NEW DELHI: Hindenburg Research, the firm known for its critical report on the Adani Group, has made allegations against Madhabi Puri Buch, the chief of Securities and Exchange Board of India (Sebi). They claim that she had stakes in “obscure offshore entities used in Adani money siphoning scandal”.
This development adds a new layer to the ongoing scrutiny of the Adani Group, which has faced significant allegations of financial misconduct, including fraud and accounting irregularities, resulting in a substantial loss of market value.
This development adds a new layer to the ongoing scrutiny of the Adani Group, which has faced significant allegations of financial misconduct, including fraud and accounting irregularities, resulting in a substantial loss of market value.
Hindenburg’s initial report in January 2023 accused the Adani Group of engaging in various fraudulent activities, leading to a market value erosion of over $150 billion. The report prompted Sebi to investigate the group, including its offshore investments and financial practices.
Recently, SEBI issued a show-cause notice to Hindenburg, alleging that the firm colluded with a US hedge fund to profit from the report by using non-public information.
(This is a developing story)