'Madhabi Buch scandal' is not just insider trading, it is case of direct conflict of interest: Rahul Gandhi

New Delhi: Top Congress leader Rahul Gandhi on Friday intensified the attack on SEBI chairperson Madhabi Puri Buch, alleging that the "scandal" involving her is "not just insider trading" but "direct conflict of interest".

He said India's economic framework is being "hollowed out from within" by a "cartel of corporate giants" enabled by those meant to guard the country's interests.

His remarks came in his post accompanying a video on his YouTube Channel, which is the fourth in a series featuring the Leader of the Opposition in Lok Sabha and Congress Media and Publicity Department Chairman Pawan Khera that deals with allegations of conflict of interest against Buch.

He also posted the video on X, and said, "Buch Hai Toh Syndicate Safe Hai."

"India's economic framework is being hollowed out from within by a cartel of corporate giants, enabled by those meant to guard the country’s interests. The Madhubi Buch scandal isn’t just insider trading; it’s a revealing case of direct conflict of interest, where powerful regulators are entangled with the very corporations they’re supposed to oversee," he said.

He claimed they were uncovering disturbing patterns in SEBI’s leadership on "how cosy financial ties and rental arrangements" with key corporate players have "turned watchdogs into allies of cronies" and it was "not mere oversight".

"It’s a coordinated scheme to exploit loopholes, distort regulations, and prioritise corporate profit over public interest, all while ordinary Indians pay the price. We are determined to expose these unethical dealings and reveal how India’s institutions have been weaponised to protect privileged cronies. This isn’t only about monopolies; it’s about safeguarding democracy, fair competition, and the voice of every Indian against a system bent on silencing them," he said.

In the video, Khera is seen briefing Gandhi about Buch's alleged conflict of interest and recalls earlier allegations like she holding 99% stake Agora Advisory Pvt Ltd and trading and investing in Chinese funds among others.

Khera also claimed that Buch rented a property to Carol Info Services Limited, an affiliate of Wockhardt Limited, from 2018 to 2024 while the mother company was reportedly under SEBI's investigation for cases including insider trading.

"What is a 'maharaja'. A maharaja is somebody who has full control of institutions, has full arbitrary power controls the legal and intelligence machinery and he does it not as a representative of the people but in his own interest," Rahul said as the video showed a picture of Prime Minister Narendra Modi meeting billionaire Gautam Adani.