HONG KONG – The big stock market scams in India over the past 30 years exploited vulnerabilities in the local banking system. However, the country’s growing integration with the global economy and international capital means that preparations for the next big scandal may well be under way in an overseas financial centre like London or Singapore, rather than in Mumbai.

Or that is what Hindenburg Research seems to be insinuating in its report on Indian tycoon Gautam Adani, whom it accuses of “pulling the largest con in corporate history”.