In the ongoing controversy surrounding the Adani-Hindenburg report, the US-based research firm Hindenburg Research has made serious allegations against SEBI Chairperson Madhabi Buch. On Saturday, Hindenburg claimed that SEBI's reluctance to address issues with offshore shareholders in the Adani Group may be linked to Buch’s involvement with funds used by Vinod Adani, brother of Gautam Adani.

According to Hindenburg, "whistleblower documents" suggest that Buch had stakes in obscure offshore entities implicated in the Adani money siphoning scandal. The firm alleged that Buch’s involvement included investments in the Global Dynamic Opportunities Fund (GDOF), a Mauritius-registered fund tied to the Adani scandal.

The allegations include an email from March 22, 2017, sent by Buch’s husband, Dhaval Buch, to Mauritius fund administrator Trident Trust, asking to be the sole operator of accounts linked to GDOF. This occurred just weeks before Madhabi Buch's politically sensitive appointment as SEBI Wholetime Member.

Hindenburg also cited a February 26, 2018, account statement revealing Buch’s stake in the Mauritius-registered fund, which they claim aligns with the funds reportedly used by Vinod Adani. The value of Buch’s stake was approximately USD 872,762.25 at the time.

The firm also alleged that SEBI has failed to act on other suspect Adani shareholders linked to India Infoline, including EM Resurgent Fund and Emerging India Focus Funds, which were previously flagged for potential stock manipulation.

In response to the Supreme Court's request for a thorough investigation, SEBI has reportedly faced challenges in uncovering the holders of these offshore funds. Hindenburg accused SEBI of drawing a blank in this investigation and suggested that the Chairperson should start by scrutinizing her own involvement.

The Indian regulatory body has yet to comment on these latest allegations.