The complaint, lodged both electronically and in physical form, requests the Lokpal to refer the matter to investigative bodies like the Central Bureau of Investigation (CBI) or the Enforcement Directorate (ED) within 30 days for a preliminary inquiry. This move is seen as a direct challenge to SEBI’s handling of certain corporate matters, particularly concerning the Adani Group.
Moitra's accusations align with claims from Hindenburg Research, a U.S.-based short-seller, which, in August, alleged that Buch and her husband had undisclosed investments in offshore funds linked to the Adani conglomerate. Hindenburg suggested that these funds, reportedly located in Bermuda and Mauritius, may have been involved in round-tripping funds to artificially boost Adani's stock value. Buch, however, strongly refuted the allegations, calling them baseless. Adani Group also denied any business ties with Buch or her family.
The complaint has intensified scrutiny on SEBI’s regulatory practices, particularly regarding its investigation into the Adani Group. This comes amidst long-standing concerns raised by opposition parties, including Moitra's Trinamool Congress, regarding SEBI's perceived inaction or leniency in handling the case. Earlier, Moitra had demanded the suspension of Buch from her position, arguing that a thorough and independent investigation could only take place in her absence.
This development adds another layer of complexity to the ongoing controversy surrounding Adani Group, which has been accused of stock manipulation and improper financial practices. The allegations gained momentum earlier this year when Hindenburg released a report accusing the conglomerate of engaging in corporate fraud, allegations that Adani has consistently denied.