Inspired by the Roman poet Juvenal’s ‘Satires,’ the Congress party used the Latin phrase “Quis Custodiet Ipsos Custodes,” or “Who will guard the guards themselves?” to question SEBI’s “strange reluctance” to “investigate the Adani MegaScam.”
The Congress swipe was made on Saturday following the publication of a new report by US short-seller Hindenburg Research, which levelled allegations against the chairperson of the Securities and Exchange Board of India (SEBI), Madhabi Puri Buch, and her husband.
Congress General Secretary (communications) Jairam Ramesh, on Saturday, took to X to post “Quis Custodiet Ipsos Custodes” in the party’s statement “on the latest Hindenburg revelations.”

The US-based firm on Saturday, August 10 alleged that SEBI Chairperson Madhabi Buch and her husband had a stake in “both the obscure offshore entities used in the Adani money siphoning scandal.”
The Congress has demanded that the government “act immediately to eliminate all conflicts of interest in the SEBI investigation of Adani.” The party argued that “the seeming complicity of the highest officials of the land can only be resolved by setting up a JPC [Joint Parliamentary Committee] to investigate.”

Trinamool Congress leader Mahua Moitra also took to X, posting, “In true Adani style – even SEBI Chairman is investor in his group. Crony Capitalism at its finest. @CBiHeadquarters&@Dir_ED – will you be filing POCA and PMLA cases or not?”
The latest Hindenburg Research report, released on August 10, alleged that SEBI’s Chairperson Madhabi Buch and her husband had a stake in “both the obscure offshore entities used in the Adani money siphoning scandal.”

After putting out a teaser on the morning of August 10, hinting at a significant disclosure involving India, Hindenburg by the end of the day published a report that stated, “We had previously noted Adani’s total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani’s relationship with SEBI Chairperson, Madhabi Buch.”
The report by the US hedge firm further stated, “What we hadn’t realized: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani.”

Hindenburg Research posted a link to the entire report on its X account.
“New from us,” read the tweet, adding “Whistleblower Documents Reveal SEBI’s Chairperson Had Stake In Obscure Offshore Entities Used In Adani Money Siphoning Scandal.”
Hindenburg Research claimed it made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. The report stated, “Madhabi Buch and her husband Dhaval Buch first appear to have opened their account with IPE Plus Fund 1 on June 5, 2015 in Singapore, per whistleblower documents. A declaration of funds, signed by a principal at IIFL states that the source of the investment is “salary” and the couple’s net worth is estimated at USD 10 million.”
In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company’s stock price. At the time, the group had rubbished these claims.

The earlier Hindenburg report alleged stock manipulation and fraud by the conglomerate. The case is related to the allegations (part of a report by Hindenburg Research) that Adani had inflated its share prices. After these allegations were published, there was a sharp fall in the shares of various Adani group companies stocks, reportedly to the tune of over USD 100 billion.

The US short seller’s January report was published two days before a USD 2.5 billion follow-up public offering by Adani Enterprises.
The Adani group has repeatedly denied all the accusations made in the Hindenburg Research reports.