short seller firm Hindenburg Research has once again made a new claim regarding the Adani Group. Hindenburg Research has claimed that SEBI Chairperson Madhabi Puri Buch and her husband also had a stake in the suspicious offshore funds used in the Adani Money scam.
Hindenburg Research said in its whistleblower documents that we have previously seen the Adani Group's attitude of working in confidence without serious regulatory interference. This confidence of the Adani Group seemed to have some connection with SEBI Chairman Madhabi Puri Buch.
A report released on Saturday by US short-seller Hindenburg Research further said that we were not aware that the current SEBI chairman and his husband Dhaval Buch had hidden stakes in the exact same suspicious offshore fund. This stake was found in the same nested structure used by Vinod Adani.
Citing whistleblower documents, the short-seller firm said that it appears that Madhabi Puri Buch and her husband Dhaval Buch first opened their account in Singapore in IPE Plus Fund 1 on June 5, 2015. The fund statement signed by the Principal of IIFL states that the source of this investment is salary. While Madhavi Puri Buch and her husband Dhaval Buch have an estimated net worth of $10 million.
On January 24 last year, Hindenburg Research released a report criticizing the Adani Group just before the sale of shares in Adani Enterprises. After this report, the market value of the Adani Group fell to $86 billion. Apart from this, there was a huge sell-off of its foreign listed bonds. The impact of this report can be gauged from the fact that Gautam Adani slipped from the world's number 2 billionaire to number 36.