New Delhi: A new wave of political tension has erupted in India following allegations made by US short-seller Hindenburg Research against the chairperson of India's stock market regulator, Sebi. Despite Hindenburg's recent defeat in the Indian Supreme Court, where the court dismissed its claims and questioned its credibility, opposition parties in India, particularly the Congress, have seized upon these allegations to attack the government. This has raised questions about the motives behind giving such importance to Hindenburg's assertions, which some suggest could be part of a broader strategy orchestrated by external forces.
Hindenburg had alleged that Sebi Chairperson Madhabi Puri Buch and her husband held stakes in obscure offshore entities involved in what it termed the "Adani money siphoning scandal." However, the Supreme Court's ruling against Hindenburg, citing a lack of evidence and credibility, seemingly put the matter to rest. Yet, the opposition continues to use these allegations to fuel its criticism of the government, with Congress leading the charge.
Congress General Secretary Jairam Ramesh reiterated concerns about Sebi's "strange reluctance to investigate the Adani mega scam," quoting the Supreme Court's Expert Committee, which had previously noted that Sebi's actions in 2018 and 2019 diluted reporting requirements related to the beneficial ownership of foreign funds. Ramesh pointed out that Sebi had reintroduced stricter rules in 2023 but claimed that the investigations into suspicious transactions have not yielded results.
The Congress leader also questioned the integrity of the regulatory process, tweeting the Latin phrase "Quis Custodiet Ipsos Custodes" (who will guard the guards?), while suggesting that the sudden adjournment of Parliament on August 9 was related to these developments.
Trinamool Congress leader Mahua Moitra, known for her outspoken criticism of business tycoon Gautam Adani, accused Sebi of "Crony Capitalism," despite the Supreme Court's rejection of Hindenburg's claims. She called on the Supreme Court to revisit its decision limiting the investigation into Hindenburg's allegations to Sebi.
Shiv Sena (UBT) leaders also joined in, with Priyanka Chaturvedi and Anand Dubey questioning why Sebi did not respond to inquiries regarding Adani group companies. Dubey speculated that the Parliament's abrupt conclusion was a sign that "something is wrong."
Amid this political storm, some analysts and commentators have suggested that the opposition's focus on Hindenburg's discredited claims could be part of a larger strategy orchestrated by external actors, such as the George Soros-led network, known for its influence in global financial and political circles. This theory posits that the opposition may have become unwitting pawns in a broader scheme to destabilize India by amplifying unverified allegations and creating public unrest.
Hindenburg Research, which cited whistleblower documents to support its claims against Sebi, has faced significant backlash following its loss in the Indian Supreme Court. Madhabi Puri Buch and her husband Dhaval Buch have strongly refuted the allegations, calling them "baseless" and asserting that their lives and finances are an "open book."
Despite Hindenburg's diminished credibility, the opposition's continued focus on these allegations raises questions about their motivations and whether they are being influenced by external agendas aimed at creating turmoil in India.
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