In its latest salvo, US-based short seller Hindenburg has cited whistle-blower documents and accused Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch and her husband Dhaval Buch of having stakes in offshore funds that were invested in the Adani Group.

The report said: “18 months since our Adani report, Sebi has shown a surprising lack of interest in Adani’s alleged undisclosed web of Mauritius and offshore shell entities.”

Calling the report a sad case of “character assassination”, Buch has said: “In the context of allegations made in the Hindenburg Report dated August 10, 2024, against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth… It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show-cause notice has chosen to attempt character assassination in response to the same.”

The fresh report has given the opposition parties fresh ammunition against the ruling government under Prime Minister Narendra Modi. Stay with us to get live updates on this developing story.