Madhabi Buch-linked offshore fund denies investment in Adani stocks
360 One, previously known as IIFL Wealth, has issued a statement denying any investments made by its IPE Plus Fund 1 in the shares of Adani Group. This clarification comes in response to allegations from US short-seller Hindenburg Research. The research firm had claimed that SEBI chief Madhabi Puri Buch and her husband Dhaval Buch were linked to an account with Mauritius-based IPE Plus Fund 1, which was allegedly involved in fund siphoning.
"Zero investments in any shares of Adani Group"
In a recent exchange notification, 360 One stated, "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund." The company further clarified that during its peak period, the fund's Assets Under Management (AUM) amounted to approximately $48 million. It also highlighted that over 90% of this amount was consistently invested in bonds.
360 One confirms compliance with regulations
360 One also told exchanges that the fund was managed as a discretionary fund by the Investment Manager, with no investor having any say in its operations or investment decisions. The stakes held by Madhabi Puri Buch and Dhaval Buch in this fund were less than 1.5% of the total inflow into the fund. 360 ONE Asset Management also reaffirmed its adherence to all relevant regulations and high standards of corporate governance in response to these allegations.
Adani Group and Buchs dismiss allegations
In response to Hindenburg's report, the Adani Group has dismissed the allegations as "malicious," "mischievous," and "manipulative." The company stated that these claims were a recycling of previously discredited accusations that were thoroughly investigated and dismissed by the Supreme Court in March 2023. Madhabi Buch and her husband Dhaval also strongly denied the allegations in a joint statement.
