Hedge Fund Titans Who Bet Big on India Now Say They Were Scammed
- Axon Capital, CIFF say they are victims of a massive fraud
- Dispute is playing out in courts in India and Mauritius
Photographer: Enrico Fabian/The Washington Post via Getty Images
The $1.5 billion India wager that went horribly wrong for some of the world’s biggest hedge funds began with a tantalizing offer.
It was a rare chance to invest in prime real estate in one of the fastest-growing economies on Earth. The private equity style venture -- steered by a politically connected Indian businessman, a former Goldman Sachs Group Inc. partner, and a one-time principal at Michael Dell’s investment firm -- promised to deliver outsized returns with a unique combination of local expertise and world-class corporate governance.