BJP leader and former union minister Rajeev Chandrasekhar on Sunday hit out at the opposition Congress over the new Hindenburg Research report, which levelled several allegations against the chairperson of the Securities and Exchange Board of India (SEBI), Madhabi Puri Buch, and her husband, saying that the report has been published with the “partnership of Congress”.
“Let’s be clear – this attack on SEBI by a foreign bank Hindenburg, is an obvious partnership with the Cong and has an ominous motive and goal. To destabilize, and discredit one of the world’s strongest financial systems and create chaos in the world’s fastest-growing economy ie India. On this let there be no doubt,” the former union minister wrote in a post on X.
According to Chandrasekhar, the report is a “classic Congress-style innuendo” and “lies glued together with a few grains of truth”. He added that the report is aimed at “discrediting the regulator and causing chaos and losses in markets for investors”.
Also read: Adani Group’s first reaction to new Hindenburg attack: ‘Malicious, mischievous’
“India’s financial sector has been rebuilt in last 10 years by @narendramodi- from the shattered, crony lending PSU banks and 10% NPA legacy of UPA, insider trading ponzi frauds like Sahara scam to a vibrant financial system that is supplying equity and credit to worlds fastest growing economy ie India. Even as banks in the US fail and stick markets collapse, Indian banks and markets continue to grow…I have said often and say again – Many global forces with the help of the Cong dynasty want to slow down or trip up India’s rise. We won’t let them,” he wrote.
In another post, Chandrasekhar said that he is ready is have a debate on who has done what to India’s financial sector – if the Congress wants to.
“Let the country know the truth – how crooks and corruption from Sahara to #PhoneBanking & NPAs ruled the roost under Cong versus today’s markets and financial sector that have been cleaned up and are vibrant and equitable,” he said.
Meanwhile, BJP leader Sudhanshu Trivedi alleged that the report is a “conspiracy to create an imbalance in India”.
“A report came from Hindenburg, which has been on the radar of the Indian investigating agencies. The Opposition is speaking in tandem with them, they have also raised this in Parliament session…I want to ask why these foreign reports come at the time of the Parliament session?” he told ANI.
Trivedi further alleged that the Congress leaders knew about the report beforehand.
“It is clear that the Opposition wants to create imbalance in India,” he added.
What does the new Hindenburg report say?
US-based short seller Hindenburg Research on Saturday alleged that Madhabi Buch, chairperson of SEBI, and her husband Dhaval Buch, had stakes in offshore entities linked to the Adani Group’s alleged financial misconduct. The report, citing “whistleblower documents”, claimed that the entities were part of a network used by Vinod Adani, Gautam’s elder brother, to “siphon money”.
According to the report, just weeks before Buch’s appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role.
“In the letter, Dhaval Buch requested to “be the sole person authorised to operate the Accounts”, seemingly moving the assets out of his wife’s name ahead of the politically sensitive appointment,” it alleged, adding that the couple’s investments were reportedly funnelled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose.
The report further mentioned that SEBI’s “impartiality” in conducting a probe against Adani Group is ‘questionable’ due to the “potential conflicts of interest”.
Opposition reaction
Earlier, the Opposition hit out over the new Hindenburg Research report, demanding an immediate probe into the matter.
Congress general secretary Jairam Ramesh stated on Saturday night on behalf of the grand old party on X that SEBI’s “strange reluctance” to investigate the “Adani MegaScam” had been noted for a long time. He also demanded a probe by a Joint Parliamentary Committee.
According to the Congress leader, Hindenburg Research’s latest allegation raises fresh questions about Gautam Adani’s two 2022 meetings in quick succession with Buch shortly after she was appointed as SEBI chairperson.
Meanwhile, 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”. She further demanded that the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) investigate alleged money laundering.
