12

Aug

Hindenburg : Modi Govt and Opposition on War Path

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Dr Satish Misra

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New Delhi | Monday | 12 August 2024

Even as the battle lines between the ruling BJP and the Opposition on the latest Hindenburg report that has alleged deep involvement of SEBI chief Madhabi Puri Buch and her husband Dhaval Buch in the Adani money siphoning scandal are drawn on expected lines, ardent followers of Prime Minister Narendra Modi are projecting the whole issue as a conspiracy against national interests.   

Losing no time, the BJP rushed to defend Prime Minister Narendra Modi’s friend businessman Gautam Adani hitting out at the opposition Congress, alleging that the report had been published in a “partnership” with the grand old party.

“Let's be clear - this attack on SEBI by a foreign bank Hindenburg, is an obvious partnership with the Cong and has an ominous motive and goal," BJP leader and former union minister Rajeev Chandrasekhar said in a post on X.

 

Article at a Glance
A recent report by Hindenburg Research has sparked a heated debate between the ruling BJP and the opposition Congress party. The report alleges that SEBI chief Madhabi Puri Buch and her husband have stakes in offshore funds linked to the Adani money laundering scandal.

The Congress party has demanded a joint parliamentary committee probe into the allegations, while the BJP has defended Prime Minister Narendra Modi's friend, businessman Gautam Adani. The report claims that SEBI has shown a lack of interest in investigating Adani's alleged web of shell entities.

The opposition has launched an all-out attack, accusing the Modi government of shielding Adani and compromising India's constitutional institutions. The Supreme Court has been urged to take suo moto cognizance of the matter and investigate the allegations. The controversy has sparked a war of words on social media, with both sides trading accusations and counter-accusations.

Demanding a joint parliamentary committee (JPC) probe into the allegations against Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch in the latest Hindenburh report, Congress chief Malikarjun Kharge said in a post on social platform X, that the SEBI had cleared Adani, a close associate of PM Modi, before the Supreme Court following the January 2023 Hindenburg report revelations. However, new allegations have surfaced regarding a quid-pro-quo involving the SEBI chief.

“The small & medium investors belonging to the Middle Class who invest their hard-earned money in the stock market need to be protected, as they believe in the SEBI. A Joint Parliamentary Committee (JPC) inquiry is imperative to investigate this massive scandal,” Kharge added.

“Until then, concerns persist that PM Modi will continue to shield his ally, compromising India's Constitutional institutions, painstakingly built over seven decades,” the Congress leader added.

The opposition has launched an all-out attack after the latest report by US-based research firm Hindenburg alleged that SEBI chief Madhabi Puri Buch and her husband Dhaval Buch had stakes in obscure offshore funds used in the Adani money siphoning scandal. 

Hindenburg report said that 18 months since its report on Adani, "SEBI has shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities."

SEBI chief and her husband denied the “baseless allegations and insinuations made in the report”, adding they "are devoid of any truth".

The Adani group in a regulatory filing called the allegations by Hindenburg as “malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law.”  

The new report of the Hindenburg Research, citing whistleblower documents, claimed that the Buchs were involved in the IPE Plus Fund, an offshore entity that has come under scrutiny. It alleged that Gautam Adani’s brother, Vinod Adani, used the IPE Plus Fund as part of a complex structure involving multiple offshore funds to launder money.

The Hindenburg report further alleged that despite the evidence presented and corroborated by over 40 independent media investigations, the SEBI has not taken any significant public action against the Adani Group.

The report suggested that SEBI’s inaction might be linked to “Buch’s complicity in using the same funds that are now under scrutiny.”

Notwithstanding claims and counterclaims of the ruling party and the opposition on Hindenburg’s report, there is enough material available that the Modi government-appointed SEBI chairperson had a definite conflict of interest and should have delinked herself from the Supreme Court’s order for an investigation.

It is more than obvious that SEBI’s conclusions given to the apex court were suspect and tainted. In all fairness, the Supreme Court should take suo moto cognizance of the matter in light of the new revelations. The court should also stricture Buch for concealing her interest in Adani.

A question that the Supreme Court needs to pose to her as why was she routing her investments through obscure overseas entities when she claims her finances are an open book.

Putting serious questioning of the allegations aside, yet another battle of words has broken out on social media platforms which too is on expected lines. An interesting post circulating on social media platforms speculated the reactions of Modi's followers.   

It says that normal Modi Bhakts are going to claim that Toolkit gang active,  Anti-national ho tum,   Breaking India forces again, Bloody Soros gang,/ Pappu pass nahin hoga beta, bloody Khalistanis, Urban naxals ho sab ke sab, Hindu ke naam pe kalank or Videshi ka bhi moot pi lo tum log ...

The next category of Bhakts like Mohandas Pai, Sushant Siha, and R Ravishankar, according to the author of the post will term it an Attack on national sovereignty, Repeated attempts to destabilize a democratically elected govt, Pathetic and discredited gang of malcontents it again The, Shameless fraud stooges of brainless imperialists and communists harming Indian industrial interests

Yet another higher category of followers would use epithets like Civilisational resurgence never easy, Centuries of inertia and broken courage under attack again, Hindutva needs a new awakening, Modi's struggle not Modi's alone but of all Hindus', West spooked with resurgent Hindu assertion via economic strengthening of core industrial endeavours. This is Grade A+ Modi Bhakts which has Bhakts like. Anand Ranganathan, claims the author in a lighter vein.

Taking potshots at yet another category of Modi Bhakts like J Sai Deepak who would say it is an attempt to financially cast aspersions akin to fresh caste faultlines resurgent as an attempt by nefarious forces and 'snakes in the Ganga' to fracture the steady annealing of socially segregated groups as a cultural voice to Hindutva's timeless appeal, as witnessed in the fearsome rise of Chandrashekar Ravan, who in many ways resembles the scheming and deadly Hindenburg and maliciously sociopathic communists, and I am not a South Indian but Indian from the South ...

The punch line of the post is the height of humour which says that followers like it. Subramaniam Swamy, whom the author puts in the category of ‘God’, would vent their frustration by saying that Rahul is a British citizen or Sonia is a foreign agent.

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