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Four Funds With $7 Billion in Adani Have History of Wrong Bets

  • Registration in Mauritius makes ultimate ownership opaque
  • Lawmaker raised questions about investment in Adani companies
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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.