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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The fund claimed to have $6.1 billion in assets under management, with offices across the world, and committed to investing $750 million in the country. The whole thing turned out to be an elaborate con.
Editor's note: Late last year, an individual who identified himself as the representative of a Saudi Arabia-based global fund began seeking meetings with various venture capital investors in India. In his written communication, where he craftily slid into the direct messages of young associates working at these funds using social media websites such as LinkedIn and X, the man came across as polite, suave and digitally well connected. Qualities that usually help one rise up the ladder fast. And so he did. Climbing the ladder from connecting with associates to soon chatting up partners of funds.
The man meant business. He was representing Hades Financial Private Capital Group as its co-chief executive officer.
While the regulator’s interim order alleges massive irregularities, the long arc of unfinished probes, hearings and appeals makes closure distant.
Even though the government of India did a U-turn on the mandatory pre-installation of the anti-fraud app on all mobile phones sold or imported in the country, the larger problem of petty cybercrime remains grim.
The Bengaluru-based edtech company seems to have flogged its US assets multiple times over the years, putting a question mark on the ownership of the entities that stood guarantee for its $1.2 billion term loan.
