New Delhi: The American short-seller firm Hindenburg is making news in India with a new report. It accuses SEBI chief Madhabi Puri Buch and her husband Dhaval Buch of having stakes in foreign companies linked to the Adani money siphoning scam. The report, based on whistleblower documents and investigations, claims that Madhabi and Dhaval Buch opened an account with IPC Plus Fund 1 in Singapore on June 5, 2015.

What Are The charges by Hindenburg Against Them

Media reports say that IAFL claimed the investment came from salary and that Madhabi and Dhaval’s total property could now be worth over $10 million (Rs 83 crore). In response, SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch called Hindenburg’s allegations false and said their finances are transparent. They stated their life is an open book and there is no truth to the accusations. They have offered to make their financial records public to clear things up. Madhabi added that they have submitted their property details to SEBI every year as required.

Who is Madhabi Puri Buch?

Madhabi Puri Buch became the Chairman of SEBI on March 2, 2022. Before that, she was a SEBI member, handling market regulation, investment management, and IT. She has also been an advisor at the New Development Bank in Shanghai, China, and led the Singapore office of Greater Pacific Capital. Madhabi was the Managing Director at ICICI Securities and an Executive Director at ICICI Bank. She holds an MBA from IIM Ahmedabad and studied Mathematics at St. Stephen’s College, Delhi.

Who Is Dhaval Buch?

Dhaval Buch is a senior advisor at Blackstone and Alvarez & Marsal. He is also on the board of Gildan. He completed a course at the Indian Institute of Technology Delhi (IIT) and graduated with a degree in Mechanical Engineering in 1984. Dhaval has also served as an executive director at Unilever.

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