“The current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani,” Hindenburg said in a report published on its website.
The report, citing whistleblower documents, claimed that Madhabi Buch and her husband Dhaval Buch appear to have opened their account with IPE Plus Fund 1 on June 5th, 2015 in Singapore. Hindenburg claimed that the offshore Mauritius fund was set by up an Adani director through India Infoline and is registered in tax haven Mauritius.
https://x.com/HindenburgRes/status/1822308895454282053?t=r1CiDCURilOsz22v9itfrA&s=08
“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 said.The US-based short-seller also produced a copy of the records from the Ministry of Corporate Affairs which ostensibly shows that Sebi chief owns 99% stake in a consulting business called Agora Advisory, where her husband is a director.”In 2022, this entity reported $261,000 revenue from consulting, 4.4 times her disclosed salary at SEBI,” the report said, adding that the offshore Singaporean entity is exempt from disclosing financial statements so it is unclear the amount of revenue it derives from its consulting business and from whom.