Hindenburg Research claimed that whistleblower documents show SEBI chief Madhabi Buch and her husband Dhaval Buch invested in offshore funds in Bermuda and Mauritius, linked to the Adani Group's alleged market manipulation, dating back to 2015.
Hindenburg Research made fresh claims on Saturday against the Securities and Exchange Board of India stating that they didn't take action against the Adani Group as per the 2023 allegations due to their chief's investments in the latter's offshore firms.
Hindenburg Research claimed that whistleblower documents show SEBI chief Madhabi Buch and her husband Dhaval Buch invested in offshore funds in Bermuda and Mauritius, linked to the Adani Group's alleged market manipulation, dating back to 2015.
Hindenburg Research gained attention in India's political and financial arenas with their 2023 report on the Adani Group revealing shocking allegations against the firm.
In their 2023 report, Hindenburg Research accused the Adani Group of the "largest con in corporate history" through stock manipulation, leading to over $100 billion(approx.Rs 83 billion) in market losses for the conglomerate.
In June 2024, SEBI accused Hindenburg Research of sharing Adani Group findings with a New York hedge fund manager, but Hindenburg dismissed this as a move to silence critics of corruption in India, while SEBI's investigations into Adani transactions made little progress.
Hindenburg Research, a US-based firm that specializes in forensic financial analysis, investigating accounting irregularities, unethical practices, and undisclosed transactions.
A key practice of Hindenburg Research is short selling, where their reports predict declines in market prices of certain companies.
Nathan Anderson, founder of Hindenburg Research and self-described activist shortseller, started his career at FactSet Research Systems after graduating in international business from the University of Connecticut, where his interest in uncovering scams led to the creation of Hindenburg Research in 2017.
The company, named after the 1937 Hindenburg airship disaster which was reportedly 'man-made' and 'avoidable'. They aim to uncover and expose financial disasters before they deceive more investors, as stated on their website.
Since its establishment, Hindenburg Research has issued 16 reports revealing illegal transactions and financial fraud involving the United States Securities and Exchange Commission and also companies like Aphyria, Pershing Gold, and Nikola across various sectors and countries.
