Some Mauritius-based funds made outsized investments into a small group of small-cap companies. In some funds, the identity of the ultimate beneficial owner remains a mystery
Obscure offshore funds may have played a role in running up the share price of certain small-cap companies in India. Several of these funds have links with Hari Tibrewala, the Dubai-based ‘hawala operator’ said to be behind the Mahadev Online betting app scandal
During the week, 67 smallcap stocks had a good run with double digit gains, higher than that of the previous week. In the preceding week, about 50 smallcaps rose in double digits.