Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and her husband, Dhaval Buch, have firmly denied allegations made by U.S. short-seller Hindenburg Research, which accused them of holding stakes in obscure offshore funds involved in the alleged Adani money siphoning scandal. The couple labeled these claims as an attempt at "character assassination" and asserted that the accusations were baseless and untrue.

In a joint statement, the Buchs emphasized that their financial affairs are entirely transparent, stating, "Our life and finances are an open book. We have consistently complied with all disclosure requirements to SEBI over the years and are willing to provide any and all financial documents, even those from periods when we were private citizens, to any relevant authority."

The couple also indicated that a more detailed statement would be released soon, highlighting their commitment to transparency. They criticized the timing and intent of the allegations, noting, "It is unfortunate that Hindenburg Research, against whom SEBI has already initiated enforcement actions and issued a show cause notice, has chosen to resort to character assassination in response."

Hindenburg Research, in a blog post dated August 10, 2024, claimed to have whistleblower documents suggesting that Madhabi Puri Buch, who is overseeing the investigation into the Adani Group, and her husband were connected to offshore funds implicated in the Adani money siphoning case. This has led to questions about a potential conflict of interest in SEBI's ongoing investigation.

In response, opposition parties, including the Congress, have called for immediate action to ensure that all potential conflicts of interest in SEBI's investigation of the Adani Group are addressed.