Rajeev Chandrasekhar denounces Hindenburg Report as a Congress-backed conspiracy to destabilize India’s economy

Rajeev Chandrasekhar asserted that the report's aim is to discredit SEBI and create chaos in the Indian markets, potentially harming investor confidence and derailing the nation's economic growth.

BJP leader and former Union Minister Rajeev Chandrasekhar has strongly criticized recent report by Hindenburg Research that makes allegations against the Chief of the Securities and Exchange Board of India (SEBI) and her husband. In a series of tweets, Chandrasekhar claimed the report is part of a concerted effort by foreign entities in collaboration with the Congress party to destabilize India’s financial system.

Chandrasekhar dismissed the Hindenburg report as lacking substance, labeling it a "classic Congress-style" attack, filled with "innuendo and lies" glued together with a few grains of truth. He asserted that the report's aim is to discredit SEBI and create chaos in the Indian markets, potentially harming investor confidence and derailing the nation's economic growth.

“Let’s be clear—this attack on @SEBI_India by a foreign bank #Hindenburg is an obvious partnership with the Congress and has an ominous motive and goal,” Chandrasekhar posted on X. “To destabilize, discredit one of the world’s strongest financial systems and create chaos in the world’s fastest-growing economy, i.e., India. On this, let there be no doubt," he added.

Chandrasekhar emphasized the progress India’s financial sector has made under Prime Minister Narendra Modi’s leadership, contrasting it with what he described as the "shattered, crony lending PSU banks amd 10% NPA legacy of UPA" inherited from the previous Congress-led United Progressive Alliance (UPA) government. He highlighted how India’s financial institutions have been rebuilt over the past decade, evolving from a period marred by scams like Sahara and insider trading frauds, to a "vibrant financial system" that continues to grow even as global markets face turmoil.

Lets be clear - this attack on @SEBI_India by a foreign bank #Hindenburg, is an obvious partnership wth the Cong and has a ominous motive and goal.

To destabilize, discredit one of the worlds strongest financial systems and create chaos in worlds fastest growing Ecinomy ie…

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— Rajeev Chandrasekhar

“If the Congress wants to have a debate on who has done what to India’s financial sector, let’s have one,” he tweeted. “Let the country know the truth—how crooks and corruption from Sahara to #PhoneBanking & NPAs ruled the roost under Congress versus today’s markets and financial sector that have been cleaned up and are vibrant and equitable.”

Also Read: Adani Group denounces Hindenburg allegations as 'baseless,' stands firm on transparency

Chandrasekhar reiterated his stance that various global forces, with the help of the Congress party, are trying to slow down India’s growth, but assured that such efforts would not succeed.

Follow latest updates on the Hindenburg-Adani saga, on our LIVE blog

Hindenburg alleges SEBI Chair Madhabi Buch had stake in offshore entities connected to Adani

Hindenburg Research alleged SEBI chair Madhabi Puri Buch had a stake in offshore entities linked to the Adani case. The report claimed these funds, based in Bermuda and Mauritius, were allegedly controlled by Vinod Adani, Gautam Adani’s elder brother, and were used to manipulate funds and inflate stock prices.

Also Read: Madhabi Puri Buch, Dhaval Buch deny allegations levelled by Hindenburg Research

Hindenburg’s report suggested that Adani's confidence in operating without serious regulatory intervention might be linked to an alleged relationship with SEBI Chairperson Madhabi Buch.