How Hades Financial, a fake Saudi Arabian fund, duped many in India
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.
Why read this story?
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.
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