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- The chair of India’s capital markets regulator found herself embroiled in a storm of controversy. Allegations surfaced that Madhabi Buch and her husband harbored stakes in offshore fund structures linked to Vinod Adani, the brother of billionaire Gautam Adani, hindering fraud investigations against the Adani Group.
- Fresh claims from US short seller Hindenburg Research unveiled that the couple held “hidden” assets in entities based in Bermuda and Mauritius, which were also utilized by Vinod Adani. Despite vehemently denying these accusations, the implications reverberated.
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Hindenburg’s initial accusations of corporate fraud within the Adani Group sparked chaos, wiping out $140bn in market value. Nonetheless, Sebi’s investigations lingered, prompting skepticism about the regulator’s impartiality in the matter.
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The layers of complexity deepen as Hindenburg questioned Buch’s promotion of real estate investment trusts without divulging her husband’s advisory role with Blackstone. The web of intrigue thickened, casting doubt on the regulator’s integrity.
The saga continues, underscoring the need for transparency and accountability in the financial landscape. Let us remain vigilant, seeking truth and justice for all stakeholders involved.
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