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Hedge Funds Alleging $1.5 Billion Fraud Fear They'll `Bleed Dry'

  • ‘If we do nothing, we will largely bleed dry,’ Singh says
  • Axon’s Dinakar Singh calls alleged fraud ‘astonishing theft’
Dinakar Singh

Dinakar Singh

Photographer: Jin Lee/Bloomberg

Updated on

Two high-profile hedge funds accused one of India’s biggest real estate developers of defrauding its foreign investors out of as much as $1.5 billion, potentially one of the largest private equity scams ever.

IREO Management engaged in a billion-dollar criminal conspiracy involving shadow companies, dumped documents and “astonishing theft,” according to Axon Capital and Christopher Hohn’s Children’s Investment Fund Foundation.