New Delhi: In a fresh revelation by Hindenburg Research, which brought up the alleged frauds conducted by the Adani group, alleged that it was unwilling to act on its Adani report last year because Sebi chairperson Madhabi Puri Buch and her husband had investments in offshore funds, linked to Adani group, Mint reported.
Last year, the market regulator accused billionaire Gautam Adani of running the largest con in corporate history, which the Adani group denied vehemently.
The Sebi chief and her husband denied the allegations, terming them 'baseless' and an attempted 'character assassination'.
According to Hindenburg's blog post on Saturday, Madhabi URI Buch and husband Dhaval Buch have investments in IPE Plus Fund 1, a Mauiritius-registered fund, and Global Dynamic Opportunities Fund, registered in Bermuda. Further, a company controlled by Vinod Adani had invested in the Global Dynamic Opportunities Fund, which then invested in IPE Plus Fund 1. This fund was founded by Anil Ahuja, who is also the fund's investment officer. Ahuja served as a director of Adani Enterprises, while Vinod was Gautam Adani's elder brother.
Mint quoted the blog by Hindenburg, "We suspect Sebi's unwillingness to take meaningful action against suspect offshore shareholders in the Adani Group may stem from Chairperson Madhabi Buch's complicity in using the exact same funds used by Vinod Adani, brother of Gautam Adani."
Hindenburg cites documents received from a whistleblower, including a funds declaration statement for IPE Plus Fund 1, which was signed by a principal at IIFL. IIFL manages these schemes, Mint reports.
The statement by the investor said that the investment is "salary", and the couple's net worth was estimated at $10 million in 2015.