The whistleblower documents allegedly reveal that the Buchs opened an account with IPE Plus Fund 1 in Singapore in June 2015, with the source of their investment being noted as “salary.” Hindenburg Research further contends that this fund was established by an Adani director through India Infoline, a firm tied to the Adani Group.
These revelations are part of Hindenburg's ongoing scrutiny of the Adani Group, which has been accused of stock manipulation and other financial malpractices. The timing of the investment is particularly noteworthy, as it allegedly occurred just weeks before Madhabi Puri Buch's appointment as SEBI chairperson, raising concerns about potential conflicts of interest.
This development has intensified the spotlight on the Adani Group and its connections, as well as on SEBI's role in regulating the financial markets. The implications of these allegations could have far-reaching consequences, both for the Buchs and for the integrity of SEBI's oversight capabilities.
The accusations come at a time when the Adani Group is already under investigation by Indian authorities following Hindenburg's earlier report in January 2023, which led to significant scrutiny of the conglomerate's financial dealings. This new report adds another layer of complexity to the ongoing saga, with potential repercussions for both the regulatory body and the financial markets it oversees.