Madhabi Puri: ‘Hindenburg report is not the basis for action against Buch’; Lokpal gives clean chit to former SEBI chief

Madhabi Puri Buch -Photo- ANI

Lokpal has given a clean chit to former SEBI chief Madhabi Puri Buch from the charges of corruption. The report said that these allegations against the former SEBI chief are baseless and unfounded.

In its report published on August 10, 2024, Hindenburg Research had alleged that Madhabi Puri Buch and her husband held stakes in some foreign funds, which were allegedly linked to the ongoing money laundering investigation against the Adani Group. However, Buch and her husband have rejected these allegations from the beginning. Now the Lokpal investigating the matter has given them a clean chit.

The anti-corruption Lokpal has given relief to former SEBI chief Madhabi Puri Buch. The Lokpal, while disposing of the complaints leveled against former SEBI chief Madhabi Puri Buch on the basis of the report of Hindenburg Research, called the allegations against her unproven and frivolous. It also said that these allegations were based on conjecture without verifiable evidence. No investigation is required in these matters.

The Lokpal said on Wednesday May 28, 2025 that all the complaints filed against Madhabi Puri Buch last year were basically based on the report of a short seller trader. The purpose of which was to expose or surround the Adani Group of Companies.

A six-member bench headed by Lokpal Chairman Justice AM Khanwilkar said in the order that the allegations made in the complaints are based on conjectures and assumptions. There is no evidence of any kind in lieu of these. In such a situation, no investigation can be ordered on these allegations. Citing an earlier order in this regard, the Lokpal said that the Hindenburg report cannot be made the sole basis for taking action against Buch.

The order also said that the complainant is aware of this situation. He tried to make allegations influenced by the report. But our analysis of the allegations concluded that they are unconfirmed, unproven and frivolous.

Let us tell you that Trinamool Congress (TMC) MP Mahua Moitra had filed a complaint with the Lokpal on September 13 last year against the former SEBI chief. It was also demanded that the Enforcement Directorate (ED) or Central Bureau of Investigation would be sent for preliminary investigation of this matter. Apart from Mahua Moitra, some other people had also complained in this matter.

Also read- Politics: ‘Congress is firing missiles on its own leader, will not speak on Pakistan’; BJP comes out in defense of Shashi Tharoor

In its report published on August 10, 2024, Hindenburg Research had alleged that Madhabi Puri Buch and her husband Dhawal Buch have stakes in Mauritius-based offshore company ‘Global Dynamic Opportunity Fund’. Hindenburg had claimed that Gautam Adani’s brother Vinod Adani has invested billions of dollars in this company. It was alleged that this money was used to boost stock prices. However, Buch and her husband had rejected these allegations and said that Hindenburg has made these attacks to damage their reputation.

It is worth noting that Buch, who took over as the head of the Securities and Exchange Board of India (SEBI) on March 2, 2022, left the post on February 28 this year after completing her term.

Also read- Kamal Haasan: After facing criticism over his statement ‘Kannada originated from Tamil’, Kamal Haasan clarified, said- ‘I said it with love’