Whistleblower Documents Reveal SEBI Chairperson’s Ties to Offshore Funds in Adani Scandal

Newly uncovered whistleblower documents have revealed troubling connections between SEBI Chairperson Madhabi Buch and the offshore funds involved in the Adani Group scandal. The documents suggest that Buch and her husband had significant stakes in offshore entities used in the alleged siphoning of funds linked to the Adani Group, raising serious questions about potential conflicts of interest and regulatory impartiality.

According to the documents, Madhabi Buch and her husband, Dhaval Buch, invested in offshore funds like the IPE Plus Fund 1, a Mauritius-registered entity. The investment reportedly began in June 2015, just prior to Madhabi Buch’s appointment as a Whole-Time Member of SEBI in April 2017. Whistleblower evidence indicates that Dhaval Buch was actively involved in managing these investments, including attempts to shift assets ahead of Madhabi Buch’s politically sensitive SEBI appointment.

The IPE Plus Fund 1 is part of a multi-layered structure involving other offshore entities such as the Global Dynamic Opportunities Fund (GDOF) in Bermuda. This complex network has been implicated in allegedly funneling and laundering money from over-invoiced power equipment linked to the Adani Group. The documents reveal that Madhabi Buch’s stake in these funds amounted to approximately $872,762.25 by early 2018.

Further scrutiny of the documents shows that while Madhabi Buch served as a Whole-Time Member and later as Chairperson at SEBI, her husband was appointed as a Senior Advisor to Blackstone, a major player in the Indian real estate sector. During this period, SEBI, under Buch’s leadership, implemented several regulatory changes benefiting REITs (Real Estate Investment Trusts), a sector where Blackstone has substantial investments. This has led to accusations that SEBI’s regulatory actions may have indirectly benefited Blackstone and, by extension, Dhaval Buch.

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The revelations about the Buchs’ offshore investments and Dhaval Buch’s role at Blackstone during a time of significant regulatory changes raise serious concerns about potential conflicts of interest. Critics argue that these connections might have influenced SEBI’s handling of the Adani investigation, suggesting a troubling interplay between personal financial interests and regulatory responsibilities.

As these details come to light, there is increasing pressure on SEBI to address these allegations and ensure that its regulatory actions are transparent and free from conflicts of interest. The ongoing scrutiny of SEBI’s role in the Adani case underscores the need for greater accountability and transparency within India’s financial regulatory framework.