The Securities and Exchange Board of India (SEBI) has concluded investigations into Gautam Adani, his companies and associates for alleged use of offshore funds to siphon public money. The SEBI found the allegations of market manipulation by Hindenberg Research were unsubstantiated and violations were not established.
In 2023, US-based short-selling investment firm Hindenburg Research released a report showing documents it said that formed the basis of the allegations.
Amid the SEBI investigation, Hindenburg released another report in August 2024 alleging that the then-chairperson of the SEBI, Madhabi Buch, and her husband, both had stakes in the Adani offshore funds. The new SEBI chair Tuhin Kanta Pandey took charge of the office on 1 March 2025.
On 18 September, the SEBI noted in its final orders that no transaction conducted by Adani and his companies were in violation of the rules at the time.
Gautam Adani, along with his younger brother Rajesh Adani, Adani Group’s chief financial officer Jugeshinder Singh, and Adani Ports & Special Economic Zone, Adani Power and Adicorp Enterprises were under investigation. In one of the matters, other companies under investigation were Milestone Tradelinks and Rehvar Infrastructure.
