Nomura Sued by Adani-Linked Fund Accused in Short-Seller Report

Nomura Holdings Inc.’s loans to an investment fund embroiled in a short-selling firm’s allegations against Indian billionaire Gautam Adani have come under scrutiny in a London lawsuit.

Some three years after Adani first faced questions about fraud and stock manipulation at his ports-to-power conglomerate, Tokyo-based Nomura was sued by a fund owned by Elara Capital Plc over an urgent cash demand that allegedly cost it tens of millions of dollars.

The Elara fund, known as Oyster Bay Fund Ltd., borrowed from Nomura for stock bets on Adani Enterprises Ltd. and Adani Ports & Special Economic Zone Ltd., according ...