Hedge funds accuse Indian real estate developer of $1.5b fraud

Hedge funds accuse Indian real estate developer of $1.5b fraud

Dinakar Singh, founder and chief executive officer of TPG-Axon Capital Management, L.P. , speaks at the Bloomberg global markets summit in New York, U.S., on Thursday, Jan 17, 2013. Photographer: Jin Lee/Bloomberg

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.

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