Aditya Murali is a Director in the Business Intelligence and Investigations practice of Kroll, a division of Duff & Phelps, based in Mumbai. Aditya specializes in managing corporate investigations and due diligence projects in South Asia for investor and corporate clients across the globe. Aditya has six years of experience in managing complex forensic investigations, risk assessments and asset recovery projects that focus on drawing out the modus operandi of counterparties, quantifying losses, highlighting process gaps, recommending mitigation measures and identifying undisclosed assets for recovery.
Aditya has led numerous intelligence-driven market entry and benchmarking engagements for Fortune 500 clients considering multibillion-dollar investments in the South Asia region. On the investigative due diligence front, Aditya has conducted assessments of over 200 investment targets across all key industry sectors, including pharmaceuticals, financial services, retail, oil and gas, real estate and infrastructure, textiles, technology and agriculture. Additionally, Aditya has managed multiple reviews of Indian conglomerates in the $10 billion–$50 billion revenue range.
Internal Investigations and Risk Mitigation
- Conducted an internal investigation and senior management review for a top 10 Indian company in response to whistleblower allegations of procurement fraud. The engagement involved an investigation of suspicious vendors and review of internal data, including emails and financial data. On the basis of the findings, the client was able to identify instances of wrongdoing and further areas of fraud.
- Conducted an investigation into leakage of proprietary data for a top Indian financial services company. Deployed covert inquiries to infiltrate the underground market for proprietary customer data and investigated avenues of potential leakage, including internal systems and third parties of the client. The investigation uncovered areas of vulnerability and helped the client formulate a concrete data protection strategy.
- Led an investigation into the India operations of a global repair services company. Identified evidence of systematic financial misstatement and a range of vulnerabilities in internal controls. Advised the client on mitigation measures and best practices in corporate governance.
- Managed an investigation to identify corruption risks with an Indian infrastructure major being considered for a multibillion-dollar investment. Analyzed transactions to identify high-risk vendors, related parties and business associates. Mapped the ultimate beneficial ownership of over 300 entities to obtain evidence of questionable vendor relationships.
Complex Risk Assessments
- Conducted a supply chain and public relations risk mitigation project for a global retail client operating in Bangladesh. Helped the client improve operational efficiency and public relations strategy by investigating the client’s supply chain, benchmarking the local public relations activities of key global retailers in Bangladesh and conducting a discreet review of key civil society stakeholders.
- Provided operational risk assessment and advisory for a Fortune 500 company with significant manufacturing operations in India. Conducted a discreet intelligence-gathering exercise to identify the client’s stakeholders across local and national political, administrative and civil society constituencies. Our assessment provided insight on the allegiances and true motivations of key stakeholders.
- Conducted an investigation into procurement practices in the Bangladesh scrap metal industry. A construction major was concerned that global prices for scrap metal were skewed by possible collusion between a global aggregator and local suppliers in the Bangladesh scrap metal industry. Identified fraud risk areas in the role of middlemen and logistics operators that confirmed the client’s hypothesis.
- Conducted numerous multijurisdictional investigations and asset recovery projects for clients engaged in multibillion-dollar disputes in India, Bangladesh and the Maldives.
- Extensive experience in conducting discreet intelligence-gathering to report on the modus operandi, points of leverage and undisclosed assets of counterparties in high-value disputes. Examples include managing multijurisdictional investigations into numerous high-profile Indian defaulters and leading a global asset recovery project on an Asian sovereign which reneged on a multibillion-dollar contract.
- Leads Kroll’s offerings in relation to the new Insolvency and Bankruptcy Code in India. This involves managing forensic investigations to advise creditors on the use of funds by distressed assets and leading large-scale due diligence assignments on possible buyers of distressed assets. Managed advisory projects relating to multiple entities among top 12 defaulters in India.
Investigative Due Diligence and Market Entry Intelligence
Conducted over 200 pre-transactional investigative due diligence assignments on the background and reputation of private companies and promoters across industry sectors in India, Bangladesh, the Maldives and Nepal. Sample market entry and benchmark cases include the following:
- Market entry intelligence for a Fortune 50 company planning to invest in the high-end medical devices market in India. Advised the client with an intelligence-driven outlay of the local regulatory framework, competitor intelligence reporting on key players in the industry and other key risks.
- Investigative due diligence and market entry intelligence for Fortune 500 clients planning investments in Bangladesh involving top conglomerates and companies in financial services, textiles and construction sectors.
- Maldives country risk report for a global corporation considering a multibillion-dollar investment. Conducted a combination of research and inquiries to advise the client on the experience of foreign investors in the Maldives, and on key macroeconomic, political, social, regulatory and security issues.
- Market sizing and investigative benchmark report of the Indian Business Process Outsourcing (“BPO”) industry for a global corporation. Leveraged Kroll’s intelligence network to add nuance to existing industry data on key operational and pricing-related issues.
Education & Certifications
- M.A., Comparative Politics, London School of Economics and Political Science
- Exchange, Politics and International Studies, Sciences Po, Paris
- B.A. (Hons.), English, St. Stephen’s College, University of Delhi