Article by: MS, June 1, 2025
Madhabi Puri Buch, exposed in the Hindenburg revelations, was once the head of India’s Securities and Exchange Board (SEBI). Rather than protecting public interest, she colluded with Adani and looted public funds—a classic case of the fox guarding the henhouse. Now, how did this “queen of corruption” escape justice? Thanks to the Lokpal—a.k.a. “Lock”-pal?
On May 28, the full bench of the Lokpal court delivered a judgment that came as a devastating shock to citizens who value integrity, accountability, and ethics in public life.
This verdict was handed down by none other than retired Supreme Court judge A.M. Khanwilkar.
This is the same Khanwilkar who once dismissed challenges to the Modi government’s misuse of the “Money Bill” route to bypass Parliament scrutiny—changes that allowed draconian enforcement under the PMLA (Prevention of Money Laundering Act), including arrests on suspicion. Now, this very same judge has issued a “clean chit” to Madhabi Puri Buch—an obvious puppet of the Adani camp.
The Lokpal court, after reviewing three serious corruption allegations against Buch, ruled that no case should be pursued against her.
As many suspected, the Modi government rewarded Khanwilkar with the Lokpal Chief position after his retirement—proof that judicial loyalty gets you far in today’s India. His judgment now serves as a thank-you note to his political benefactors.
What were the allegations against SEBI Chairperson Madhabi Puri Buch?
Even before 2014, Adani Group was facing multiple fraud allegations and ongoing investigations by the Directorate of Revenue Intelligence (DRI). Despite these, SEBI under Buch failed to conduct a proper probe.
The Modi government, meanwhile, showered Adani with special treatment—offering mineral rights, ports, and airports like a royal dowry. In return, Adani Group’s stock prices soared erratically in the Indian market.
Using this inflated value, Adani secured massive loans from public sector banks—leading to the now-infamous portmanteau: Modi + Adani = Modani.
American research firm Hindenburg exposed this stock manipulation as one of the biggest corporate frauds in Indian history. Vinod Adani, Adani’s elder brother, operated from Dubai, stealthily acquiring Adani shares via shell companies, artificially pumping stock prices—a claim backed by substantial documentation.
The report triggered a financial earthquake. Adani stocks crashed. Some trading was even halted.
Yet, the Modi government remained silent. SEBI, supposed to protect investor interests, turned a blind eye like a monkey covering its eyes and ears.
Even after the Supreme Court ordered an investigation, SEBI delayed and dodged. Hindenburg later revealed that Buch herself and her husband had invested ₹5 crore (approx. $800,000) in a shell company run by Vinod Adani—Global Dynamic Opportunities Fund—between 2015 and 2018. Neither did she disclose this during her Supreme Court deposition nor upon becoming SEBI Chairperson.
This concealed financial relationship and lack of transparency reflected a clear conflict of interest and lack of ethics.
Additional Allegations:
- Consulting Scandal: While serving as SEBI Chairperson, Buch and her husband also provided business consultancy to companies including Mahindra and Adani-linked entities like Blackstone and Real Estate Infra Trust—a blatant conflict of interest.
- Rental Income Conflict: She leased her properties to companies like Wockhardt, which were under SEBI scrutiny, creating an ethical dilemma.
- ICICI Pay-out: From 2017 to 2024, she allegedly received ₹16.18 crore (over $2 million) from ICICI Bank, while continuing in her role at SEBI—a major procedural and ethical violation.
TMC MP Mahua Moitra and others filed formal complaints regarding these allegations in September 2024.
Lokpal’s Controversial Ruling
Despite overwhelming circumstantial and documentary evidence, the Lokpal court dismissed all charges, stating:
“The complaints are largely based on conjecture and lack substantiated evidence. Therefore, the complaints are baseless and inadmissible.”
The court even claimed the Hindenburg report—dated August 10, 2024—was just a “short seller’s agenda,” and shouldn’t be the basis for action against a “responsible public servant” like Buch.
Ironically, the complainants didn’t even rely solely on Hindenburg but cited several public domain facts. Yet, the Lokpal still declared:
“Since none of these allegations clearly reveal criminal conduct, there is no basis for further action.”
Worse still, the ruling allows Buch to legally pursue action against her accusers—adding insult to injury.
Judge Khanwilkar’s Dubious Track Record
Justice A.M. Khanwilkar retired from the Supreme Court in July 2022.
Let’s not forget: this is the same Justice Khanwilkar who allowed the Gujarat government to file cases against activist Teesta Setalvad for seeking a probe into Modi’s role during the 2002 Gujarat riots.
Clearly, in Modi’s “New India,” verdicts are not based on the nature of crimes—but on who the accused is.
Justice is no longer blind—it has selective vision.