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Mumbai Court Directs FIR Against Former Sebi Chief Buch and Five Others for Stock Market Fraud

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A special court in Mumbai has instructed the Anti-Corruption Bureau (ACB) to initiate a First Information Report (FIR) against former Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch and five other officials over allegations of stock market fraud and regulatory breaches.
Judge Shashikant Eknathrao Bangar of the special ACB court stated, “There is prima facie evidence of regulatory lapses and collusion, necessitating a fair and impartial investigation.”

The directive follows the conclusion of Buch’s term as the chief regulator, during which she faced numerous allegations of misconduct in her final months.

Reports indicate that this order stemmed from a complaint regarding mishandling various stock market irregularities. The allegations involve the fraudulent listing of a company on the stock exchange, purportedly with the cooperation of certain regulatory authorities, including Sebi. The complaint asserts that Sebi officials neglected their statutory responsibilities, contributed to market manipulation, and enabled corporate fraud by permitting the listing of a company that failed to satisfy required standards.

Throughout her tenure, Buch faced conflict of interest accusations from Hindenburg Research, which alleged that both she and her husband, Dhaval Buch, invested in offshore entities that were reportedly part of a fund structure in which Vinod Adani, the elder sibling of Adani Group founder Gautam Adani, also had stakes.

Buch, India’s first female Sebi chairperson, concluded her three-year tenure on Friday amid significant controversies. Despite making notable advances in areas such as expedited equity settlements, improved foreign portfolio investor disclosures, and increasing mutual fund penetration through a Rs 250 SIP initiative, the latter part of her term was marked by intense scrutiny. She dealt with numerous allegations from Hindenburg and the Indian National Congress while also addressing internal employee protests concerning a “toxic work culture.”

Last August, Buch faced mounting pressure to resign following Hindenburg’s claims of a conflict of interest, which allegedly hindered a thorough investigation into manipulation and fraud allegations linked to the Adani Group.

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AIIMS Helicopter Ambulance Crashes in Kedarnath; Pilot Unharmed, No Injuries Reported

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A helicopter ambulance crashed on Saturday in the Kedarnath Shrine area, close to the temple helipad. The aircraft was dispatched to airlift a devotee from Kedarnath to AIIMS Rishikesh.

The unfortunate incident occurred just 20 meters from Kedarnath while the helicopter was landing. Thankfully, the pilot emerged uninjured; an AIIMS spokesperson confirmed that the helicopter was there to retrieve a seriously ill patient. According to the AIIMS PRO, the crash took place during the landing process.

Although the helicopter’s tail rotor sustained damage, there were no injuries, and the pilot, along with one additional passenger on board, was safely rescued.

It’s noteworthy that the ‘Sanjeevani’ heli ambulance service for AIIMS Rishikesh was inaugurated by Prime Minister Narendra Modi on October 29, 2024. This marked the launch of the country’s first heli ambulance service for AIIMS, which was introduced online from Delhi alongside several health projects valued over ₹12,800 crore.

In September 2022, former Union Civil Aviation Minister Jyotiraditya Scindia had revealed plans for the heli ambulance at AIIMS Rishikesh. The service operates under a partnership between the Centre and the Uttarakhand government, each contributing 50 percent.

This helicopter crash isn’t the only incident during the ongoing Chardham pilgrimage in 2025; on May 8, another helicopter en route to Gangotri crashed near Gangani, resulting in the tragic loss of six lives, including five women.

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Three Arrested with 1.01 kg of Heroin and ₹45.19 Lakh in Drug Money in Amritsar

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In a significant operation against drug trafficking as part of the ongoing anti-drug initiative ‘Yudh Nashian Virudh,’ directed by Chief Minister Bhagwant Singh Mann, the Commissionerate Police Amritsar has dismantled two smuggling networks. Three individuals have been arrested, and authorities have seized 1.01 kg of heroin, ₹45.19 lakh in drug proceeds, and a cash counting machine, as reported by Director General of Police (DGP) Punjab, Gaurav Yadav, on Saturday.

The arrested individuals are Rahul Singh alias Kalu (20) from Thathi Sohal, Tarn Taran; Gurmukh Singh (21) from Sudhar Rajputan village, Amritsar; and Varinderpal Singh (32) from Akalgarh Dhaphian village, Amritsar.

DGP Yadav noted that two FIRs under the NDPS Act have been filed at Police Stations Gate Hakima and PS Verka. Investigations are ongoing to identify all connections within the smuggling ring.

Commissioner of Police (CP) Amritsar, Gurpreet Singh Bhullar, provided details of the first operation, stating that CIA-2 police teams arrested Rahul alias Kalu, recovering 510 grams of heroin and ₹30.18 lakh in cash, along with a counting machine from his residence in Anand Vihar, Amritsar. Initial investigations suggest that Rahul was in contact with a foreign-based drug smuggler named Tony German and was distributing heroin locally after receiving shipments across the border. A case (FIR No. 117, dated 16-05-2025) has been registered at Police Station Gate Hakima under sections 21-C and 25 of the NDPS Act.

In a separate operation, CP Bhullar reported the arrest of Gurmukh Singh and Varinderpal Singh by the Police Station Verka team. They were found with 500 grams of heroin, ₹15.19 lakh in drug proceeds, and a camera-equipped toy drone. The duo had created a concealed locker in a bed-box at a house in Akalgarh, where drug money was stored. The drone was reportedly being used for practice purposes.

Ongoing investigations may lead to further arrests and recoveries in the coming days. A case (FIR No. 40, dated 14-5-2025) has been filed under Sections 25 and 29 of the NDPS Act at Police Station Verka in Amritsar.

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MEA Denies Rahul Gandhi’s Claim Regarding Jaishankar Briefing Pakistan on ‘Operation Sindoor’

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On Saturday, the Ministry of External Affairs (MEA) categorically rejected Congress leader Rahul Gandhi’s claim that External Affairs Minister S. Jaishankar informed Pakistan prior to the initiation of Operation Sindoor, labeling it an “utter misrepresentation of facts.”

The MEA’s XP Division stated, “The EAM indicated that we warned Pakistan at the beginning, which pertains to the early phase following the commencement of Operation Sindoor. This has been misrepresented as happening before the operation began, and we are calling out this erroneous portrayal.”

The MEA’s clarification came on the heels of Mr. Gandhi’s assertion that Jaishankar had committed a “crime” by allegedly notifying Pakistan in advance of the airstrikes.

Mr. Gandhi shared a video on his WhatsApp channel where Jaishankar is quoted saying, “At the start of the operation, we sent a message to Pakistan, informing them that we were targeting terrorist infrastructure and not military assets. Hence, the military had the option to stand down and avoid interference.”

In response, Gandhi commented on X: “Informing Pakistan at the beginning of our attack was a crime. EAM has publicly admitted this. 1. Who authorized it? 2. How many aircraft did our Air Force lose as a result?”

However, the government has dismissed these allegations as misleading. The Fact Check Unit of the Press Information Bureau (PIB) clarified that no admission was made by the EAM. Additionally, PIB denied claims that Jaishankar suggested Chinese satellites assisted Pakistan during its military standoff with India.

This political exchange follows Operation Sindoor, India’s retaliatory measure in response to the April 22 terrorist attack in Pahalgam that claimed 26 lives.

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