Sandra McCoy: Adani Scandal — Hinderburg exposes India’s Securities and Exchange Board of India (SEBI) Chief Madhabi Buch (and husband) Invested in funds linked to Adani Scandal

India’s SEBI chief invested in funds linked to Adani scandal, Hindenburg alleges

SEBI head Madhabi Buch and her husband have allegedly invested in offshore entities connected to Adani, hindering SEBI’s transparency in its Adani investigation as per the Hindenburg report.

Madhabi Puri Buch, chairperson of Securities and Exchange Board of India (SEBI) at the Global Fintech Fest in Mumbai, India, on 5 September 2023.

Apparently, Blackstone Too Gets Pulled Into an Indian Nepotism Scandal

The head of the Securities and Exchange Board of India (SEBI) invested in “obscure offshore funds” used by Vinod Adani, preventing the agency from impartially investigating allegations of fraud against the influential conglomerate led by his billionaire brother, Hindenburg Research disclosed on 10 August.

According to the research institute, leaked documents from a whistleblower reveal that Madhabi Buch, the current chairperson of SEBI, and her husband Dhaval Buch had investments in little-known offshore funds associated with the Adani money diversion controversy.

On 24 January 2023, Hindenburg published a report accusing Indian multinational conglomerate Adani Group of stock manipulation and accounting fraud in decades-long schemes, calling it “the largest con in corporate history”. However, the SEBI had “drawn a blank” in further investigations despite evidence of Adani group members’ involvement in alleged money laundering cases.

In its most recent report, Hindenburg revealed that a company controlled by Vinod Adani, brother of Adani founder and chairman Gautam Adani, had placed funds in the “Global Dynamic Opportunities Fund” (“GDOF”) in Bermuda, a British overseas territory known for its tax advantages. This fund was then invested in the “IPE Plus Fund 1”, a fund registered in Mauritius, also considered a tax haven.

On 22 March 2017, just before Madhabi Buch’s political appointment as a SEBI “whole time member”, her husband had corresponded with Mauritius fund administrator Trident Trust, according to documents obtained from a whistleblower.

In the correspondence, Dhaval Buch requested to “be the sole person authorised to operate the accounts”, indicating a potential transfer of assets to leave out his wife’s name before the politically sensitive appointment.

Hindenburg also brought to attention Buch’s endorsement of real estate investment trusts (REITs) while not revealing her husband’s advisory position (which he was appointed during her tenure at SEBI) at investment manager Blackstone, which has become one of the largest sponsors and investors of Indian REITs.

Given the Buchs’ potential involvement in corrupt practices, Hindenburg concluded that it does “not think SEBI can be trusted as an objective arbiter in the Adani matter”.

Main Points of Concern:

1. Lack of Action by SEBI Against Adani Group:

• Hindenburg’s Allegations: The report accuses SEBI of not taking significant action against the Adani Group despite extensive evidence of financial misconduct, including undisclosed related party transactions and stock manipulation through a network of offshore shell entities.
• Context: SEBI’s inaction, despite being aware of these allegations, raises questions about the regulator’s independence and effectiveness.

2. Conflict of Interest Involving SEBI Chairperson:

• Investment in Offshore Funds: The report alleges that Madhabi Buch and her husband had stakes in the same offshore funds used by Vinod Adani, brother of Gautam Adani, to allegedly siphon money from over-invoicing of power equipment.
• Timing and Transfers: There are indications that just before Madhabi Buch’s appointment as SEBI Chairperson, efforts were made to obscure her and her husband’s involvement in these funds. This includes transferring assets out of her name and using private email accounts for official correspondence.

3. SEBI’s Failure to Identify Offshore Fund Holders:

• Supreme Court’s Observations: The Indian Supreme Court noted SEBI’s failure to identify the holders of offshore funds connected to the Adani Group, which Hindenburg suggests might be due to SEBI’s Chairperson’s vested interests in similar funds.

4. Involvement of SEBI Chairperson in Business Ventures:

• Agora Partners and Agora Advisory: Madhabi Buch’s involvement in consulting firms, both in Singapore and India, with significant revenues raises questions about potential conflicts of interest, especially given her regulatory role.
• Her Husband’s Role at Blackstone: During her tenure, her husband joined Blackstone, which has significant interests in the Indian REIT sector. SEBI’s regulatory decisions during this period, which benefited REITs, could be seen as favoring her husband’s employer.

5. Regulatory Bias and Potential Corruption:

• Bias in Favor of Adani and Blackstone: The report suggests that SEBI’s lack of action against Adani’s offshore shareholders and favorable treatment of REIT regulations benefiting Blackstone (where Dhaval Buch works) indicate possible regulatory bias or corruption.

Previous Related Reports and Investigations:

The concerns raised in the Hindenburg report are corroborated by several other independent media investigations and reports, such as those by Adani Watch and the Financial Times, which have highlighted the complex web of offshore entities associated with the Adani Group and their potential use for stock manipulation and money laundering.

• Adani Watch (2023): Detailed how Vinod Adani used offshore structures to siphon funds, which were allegedly used to manipulate Adani Group stocks.
• Financial Times Investigation: Showed how these offshore entities, managed by Indian Infoline (now 360 One), were used to amass large positions in Adani Group shares, raising suspicions of stock manipulation.

Critical Evaluation:

1. Regulatory Failure: The lack of meaningful action by SEBI against the Adani Group, despite extensive evidence, points to a systemic failure of the regulatory body. This failure undermines investor confidence and raises concerns about the integrity of the Indian financial markets.
2. Conflict of Interest: The involvement of SEBI’s Chairperson and her husband in the same offshore entities used by Adani raises serious questions about conflict of interest. The steps taken to obscure these connections, such as transferring assets out of Madhabi Buch’s name just before her appointment, suggest potential ethical violations.
3. Implications for Market Integrity: If true, these allegations have far-reaching implications for the credibility of SEBI as a regulator. The apparent reluctance to investigate the Adani Group’s offshore shareholders, combined with favorable regulatory decisions that benefit Blackstone, could indicate regulatory capture, where the regulator is unduly influenced by the entities it is supposed to oversee.
4. Legal and Ethical Considerations: The report highlights the need for greater transparency and accountability in SEBI’s operations. The potential involvement of SEBI’s Chairperson in offshore entities linked to a major corporate scandal could lead to legal challenges and further investigations by independent bodies.

Conclusion:

The Hindenburg report on SEBI and the Adani Group raises serious allegations of conflict of interest, regulatory failure, and potential corruption. These issues demand thorough investigation and corrective actions to restore confidence in India’s financial regulatory framework.

Sources:

• Hindenburg Research on SEBI Chairperson and Adani
• Adani Watch Report on Adani Group
• Financial Times Investigation on Adani

How has India reacted to the allegations?

As usual (going by India’s tradition on corruption exposé), the couple has denied all the allegations made by Hindenburg.

Meanwhile, the ruling party of India, Bharatiya Janata Party (BJP), has dismissed the allegations as “propaganda against India.” They have stated that George Soros, the main investor of Hindenburg Research, is inciting hatred against Prime Minister Narendra Modi and has developed hatred against India, as reported by Hindustan Times.

The potential connection between Modi and Gautam Adani is worth noting. Power Technology reported in April that Adani and Modi, both from the state of Gujarat, have had a longstanding relationship since 2002.

The BJP has also faced allegations of favouring the Adani Group in exchange for political donations. Earlier this year, Congress accused the BJP and Modi of granting the group monopolies in infrastructure projects.

As per CNBC News, Adani Group’s shares dropped on 12 August following the recent report from Hindenburg. Adani Group companies experienced a market value decline of approximately $2.4bn, rebounding by the end of the trading day after an earlier reported decrease of up to $13.4bn.

The shares of its energy branches – Adani Total Gas, Adani Power and Adani Energy Solutions – individually also experienced significant declines following the announcement.

As a result, Sandra McCoy decided it’s about time to rat out Adani the #1 Oligarch of the Modi Regime…

Sandra McCoy Nude Sex Scenes From “Femme Fatales”

The video below features actress Sandra McCoy’s nude sex scenes from the TV series “Femme Fatales” remastered and enhanced.

When will the infidels learn that when all women are “femme fatales”, for when they are left to their own depraved devices death and destruction are sure to follow… Along with a whole lot of dick sucking.

For females are demonic degenerates by their very natures, and so they require the strong hand of a pious Hindutva man to use his mighty staff to steer them down the path of righteousness. For as it says in the holy Vedas “Spare the rod, spoil the woman”.

TRASHY | SCANDALOUS