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ETMarkets Morning Podcast (ETMarkets.com)
03:07 Min | July 29, 2021, 9:05 AM IST
Tune in as we tell you what s happening in the market, what s making news this morning, and look at some of the buzzing stocks.
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Hi there, Good Morning. Welcome to ETMarkets Morning podcast, the show about money, business and markets. I am Sabari Saran. Let s start with the headlines first.
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(Bloomberg) Four Mauritius-based funds that have attracted attention for parking almost all their money in companies controlled by Indian billionaire Gautam Adani have a history of investing in firms which ended up defaulting or were investigated for wrongdoing.
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.
By Anurag Kotoky
Four Mauritius-based funds that have attracted attention for parking almost all their money in companies controlled by Indian billionaire Gautam Adani have a history of investing in firms which ended up defaulting or were investigated for wrongdoing.
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.
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.