embraced by many in the tech industry. “This is what happens when you work to change things,” she said in a TV interview. “First they think you’re crazy, then they fight you, and then all of a sudden you change the world.”

In the years since Theranos collapsed, more tech start-ups have followed its strategy of looking outside the small network of Sand Hill Road venture capital firms for funding. Start-ups are raising more money at higher valuations, and deal-making has accelerated. Mutual funds, hedge funds, family offices, private equity funds and megafunds like SoftBank’s Vision Fund have rushed to back them.

Mr. Salehizadeh said Silicon Valley’s shift to a focus on fund-raising over all else was one reason he had left to set up a private equity firm on the East Coast. The big money brought more glitz to tech start-ups, he said, but it had little basis in business fundamentals.

“You’re always left feeling like either you’re an idiot or you’re brilliant,” he said. “It’s a tough way to be an investor.”

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A Day in the Life of a Reporter Covering the Elizabeth Holmes Trial

During the third month of the fraud trial of Elizabeth Holmes, the founder of the blood testing start-up Theranos, Judge Edward J. Davila, who is presiding, called the proceedings “a movable feast.”

We were about as far away from Hemingway’s Paris as I could fathom. The judge was most likely not talking about eating and drinking his way through 1920s France; the phrase “movable feast” also describes an event with a flexible date. But the image put the lack of glamour of covering this trial into relief.

Reporting on the tech industry and its immense wealth and power sometimes affords a glimpse into opulence: a dinner at a European palace, for example, or a crypto yacht party. But during this trial, I spent much of my time sitting on the carpeted floor of the courtroom’s hallway, downing snack bars and writing stories on my laptop.

Four months of covering Elizabeth Holmes’s fraud trial, now in its second week of jury deliberations, has turned me into a nocturnal, sidewalk-dwelling human-shaped snack bar.

fans of white-collar crime” who simply want to see history unfold.

One morning outside the courthouse, a group of spectators pretended to sell black turtlenecks — Ms. Holmes’s uniform during Theranos’s rise — as a bit of performance art. They were scolded by court security guards for soliciting on federal property. Another time a woman yelled “You’re a good mom!” to Ms. Holmes as she entered the building. She was scolded by Judge Davila for potentially influencing the jury, whose members use the same door as the public.

Snagging a seat means getting there early. Each day since Ms. Holmes took the stand in late November, I jolt out of my hotel bed around 3 a.m. in a panic. I get ready, then hustle past a San Jose Christmas market that, just hours earlier, was buzzing with lights, people and festivities.

Credit…Erin Griffith

Then I join the group of journalists and spectators gathering outside the courthouse to receive a number, denoting our place in line — entry into the courtroom is first come first served — and sit on the cold sidewalk in the dark, waiting for 5 a.m., when the nearby Starbucks opens. Around 6:20 a.m., the gates to the courthouse unlock and we form a proper line. Around 8 a.m., Ms. Holmes arrives. An hour after that, I take my seat in the courtroom. (A few times, I’ve been relegated to a small overflow room, which also fills up fast.)

prompted the judge to warn journalists to type quietly.) There were tarot cards on one day and a panettone on another. The most critical gear is snacks.

When court is in session I sit in the gallery, hunched over my laptop, barely moving except for my fingers. But my brain is in five places at once, tap-dancing, spinning, back-flipping, walking a tightrope and doing the worm. I’m trying to take fast and accurate notes (quietly) while also sending instant messages to my Times editor, Pui-Wing Tam, (quietly), sending tweets (quietly), posting live updates on the trial for The Times (quietly), emailing outside sources for quotes (quietly) and writing my story in time for our East Coast deadline.

Not every day in court has been as newsworthy as when the defendant took the stand, so our coverage ranges from high-level weekly summaries to minute-by-minute live updates. Big witnesses, like James Mattis, a Theranos board member and former defense secretary, get their own story, as do big themes, like Theranos’s use of the media or the lack of investor due diligence. Our reporting fellow, Erin Woo, has been critical to our coverage. We write background summaries in advance so we can file quickly after adding quotes and analysis from the day’s events.

There are no windows in the courtroom, and by the time we leave the building more than 12 hours after arriving, the sun is going down. Then we do it all again.

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Elizabeth Holmes Begins Her Defense in Fraud Trial

SAN JOSE, Calif. — For the past 11 weeks, prosecutors revealed emails from desperate investors. They held up falsified documents side by side with the originals. They called dozens of witnesses who lobbed accusations of deceit and evasiveness.

And on Friday, the person whom prosecutors have been making their case against — Elizabeth Holmes, the founder of the failed blood testing start-up Theranos — took the stand to defend herself. She faces 11 counts of defrauding investors over Theranos’s technology and business in a case that has been billed as a referendum on Silicon Valley’s start-up culture. She has pleaded not guilty.

tech industry’s hubris and the last decade’s culture of grift — began her testimony by answering a series of questions about Theranos. She delved into her background and how she began the Silicon Valley start-up, which had promised to revolutionize health care by using just a drop of blood from patients to deduce their illnesses.

trial finally began in September, prosecutors called former investors, partners and Theranos employees to testify. Jim Mattis, the retired four-star Marine Corps general and former defense secretary, who was a Theranos director, took the stand, as did a former Theranos lab director who endured six grueling days of questioning. In one surreal moment, a forensics expert recited text messages between Ms. Holmes and Ramesh Balwani, her boyfriend at the time and business partner at Theranos, who is known as Sunny.

This week, Alan Eisenman, an early investor in Theranos, testified that Ms. Holmes cut him off and threatened him when he asked her for more information about the company. Yet even after that treatment, Mr. Eisenman poured more money into the start-up, believing its seemingly fast-growing business would deliver riches to backers like him.

When asked about his understanding of the value of his Theranos stock today, Mr. Eisenman said: “It’s not an understanding, it’s a conclusion. It’s worth zero.”

a series of validation reports that Ms. Holmes sent to potential investors and partners that made it look as though pharmaceutical companies including Pfizer and Schering-Plough had endorsed Theranos’s technology. Representatives from each company testified that they had not endorsed Theranos’s blood test and were surprised to see their companies’ logos added to the report.

testified that the start-up faked demonstrations of its machines for potential investors, hid technology failures and threw out abnormal blood test results.

Mr. Mattis testified that he was not aware of any contracts between Theranos and the military to put its machines on medevac helicopters or on the battlefield, as Ms. Holmes had frequently told investors.

testimony from Roger Parloff, the journalist who wrote a magazine cover story about Ms. Holmes, helping propel her to acclaim. Mr. Parloff’s article was sent to numerous investors as part of Ms. Holmes’s pitch.

Yet notably absent from the courtroom were some of the most prominent witnesses on the prosecution’s list. Ms. Holmes’s rise was aided by her association with business titans such as the media mogul Rupert Murdoch, elder statesmen such as Henry Kissinger and Adm. Gary Roughead, and the lawyer David Boies. Theranos was felled, in part, by whistle-blowers such as Tyler Shultz, a grandson of George Shultz, the former secretary of state, who sat on Theranos’s board. None of them testified.

Also absent was Mr. Balwani, who was charged with fraud alongside Ms. Holmes and faces trial next year. His role as a fiery defender of Theranos who went after anyone who questioned the company has been in the background of much of the testimony.

At nearly every turn, Ms. Holmes’s lawyers sought to limit testimony and evidence. They attacked the credibility of investors, using legal disclaimers to show that investors knew they were gambling on a young start-up. The lawyers also poked holes in investors’ limited due diligence on Theranos’s claims. At one point, they directed Erika Cheung, a key whistle-blower who worked in Theranos’s lab, to read the entire organizational chart of the people employed in lab to show she played a small role in the overall operation.

she said in one of the videos. “Anything that happens in this company is my responsibility.”

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Elizabeth Holmes Trial Exposes Investors’ Lack of Due Diligence

SAN JOSE, Calif. — In 2014, Dan Mosley, a lawyer and power broker among wealthy families, asked the entrepreneur Elizabeth Holmes for audited financial statements of Theranos, her blood testing start-up. Theranos never produced any, but Mr. Mosley invested $6 million in the company anyway — and wrote Ms. Holmes a gushing thank-you email for the opportunity.

Bryan Tolbert, an investor at Hall Group, said his firm invested $5 million in Theranos in 2013, even though it did not have a detailed grasp of the start-up’s technologies or its work with pharmaceutical companies and the military.

And Lisa Peterson, who handles investments for Michigan’s wealthy DeVos family, said she did not visit any of Theranos’s testing centers in Walgreens stores, call any Walgreens executives or hire any outside experts in science, regulations or legal matters to verify the start-up’s claims. In 2014, the DeVos family invested $100 million into the company.

The humiliating details of bad investments like Theranos are rarely displayed so prominently to the public. But they have been laid bare in recent weeks at the trial of Ms. Holmes, 37, who faces a dozen counts of wire fraud and conspiracy to commit wire fraud; she has pleaded not guilty. She and Theranos fell from grace — with investor money evaporating and the company shutting down in 2018 — after claims about its blood-testing technology were shown to be false.

frenzied state of record-breaking fund-raising.

With so many new investors flocking to start-ups, due diligence is sometimes so minimal that it is used as a punchline, investors said. An overheated market “definitely creates an environment for people to make more inflated claims” and may even tempt them to lie, said Shirish Nadkarni, a longtime entrepreneur, investor and author.

During its lifetime, Theranos exemplified that dynamic. The company raised $945 million from famous venture capitalists including Tim Draper, Donald Lucas and Dixon Doll; wealthy heirs to the founders of Amway, Walmart and Cox Communications; and powerful tech and media moguls such as Larry Ellison and Rupert Murdoch.

And as investors have testified at Ms. Holmes’s trial, a central tension has emerged around due diligence. Could these investors have avoided disaster if they had simply done better research on Theranos? Or were they doomed because their research was based on lies?

added pharmaceutical company logos to validation reports indicating the pharmaceutical firms had endorsed its technology when they hadn’t, according to evidence and testimony. Theranos also claimed in late 2014 that it would bring in $140 million in revenue that year when it had none, according to evidence and testimony. The start-up also faked demos of its blood-testing machines to investors, witnesses have testified.

Wade Miquelon, the former chief financial officer of Walgreens, to admit that he didn’t know if his company had ever gotten one of Theranos’s devices in its offices for testing before entering into a partnership. The lawyers also got Mr. Mosley to concede he never directly asked Ms. Holmes whether a pharmaceutical company had written the validation report.

The strategy has sometimes veered into condescension. That was evident last week when Lance Wade, a lawyer for Ms. Holmes, asked Ms. Peterson, an investment professional, if she was familiar with the concept of due diligence.

“You understand that’s a typical thing to do in investing?” he said.

The investors have pushed back, explaining that they were acting on false information supplied by Ms. Holmes.

“You’re trying to measure our sophistication as an investor when we weren’t given complete information,” Ms. Peterson said. Mr. Wade asked the judge to strike the comment from the record.

Still, testimony from pharmaceutical company executives who interacted with Theranos showed it was possible to see through at least some of Ms. Holmes’s grandiose claims.

Constance Cullen, a former director at Schering Plough, said this week that she was responsible for evaluating Theranos’s technology in 2009. She said she came away “dissatisfied” with Ms. Holmes’s answers to her technical questions, calling them “cagey” and indirect. She said she stopped responding to emails from Ms. Holmes.

Shane Weber, a director at Pfizer, looked into Theranos in 2008 and concluded that the company’s responses to his technical questions were “oblique, deflective or evasive,” according to a memo used as evidence. He recommended Pfizer cease working with Theranos.

But investors were less probing, especially when Ms. Holmes appealed to their egos. Her persona as a visionary, bolstered by magazine cover stories and personal eccentricities, created a sense that backing Theranos was an exclusive and elite opportunity.

In testimony and evidence, Ms. Holmes was shown to have guarded information about the business, calling it a trade secret. She told investors she sought out wealthy families who would not want to see a return on their investment anytime soon, making those that she picked feel special with formal invitations. And she controlled the company tightly with “supervoting” shares worth 100 times the power of other shares.

“She has a firm grasp on the company, let there be no mistake,” Christopher Lucas, a Theranos investor, said on a call with other investors that was recorded and played in court. “She would have the right to cast out investors.”

Mr. Lucas’s firm, Black Diamond Ventures, invested around $7 million into Theranos, despite not getting access to its financial information or examining all of its corporate records. This was unusual, Mr. Lucas testified on Thursday, but Ms. Holmes told him the information was sensitive because a leak could “give competitors a chance to crush the company.”

That secrecy extended to due diligence. Ms. Peterson testified that she was scared Ms. Holmes would cut her firm out of the deal if they dug deeper into the details of Theranos’s business.

“We were very careful not to circumvent things and upset Elizabeth,” she said. “If we did too much, we wouldn’t be invited back to invest.”

Mr. Nadkarni, the longtime investor, said such behavior sounded familiar. He said he had observed a loosening of diligence in deals he’s been involved with over the last year.

It hasn’t led to many problems while times were good, he said, but “if something happens to the economy, then everyone is going to be toast.”

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Who Paid for That Mansion in Canada? Haitians Demand Answers

Mr. Célestin said he also had a radio station called Model FM, which he started in a rural region but which grew to the point that he installed it in a suburb of Port-au-Prince, the capital. The station does have a small, discreet office in the suburb of Petionville, with no signs. On the two occasions when The Times visited, the office was closed, or a single person was there who could provide no information about the station — not even an advertising rate sheet.

Mr. Célestin said he also owned a gas company called PetroGaz-Haiti, but by his own description, it appeared to violate legal prohibitions against profiting from state funds. While politicians are permitted to own businesses, the Constitution forbids them from having contracts with the state, which Mr. Célestin said he had had for four years through the company.

With outrage brewing, the Haitian government’s Anti-Corruption Unit launched an investigation into the purchase of the Célestin home in Canada in February. The Royal Canadian Mounted Police, the national police force, said it could not disclose whether it was also investigating the transaction. But under Canadian regulations, the purchase should have raised a red flag, said Garry Clement, the former head of an R.C.M.P. unit that investigates money laundering.

As a senator, Mr. Célestin is considered a “politically exposed person” under Canadian money-laundering regulations, which means financial institutions are required to perform due diligence to determine the source of any transferred funds greater than $100,000. These rules would also apply to Mrs. Célestin as the wife of a “P.E.P.,” Mr. Clement explained.

Mr. Célestin said everything about the purchase was above board. “If I wasn’t clean, I would have had a lot of trouble with the banks in Miami,” he added, saying that he routinely transferred between $20 million and $30 million to Turkey to buy iron for what he described as one of his import businesses. “I would be scared if my money wasn’t clean.”

But Mr. Célestin and his lawyer in Montreal, Alexandre Bergevin, declined to answer follow-up questions or provide the names of his import company or his farm. His wife, a counselor at the Haitian consulate in Montreal since 2019, did not respond to a request for comment.

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Odometer Rollbacks: A Hard-to-Spot Nuisance for Car Shoppers

A web search for “vehicle mileage correction” revealed a number of enterprises that offer rollback services. The companies, at least superficially, discourage illegal tampering, but that doesn’t mean they won’t do it. The website of one says, “We require that all customers seeking mileage correction services have a legitimate reason for concern, as it is illegal to alter your car’s mileage and not disclose that information to potential buyers.”

The mileage adjustment costs $120 on one site. The instrument cluster must be removed and shipped to the supplier, which alters the reading and sends it back.

Odometer mileage can also be altered with a tool that plugs into the OBD2 port — a connector that enables mechanics to read service codes reporting failed components.

To determine how difficult it might be to trim vehicle miles, I bought a $120 odometer rollback tool — the least expensive of those offered on eBay — to give it a try.

The device was for G.M. vehicles, so I tested it on a 2014 Equinox. The tool is meant solely for altering an odometer’s reading — once powered up, it goes right to a screen that says “Cluster Calibrate.”

The tool correctly read the mileage as 78,624 kilometers, or roughly 48,855 miles, but two attempts to reset the odometer were unsuccessful. Tampering may be relatively easy, but it apparently requires a quality device. After the test, we disabled and discarded the tool, as advised by a law enforcement official.

There are ways to help detect odometer tampering, although they’re not foolproof. For example, a check for excessive wear on the car’s frequently touched parts can provide clues to true mileage. The pedals are good indicators: Be suspicious if those in a car showing moderate mileage, say 45,000, show extreme wear or, because pedals can be changed, no wear. Either might indicate something awry. Also look at the inside of door handles, the steering wheel, armrests and anything else that is touched regularly.

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Spain Turns to Corruption Rehab for Officials Who Can’t Stop Stealing

CÓRDOBA, Spain — Carlos Alburquerque isn’t your typical rehab candidate. He’s a 75-year-old grandfather living in Córdoba, a city in southern Spain. He was a town notary before he retired in 2015. He hasn’t touched drugs or alcohol in years.

But his isn’t your typical rehab program: It’s an 11-month boot camp to reform corrupt Spanish officials and “reinsert” them into mainstream society.

“Repairing the damage is what is left for me in this life,” said Mr. Alburquerque, who is serving a four-year prison sentence for stealing around 400,000 euros, nearly a half a million dollars, in his work drawing up contracts and deeds.

Over the course of 32 sessions in an austere conference room in Córdoba’s penitentiary, Mr. Alburquerque will be monitored by a team of psychiatrists. He will sit in a circle with other convicted officials for group therapy sessions with titles like “personal abilities” and “values.” He is, in some ways, the guinea pig of an experiment meant to answer an age-old question: Buried deep in the soul of a swindler like Mr. Alburquerque, might there be an honest man?

raft of bribes for government contracts were discovered logged in a notebook belonging to the ruling party’s treasurer. The scandal helped topple the party from power in 2018. There was the “Palau Case,” in which the president of a Catalan music hall defrauded it of 23 million euros, using the proceeds for home renovations and lavish vacations, among other extravagances.

In the rocky coastal region of Galicia, police once nabbed a ring of corrupt town officials in a sting called “Operation Pokémon.” Why it was named after a Japanese video game was never clear — but some speculated it was because of the large number of officials involved. (There are hundreds of Pokémon characters.)

On a recent afternoon, Ángel Luis Ortiz, a former judge who now runs Spain’s prisons, let out a long sigh as he looked out from his office into downtown Madrid during a conversation about Spain’s struggles with public embezzlement. The boom-bust cycles of Spain’s economy had led it to a long history of fraudsters and betrayals of public trust, he said.

ranks Spain just below France, and above Italy). It was Spain’s will to rehabilitate the offenders that set it apart from the rest, Mr. Ortiz said — an offer which now extends to some 2,044 white-collar criminals in Spanish prisons.

Nine prisons are running programs so far, which began in March. Prisoners don’t get reduced sentences for joining, but officials say participating is looked on favorably when it comes time to request parole.

Who qualifies? It’s a veritable Who’s Who of Spain.

There’s the king’s brother-in-law, Iñaki Urdangarin, the handsome Olympic handball player and former Spanish duke who is serving a fraud sentence of almost six years, and is participating in the program. Francisco Correa, a businessman nabbed in the Gürtel Case is also enrolled. (Though Spaniards know him better for his nickname, “Don Vito,” a reference to “The Godfather” trilogy.)

Yet for all the volunteers, Mr. Ortiz still thinks his biggest challenge may be convincing Spain’s corrupt officials that there actually might be something wrong with them.

“They are people with money and power — and we are struggling against this idea that they can get away with anything and don’t actually need the help,” he said.

For that, the government turned to Sergio Ruiz, a prison psychiatrist in the southern city of Seville who helped design the program. Dr. Ruiz said that in addition to getting participants to recognize their flaws in group therapy, inmates would eventually be asked to participate in “restorative justice” sessions where they would ask for forgiveness from their victims.

Dr. Ruiz explained he had been surprised at the outset when he searched the scientific literature and found almost nothing on rehabilitating white collar criminals. Psychiatrists had studied murderers ad nauseam, Dr. Ruiz explained. But few had ever bothered to get inside the mind of the shady functionary who swindled the public garbage fund.

So Dr. Ruiz decided to run a study of his own. He asked for volunteers from three groups — white collar prisoners, violent criminals and a “control” group of ordinary Spaniards — and surveyed each on their values and beliefs.

The results surprised everyone, he said.

“We think of these people as ruthless, but that’s not how it is,” Dr. Ruiz said of white collar criminals. “They have the same system of values as any ordinary citizen.”

Instead, Dr. Ruiz said, corrupt minds have a unique capacity to create exceptions to their own rules, what cognitive psychologists sometimes call “moral disengagement.” They have intricate ways of explaining away their misdeeds as somehow benefiting others rather than themselves.

And Dr. Ruiz found dangerous levels of two other traits in the fraudsters.

“Egocentrism and narcissism,” he said.

At first glance, Mr. Alburquerque, the corrupt notary in Córdoba who volunteered to be rehabilitated, doesn’t appear to have much of either. He’s mild-mannered and speaks in hushed tones even in the loud hubbub of the penitentiary. It’s hard to imagine that he pocketed nearly a half-million dollars before he was caught.

“Here, one has to take responsibility,” he said, admitting he had been wrong.

But there’s more to the story, Mr. Alburquerque said.

While sums of money may have disappeared under his watch, he had always made sure his employees were highly paid, unlike many other notary offices, he said. He had even attempted to return much of the fraud money before he was caught. Anyone in Córdoba could attest to the fact that he was a key member of the city, he added.

“I have an advantage over other mortals, but not all, in that I can sleep five hours less than others,” he said of his work ethic. “Always what I’ve done is worked and studied.”

They are words that Yolanda González Pérez, the prison warden, says she’s heard before from other white collar criminals who haven’t fully accepted their crimes.

“They tell themselves ‘I’m not as much of a criminal as the others are,’” she said.

But Mr. Ortiz, the director of the Spanish prison system, isn’t worried. He’s ready to roll up his sleeves with Mr. Alburquerque and other participants who might be willing to rethink their old ways.

Maybe a breakthrough will come early on, when according to a summary of the rehabilitation manual, psychiatrists will begin the process of “therapeutic alliance” to form a bond with the corrupt officials.

Or later on in week five, when the inmates “will finally take on the subject of developing humility and empathy.”

It takes patience to change someone, Mr. Ortiz said.

“We can be working months in these sessions,” he said. “We just keep at it with the prisoners and we’ll see when the fruit is ripe.”

José Bautista contributed reporting from Madrid.

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India’s Black Market Preys on Desperate Covid-19 Victims

NEW DELHI — Within the world’s worst coronavirus outbreak, few treasures are more coveted than an empty oxygen canister. India’s hospitals desperately need the metal cylinders to store and transport the lifesaving gas as patients across the country gasp for breath.

So a local charity reacted with outrage when one supplier more than doubled the price, to nearly $200 each. The charity called the police, who discovered what could be one of the most brazen, dangerous scams in a country awash with coronavirus-related fraud and black-market profiteering.

The police say the supplier — a business called Varsha Engineering, essentially a scrapyard — had been repainting fire extinguishers and selling them as oxygen canisters. The consequences could be deadly: The less-sturdy fire extinguishers might explode if filled with high-pressure oxygen.

“This guy should be charged with homicide,” said Mukesh Khanna, a volunteer at the charity. “He was playing with lives.” (The owner, now in jail, couldn’t be reached for comment.)

this month that “the moral fabric of the society is dismembered.”

Over the past month, the New Delhi police have arrested more than 210 people on allegations of cheating, hoarding, criminal conspiracy or fraud in connection with Covid-related scams. Similarly, the police in Uttar Pradesh have arrested 160 people.

“I have seen all kinds of predators and all forms of depravity,” said Vikram Singh, a former police chief in Uttar Pradesh, “but this level of predation and depravity I have not seen in the 36 years of my career or in my life.”

have swooped in to connect those in need with lifesaving resources.

The ad hoc system has limits. Vital supplies like oxygen are still stuck in bottlenecks, and people keep dying after hospitals run out. Vaccine and pharmaceutical makers can’t keep up. Politicians in some places are threatening people who publicly plead for supplies.

Infections and deaths are widely believed to be many times more numerous than the official figures indicate, and in hospitals across India, all the beds have been filled and people are dying for lack of oxygen or medicine.

Accusations by one doctor in Madhya Pradesh have gone viral. The doctor, Sanjeev Kumrawat, said he tried to stop a local activist for India’s governing party from selling access to beds in a government hospital where he works. “We all know that to get a bed is a big struggle all around,” Dr. Kumrawat said in an interview. “Government resources are to be distributed equitably and can’t become the property of one person.”

thousands of vials of fake remdesivir during a bust. A tipster led them to a factory where they recovered 3,371 vials that were filled with glucose, water and salt.

Many other doses had already been sold and maybe even put into patients’ bodies, the Gujarat police said, posing a public health risk of unknown scale.

Those who turn to the black market often know they are taking a gamble.

Anirudh Singh Rathore, a 59-year-old cloth trader in New Delhi, was desperately seeking remdesivir for his ill wife, Sadhna. He acquired two vials at the government-mandated price of about $70 each. He needed four more.

Through social media, he found a seller willing to part with four more vials for about five times that price. First, two arrived. When the second two were delivered, he noticed the packaging was different from the first batch. They had been made by different companies, the seller explained.

The Rathores had their doubts, but Sadhna’s oxygen levels were dropping and they were desperate. Mr. Rathore said they gave the doses to the doctors, who injected them without being able to determine whether they were real or fake. On May 3, Ms. Rathore died.

Mr. Rathore filed a police report and one of the sellers was arrested, he said, but he has been racked with guilt.

“I have the regret that probably my wife would have been saved if those injections were original,” he said, adding that the police had sent the vials to be tested.

“People are using the crisis period for their own benefit,” Mr. Rathore said. “This is a moral crisis.”

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British Fraud Unit Is Investigating Gupta and Greensill

The scion of a business family, Mr. Gupta established a metals trading business in the 1990s while a student at Cambridge University. In 2015, he turned his attention to the production side, going on a buying spree of steel and other metal plants in Britain, and later in other countries like Romania, France and the United States.

The loss of financing from Greensill has posed a serious threat to Mr. Gupta’s businesses, which employ around 35,000 people, including 5,000 in Britain. Mr. Gupta has been scrambling to find new financing to save these businesses, but the disclosure of a high-level fraud investigation could complicate these efforts.

The British government has rejected a request for 170 million pounds (about $240 million) to support the Gupta businesses, citing their “opaque accounting,” according to another parliamentary committee that is investigating the businesses and the British steel industry.

A spokesman for the Gupta companies said the group “will cooperate fully” with the Serious Fraud Office investigation and that the group was “making progress in the refinancing of its operations.”

A spokesman for Greensill did not immediately respond to a request for comment.

While Greensill and Gupta had interests across the world, some of the strongest repercussions of the Greensill collapse have been in Britain, where former Prime Minister David Cameron served as a senior adviser to the financial company.

Mr. Cameron has faced withering criticism for his lobbying of senior politicians and officials on behalf of Greensill, often using emails and WhatsApp messages to make appeals to the highest ministers, including Rishi Sunak, the chancellor of the Exchequer. Mr. Cameron has said he should have used more formal means of communication.

At a video appearance before a parliamentary committee investigating the Greensill collapse on Thursday, Mr. Cameron appeared to show little contrition despite sharp criticism from lawmakers, one of whom characterized his dozens of approaches to government figures as “more like stalking than lobbying.”

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