“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,” 360 ONE WAM said in a regulatory filing before stock exchanges.
IPE-Plus Fund 1, it said, is a fully compliant and regulated fund which was launched in October 2013 and operated until October 2019.
“At its peak, the fund’s Assets Under Management (AUM) reached approximately USD 48 million, with over 90 percent of the fund consistently invested in bonds. The fund was managed as a discretionary fund by the Investment Manager. No investor had any involvement in the fund’s operations or investment decisions. Mrs. Madhabi Buch & Mr. Dhaval Buch’s holdings in the fund were less than 1.5% of the total inflow into the fund,” the asset management firm said.
360 ONE WAM, which was earlier known as IIFL Wealth Management, said all its funds are fully compliant with all applicable regulations and adhere to the highest standards of corporate governance.The Hindenburg report claims that Sebi Chairperson Madhabi Buch and her husband Dhaval Buch appeared to have opened their account with IPE Plus Fund 1 on June 5th, 2015 in Singapore.The fund, it claimed, was set up an Adani director and used by billionaire Gautam Adani’s brother Vinod Adani to invest in Indian markets with funds allegedly siphoned from over invoicing of power equipment to the Adani Group.
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