Lokpal Gives Clean Chit to Madhabi, Trashes Hindenburg Report

Says charges "presumptions and assumptions and not supported by any verifiable material"

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Anti-corruption ombudsman Lokpal on Wednesday disposed of complaints alleging impropriety and conflict of interest against former SEBI chief Madhabi Puri Buch based on a Hindenburg Research report, terming the charges as "presumptions and assumptions" not supported by any verifiable material.

The Lokpal said that the complaints, including the one by TMC MP Mahua Moitra, filed last year were essentially founded on the report "by a known short seller trader whose focus was to expose or corner Adani Group of Companies".

In its report published on August 10, 2024, Hindenburg Research alleged that Buch and her husband had stakes in obscure offshore funds used in the alleged money-siphoning scandal involving the Adani Group.

They had denied the allegations saying the short-seller was attacking the capital markets regulator's credibility and attempting a character assassination.

The Adani Group had also termed the allegations as malicious and manipulation of selective public information.