‘Hum bhi pele gaye the’: Internet’s hilarious reaction to Hindenburg report on Sebi chief Madhabi Buch, husband

In yet another explosive blog published on Saturday night, August 10, Hindenburg Research claimed that the market regulator had been “reluctant” to act on its January 2023 Adani report due to alleged investments of SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, in offshore funds connected to the Adani Group.

Also Read: Hindenburg-Adani Case LIVE Updates: ‘Character assassination’ - Madhabi, Dhaval Buch denies allegations of offshore fund

As the Hindenburg report on SEBI chief Madhabi Buch and her husband emerged, social media erupted with hilarious reactions. Check here:

In a post on X, a netizen wrote, “SEBI INDIA Locks its Twitter account within minutes of the #Hindenburg Exposè. Darr ka Mahaul Hai.”

With a picture of Finance Minister Nirmala Sitharaman and SEBI chief Madhabi Buch, another one wrote, “Two ladies single-handedly destroying India's Economy.”

Moreover, Madhabi Puri Buch and her husband accused Hindenburg Research, against whom SEBI has taken enforcement action, of “character assassination”.

Earlier on Saturday, US short seller Hindenburg had alleged, "We had previously noted Adani's total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani's relationship with SEBI Chairperson, Madhabi Buch."

"What we hadn't realized: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," the report by the US hedge firm said.

Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities.

Also Read: ‘Who will guard the guards?’ jibes Congress at Hindenburg’s explosive report on SEBI; TMC asks ‘will ED file cases?’

In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims.

The US short seller's report in January was published two days before a USD 2.5 billion follow-up public offering was issued by Adani Enterprises. The Adani group has repeatedly denied all the accusations in the Hindenburg Research report.

(With inputs from agencies)