Four Mauritius-based funds with $7 bn in Adani stocks have history of wrong bets
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Last Updated: Jul 28, 2021, 08:43 AM IST
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Synopsis
Before they put about 90% of their $6.9 billion under management in the Adani empire, the funds -- Elara India Opportunities Fund, Cresta Fund, Albula Investment Fund and APMS Investment Fund -- held significant stakes in two companies whose founders fled India and have since been probed for money laundering, another that went bankrupt, and a fourth that was liquidated after sparring with the Ethiopian government.
Some lawmakers are now seeking an investigation into whether the Mauritius funds are being used as a shell for Adani’s own money.