The chair of India’s capital markets regulator held stakes in an offshore fund structure used by Vinod Adani, holding the agency back in investigating fraud charges against the powerful eponymous conglomerate run by his billionaire brother, according to fresh allegations levelled by US short seller Hindenburg Research.
Madhabi Buch, head of the Securities and Exchange Board of India, and her husband had “hidden” holdings in Bermuda and Mauritius entities also drawn upon by the older brother of Adani Group founder Gautam Adani, Hindenburg Research said in a post late on Saturday, citing leaked documents in its possession.
In a statement, the couple said that they “strongly deny the baseless allegations and insinuations made in the report”.
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