Delhi police files FIR against US PE fund Lone Star, its founder

The Delhi Police have registered a criminal case against the subsidiary of US-based private equity firm Lone Star Funds, its American-born Irish billionaire founder John Grayken, and ten other officials on charges of criminal breach of trust, cheating, and criminal conspiracy. The Economic Offences Wing (EOW) of the Delhi Police booked LSF 10 Rose Investments, a US-based subsidiary of Lone Star, and its officials based on a complaint by US-based Hamlin Trust that holds 33% stake in RattanIndia Finance, a non-banking finance company jointly formed by Rajiv Rattan, former co-founder of Indiabulls Group, and LSF 10 Rose.