Thread by @Mano_Sel

The sensitive Hindenburg Research report is out, here is a quick summary for you. #Hindenburg

1/15 It's been 18 months since our report on the Adani Group, revealing a web of offshore shell entities used for billions in undisclosed transactions and stock manipulation. Despite overwhelming evidence and over 40 media investigations, SEBI has taken no public action against Adani. #Adani #SEBIhindenburgresearch.com/sebi-chairpers…

2/15 SEBI's response to our report was a 'show cause' notice, not for factual errors but for allegedly insufficient disclosure of our short position. SEBI labeled our report "reckless" for quoting a banned broker who claimed SEBI was aware of and complicit in Adani's schemes. #Adani #SEBI

3/15 Vinod Adani, Gautam Adani's brother, allegedly used offshore entities to siphon funds from over-invoicing power equipment. These funds were funneled through a complex structure involving the IPE Plus Fund in Mauritius, managed by India Infoline, tied to the Wirecard scandal. #Adani

4/15 Whistleblower documents reveal that SEBI Chairperson Madhabi Buch and her husband had stakes in the same offshore funds used by Vinod Adani. This raises serious questions about SEBI's reluctance to investigate Adani's offshore shareholders. #Adani #SEBI

5/15 SEBI has taken no action against other suspect Adani shareholders, like EM Resurgent Fund and Emerging India Focus Funds, which were allegedly used to manipulate Adani's stock prices. These funds have ties to India Infoline, now called 360 One. #Adani #SEBI

6/15 During her tenure at SEBI, Madhabi Buch had a 100% interest in an offshore Singaporean consulting firm, Agora Partners. She transferred her shares to her husband just weeks before becoming SEBI Chairperson, raising conflict of interest concerns. #Adani #SEBI

7/15 Madhabi Buch's husband, Dhaval Buch, joined Blackstone as a Senior Advisor despite having no prior experience in real estate or capital markets. During his tenure, Blackstone became a major player in India's REIT market, benefiting from SEBI's regulatory changes. #Adani #SEBI

8/15 SEBI Chairperson Madhabi Buch has been a vocal advocate for REITs, calling them her "favourite products for the future." However, she failed to disclose that Blackstone, advised by her husband, stands to gain significantly from these regulations. #Adani #SEBI

9/15 Madhabi Buch currently owns 99% of Agora Advisory, an Indian consulting business. In 2022, it reported $261,000 in revenue, 4.4 times her SEBI salary. This raises further questions about potential conflicts of interest. #Adani #SEBI

10/15 Our findings suggest SEBI cannot be trusted as an objective arbiter in the Adani matter due to conflicts of interest involving its Chairperson. We call for further investigation and transparency to ensure accountability. #Adani #SEBI

11/15 The Indian Supreme Court said SEBI had "drawn a blank" in its investigation of Adani's offshore shareholders. This suggests a lack of serious regulatory intervention, possibly due to SEBI Chairperson Madhabi Buch's involvement in similar offshore funds. #Adani #SEBI

12/15 Documents show that Madhabi Buch and her husband had stakes in a multi-layered offshore fund structure with minuscule assets, traversing known high-risk jurisdictions, overseen by a company with ties to the Wirecard scandal. #Adani #SEBI

13/15 Despite SEBI's mandate to prevent fraudulent practices, the regulator has shown little interest in pursuing parties involved in Adani's alleged secret offshore shell empire. This raises questions about SEBI's effectiveness and impartiality. #Adani #SEBI

14/15 During Madhabi Buch's tenure as SEBI Chairperson, SEBI has proposed and implemented numerous REIT regulations, significantly benefiting Blackstone, one of the largest REIT sponsors in India, where her husband works as a Senior Advisor. #Adani #SEBI

15/15 In conclusion, the conflicts of interest involving SEBI Chairperson Madhabi Buch and her husband's ties to Blackstone and offshore funds raise serious concerns. We urge for further investigation and transparency to restore trust in SEBI's regulatory role. #Adani #SEBI