US-based short seller Hindenburg Research on Saturday (Aug 10) released a report citing whistleblower documents that&nbsp;Madhabi Buch, chairperson of market regulator Securities and Exchange Board of India (SEBI), and her husband, had stakes in offshore entities linked to&nbsp;the Adani Group's alleged financial misconduct.

Weeks before Buch's appointment to SEBI, her husband, Dhaval Buch,&nbsp;requested to transfer their investments into his sole control&nbsp;to avoid any scrutiny that may come with the high-profile regulatory job, the report said.&nbsp;

"She had a&nbsp;100 per cent interest in an offshore Singaporean consulting firm, called Agora Partners. On March 16, 2022, two weeks after her appointment as SEBI chairperson, she quietly transferred the shares to her husband," the report said.&nbsp;

It added that the couple's investments were siphoned through a complex, multi-layered offshore structure - raising suspicions over the purpose and legitimacy of the entire operation. Moreover, the money was parked in a fund, linked to&nbsp;associates of Vinod Adani, brother of Gautam Adani, who is chairman of Adani Group.

The report also highlighted the SEBI chief's role in&nbsp;promoting Real Estate Investment Trusts (REITs) in India - an asset class that significantly benefitted Blackstone, where her husband is a senior adviser.&nbsp;Prior to his adviser role,&nbsp;Dhaval had not worked for a fund, in real estate or capital markets.&nbsp;

The report&nbsp;comes 18 months after Hindenburg released its 'expose' on Adani --&nbsp;questioning the group's debt levels and use of tax havens. At the time, the report sent the conglomerate's fortunes into a tailspin which forced the company to abandon a $2.5 billion share sale.

<a href="https://www.wionews.com/videos/wikipedia-accuses-adani-staff-of-manipulation-while-adani-groups-market-rout-deepens-further-564787" target="_blank">WATCH |&nbsp;Wikipedia accuses Adani staff of Manipulation while Adani Group's market rout deepens further</a>

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/wikipedia-accuses-adani-staff-of-manipulation-while-adani-groups-market-rout-deepens-further-564787/embed" width="560"></iframe>

<h2>Opposition reacts&nbsp;</h2>

The Opposition has latched onto the new report and said it was now evident why the market regulator had not investigated the Adani Group comprehensively.&nbsp;

“SEBI's strange reluctance to investigate the Adani MegaScam has been long noted, not least by the Supreme Court's Expert Committee. That Committee had pointed out in its report that SEBI had in 2018 diluted and, in 2019, entirely deleted the reporting requirements relating to the ultimate beneficial (i.e. actual) ownership of foreign funds,” said senior Congress leader Jairam Ramesh.

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Here is our statement on the latest Hindenberg revelations 
 
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— Jairam Ramesh (@Jairam_Ramesh) <a href="https://twitter.com/Jairam_Ramesh/status/1822336942228287625?ref_src=twsrc%5Etfw">August 10, 2024</a></blockquote>
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Meanwhile, Trinamool Congress (TMC) MP Mahua Moitra also took a dig over the allegations, saying that “in true Adani style, even the SEBI chairman is an investor in his group”.

“Crony Capitalism at its finest,” she wrote on X.

<a href="https://www.wionews.com/business-economy/indias-market-regulator-slams-hindenburg-with-show-cause-notice-736946">Also read |&nbsp;India's market regulator slams Hindenburg Research with show-cause notice</a>

<h2>Buch reacts</h2>

On Sunday (Aug 11), Buch described the allegations against her as "baseless" and an attempt at "character assassination".&nbsp;

"Our life and finances are an open book," said Buch in a joint statement with her husband.&nbsp;

"It is unfortunate that Hindenburg Research, against whom SEBI has taken enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same," they added.&nbsp;

(With inputs from agencies)

US-based short seller Hindenburg Research on Saturday (Aug 10) released a report citing whistleblower documents that Madhabi Buch, chairperson of market regulator Securities and Exchange Board of India (SEBI), and her husband, had stakes in offshore entities linked to the Adani Group's alleged financial misconduct.

US-based short seller Hindenburg Research on Saturday (Aug 10) released a report citing whistleblower documents that Madhabi Buch, chairperson of market regulator Securities and Exchange Board of India (SEBI), and her husband, had stakes in offshore entities linked to the Adani Group's alleged financial misconduct. Weeks before Buch's appointment to SEBI, her husband, Dhaval Buch, requested to transfer their investments into his sole control to avoid any scrutiny that may come with the high-profile regulatory job, the report said. "She had a 100 per cent interest in an offshore Singaporean consulting firm, called Agora Partners. On March 16, 2022, two weeks after her appointment as SEBI chairperson, she quietly transferred the shares to her husband," the report said. It added that the couple's investments were siphoned through a complex, multi-layered offshore structure - raising suspicions over the purpose and legitimacy of the entire operation. Moreover, the money was parked in a fund, linked to associates of Vinod Adani, brother of Gautam Adani, who is chairman of Adani Group. The report also highlighted the SEBI chief's role in promoting Real Estate Investment Trusts (REITs) in India - an asset class that significantly benefitted Blackstone, where her husband is a senior adviser. Prior to his adviser role, Dhaval had not worked for a fund, in real estate or capital markets. The report comes 18 months after Hindenburg released its 'expose' on Adani -- questioning the group's debt levels and use of tax havens. At the time, the report sent the conglomerate's fortunes into a tailspin which forced the company to abandon a $2.5 billion share sale. WATCH | Wikipedia accuses Adani staff of Manipulation while Adani Group's market rout deepens further Opposition reacts The Opposition has latched onto the new report and said it was now evident why the market regulator had not investigated the Adani Group comprehensively. “SEBI's strange reluctance to investigate the Adani MegaScam has been long noted, not least by the Supreme Court's Expert Committee. That Committee had pointed out in its report that SEBI had in 2018 diluted and, in 2019, entirely deleted the reporting requirements relating to the ultimate beneficial (i.e. actual) ownership of foreign funds,” said senior Congress leader Jairam Ramesh. Here is our statement on the latest Hindenberg revelations Quis Custodiet Ipsos Custodies pic.twitter.com/D1wGN2uJop — Jairam Ramesh (@Jairam_Ramesh) August 10, 2024 × Meanwhile, Trinamool Congress (TMC) MP Mahua Moitra also took a dig over the allegations, saying that “in true Adani style, even the SEBI chairman is an investor in his group”. “Crony Capitalism at its finest,” she wrote on X. Also read | India's market regulator slams Hindenburg Research with show-cause notice Buch reacts On Sunday (Aug 11), Buch described the allegations against her as "baseless" and an attempt at "character assassination". "Our life and finances are an open book," said Buch in a joint statement with her husband. "It is unfortunate that Hindenburg Research, against whom SEBI has taken enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same," they added. (With inputs from agencies)

Hindenburg report alleges market regulator chief, her spouse held stake in Adani Group's offshore funds

A report on Friday (January 27) has revealed that a string of billionaire businesspersons, the BBC's chair Richard Sharp, seven-time Formula One world champion Lewis Hamilton and over 20 Conservative donors are among those who declared that they own British property through offshore jurisdictions. The report by The Guardian said that these declarations were made on the United Kingdom (UK) government's new register of overseas entities.&nbsp;

The register gives details on how Gulf royals, wealthy businesspersons and countries such as China legally bought billions of pounds of most London property, often via jurisdictions like the British Virgin Islands (BVI) and the Channel Islands, the report said.&nbsp;

As of Friday noon, the Companies House register listed more than 17,000 overseas entities and thousands more are expected to be registered before the deadline which is on January 31.&nbsp;

Richard Sharp, whose appointment as the BBC chair is being questioned following questions about his role in securing a loan for former British Prime Minister Boris Johnson, is the beneficial owner of a £4 million flat in London held through a Jersey-based trust, the report said. However, a spokesperson for Sharp said that the flat in question was his elderly mother's home.&nbsp;“Mr Sharp is a UK citizen, UK domiciled and has always been meticulous about always paying the full amount of tax here," the spokesperson said.&nbsp;

“Like many parents, he has been thinking about how to provide for his children on his death. This arrangement isn’t about a personal tax benefit to him as he pays more UK tax under this arrangement, but about him planning for provision for his children,” the spokesperson added, the Guardian reported.&nbsp;

Formula One driver Lewis Hamilton owns a property worth £16.5 million in Kensington. A spokesperson for Hamilton said that the British racing driver did not gain tax benefits from this arrangement.&nbsp;

The Companies House register showed that royal families of Gulf states owned about £1 billion of British property via tax havens such as the BVI. The register also showed that the Chinese Investment Corporation, an arm of the Chinese government, owned at least &nbsp;£580 million worth of property through offshore entities, including distribution centres that are important for the flow of British goods.&nbsp;

On the other hand, Conservative donors named in the register include two peers Irvine Laidlaw and Stanley Fink. The Guardian report on Friday said that Laidlaw had donated £3.2 million when the Conservative Party was in opposition. He has a portfolio of offices and residential homes held through at least nine Isle of Man-based companies.&nbsp;

Stanley Fink, the former party treasurer, had given about £3.7 million over two decades. He owns a part of the St Pancras Renaissance hotel building through a Guernsey-based vehicle, the report added. Fink said gained no tax benefits from this structure.

Some other Tory donors include the Reuben brothers, property developers with 106 vehicles spanning the BVI to Guernsey, the report added. A spokesperson for the brother said that all the entities were liable to UK taxes, adding any taxes due were paid in compliance with the HMRC (HM Revenue and Customs). &nbsp;

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A report on Friday (January 27) has revealed that a string of billionaire businesspersons, the BBC's chair Richard Sharp, seven-time Formula One world champion Lewis Hamilton and over 20 Conservative donors are among those who declared that they own British property through offshore jurisdictions.

A report on Friday (January 27) has revealed that a string of billionaire businesspersons, the BBC's chair Richard Sharp, seven-time Formula One world champion Lewis Hamilton and over 20 Conservative donors are among those who declared that they own British property through offshore jurisdictions. The report by The Guardian said that these declarations were made on the United Kingdom (UK) government's new register of overseas entities. The register gives details on how Gulf royals, wealthy businesspersons and countries such as China legally bought billions of pounds of most London property, often via jurisdictions like the British Virgin Islands (BVI) and the Channel Islands, the report said. As of Friday noon, the Companies House register listed more than 17,000 overseas entities and thousands more are expected to be registered before the deadline which is on January 31. Richard Sharp, whose appointment as the BBC chair is being questioned following questions about his role in securing a loan for former British Prime Minister Boris Johnson, is the beneficial owner of a £4 million flat in London held through a Jersey-based trust, the report said. However, a spokesperson for Sharp said that the flat in question was his elderly mother's home. “Mr Sharp is a UK citizen, UK domiciled and has always been meticulous about always paying the full amount of tax here," the spokesperson said. “Like many parents, he has been thinking about how to provide for his children on his death. This arrangement isn’t about a personal tax benefit to him as he pays more UK tax under this arrangement, but about him planning for provision for his children,” the spokesperson added, the Guardian reported. Formula One driver Lewis Hamilton owns a property worth £16.5 million in Kensington. A spokesperson for Hamilton said that the British racing driver did not gain tax benefits from this arrangement. The Companies House register showed that royal families of Gulf states owned about £1 billion of British property via tax havens such as the BVI. The register also showed that the Chinese Investment Corporation, an arm of the Chinese government, owned at least £580 million worth of property through offshore entities, including distribution centres that are important for the flow of British goods. On the other hand, Conservative donors named in the register include two peers Irvine Laidlaw and Stanley Fink. The Guardian report on Friday said that Laidlaw had donated £3.2 million when the Conservative Party was in opposition. He has a portfolio of offices and residential homes held through at least nine Isle of Man-based companies. Stanley Fink, the former party treasurer, had given about £3.7 million over two decades. He owns a part of the St Pancras Renaissance hotel building through a Guernsey-based vehicle, the report added. Fink said gained no tax benefits from this structure. Some other Tory donors include the Reuben brothers, property developers with 106 vehicles spanning the BVI to Guernsey, the report added. A spokesperson for the brother said that all the entities were liable to UK taxes, adding any taxes due were paid in compliance with the HMRC (HM Revenue and Customs). WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

How the rich hold British property through offshore companies? This report explains

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Hindenburg report alleges market regulator chief, her spouse held stake in Adani Group's offshore funds

How the rich hold British property through offshore companies? This report explains