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.
Gautam Adani is worth nearly $145 billion, according to the Bloomberg Billionaires Index. Surely that's a good reason for the market to know the major shareholders behind such a large fortune?
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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.