The Bharatiya Janata Party (BJP) on Monday took a dig at Congress MP Rahul Gandhi over his “umpire is compromised” remark after the new Hindenburg Research report. BJP national spokesperson CR Kesavan invoked former cricketer Greg Chappell’s performance reference, saying that the “hit-and-run” Hindenburg and “crooked” Congress-INDIA alliance are indulged in a “shady and deceitful underarm bowling” to discredit the stock market and India’s market regulator, Securities and Exchange Board of India (SEBI).
The BJP leader added that the alliance is trying to “destabilise” the financial system.
“Rahul Gandhi made a cricketing analogy…Their desperate attempts will miserably fail because India under the leadership of PM Modi… our economy is not only stable, it is the fastest growing economy in the world,” he told PTI.
Rahul Gandhi on Sunday issued a stark warning regarding the integrity of India’s stock market following the latest allegations made by US-based short-seller Hindenburg Research and expressed serious concerns about the potential conflict of interest involving the head of SEBI – Madhabi Puri Buch.
“This is an explosive allegation because it alleges that the umpire herself is compromised…Why hasn’t SEBI chairperson Madhabi Puri Buch resigned yet?” Gandhi said in a video message.
He further questioned that if the investors lose their money, then who will be held accountable. “PM Modi, the SEBI Chairperson, or Gautam Adani?” he asked, calling for immediate action.
Meanwhile, earlier on Sunday, BJP IT cell head Amit Malviya called Gandhi “Balak Buddhi” (child’s intellect), claiming that the Congress leader has gone “rogue”.
“The Leader of Opposition is now openly inciting and seeding doubt about the genuineness of the Indian stock markets. This blatant attempt to undermine confidence in our economy reveals the true intention of Rahul Gandhi, which is nothing but the destruction of India,” he wrote in a post on X.
He further posed three questions for Gandhi:
- What is your connection with Anla Cheng-Mark Kingdon enterprise or for that matter the OCCRP and other George Soros backed entities?
- What is your relationship with Hindenburg? Congress leaders start posting minutes after the Hindenburg reports come out. Are these reports made in collaboration with the Congress?
- Why has your hatred for Prime Minister Modi morphed into disdain for India’s growth story?
“Rahul Gandhi’s actions reveal his true intentions—not just a political rivalry with the BJP, but a deliberate effort to undermine India’s economic progress. The Indian people deserve better Opposition,” the BJP leader 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”.
This comes a year after the Hindenburg Research had accused Gautam Adani of carrying out the ‘biggest con in corporate history’ – a charge denied by him.
SEBI chief, Adani deny Hindenburg charges
SEBI chief Madhabi Puri Buch and her husband Dhaval Buch have denied the charges made by Hindenburg, calling them “baseless allegations and insinuations”. The Buchs also accused Hindenburg of attacking the market regulator and attempting “character assassination” of its chief.
“…The same are devoid of any truth. Our life and finances are an open book…All our financial disclosures have been furnished to the stock market regulator over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them,” the Buchs said.
Meanwhile, the Adani Group also issued a statement, calling the charges “malicious, mischievous, and manipulative selections of publicly available information”.
