Lord Jo Johnson, the younger brother of former British Prime Minister Boris Johnson, has turned down a senior position at Elara Capital, a global investment bank with links to Gautam Adani’s empire, Yahoo writes.

He was acting director of Elara Capital, a full-service investment bank that was founded in 2002 to raise funds for Indian corporates through GDRs, FCCBs and London’s AIM market.

But this bank has been caught up in the struggling business empire of Indian tycoon Gautam Adani. Allegations were made against the Adani Group in a report by short-seller Hindenburg Research, including stock manipulation and accounting fraud.

Elara’s asset management division first came to the attention of Hindenburg researchers because the vast majority of its assets were owned by Adani Enterprises. The Hindenburg report said the Mauritius-based funds managed by Elara were involved in trying to hide their affiliation with the Adani Group, as well as manipulate their share prices.

In his report, Hindenburg quoted statements from 2 anonymous former Elara traders who claimed that the routing of transactions through the funds in Mauritius was designed to hide who was ultimately behind them.

Adani Group categorically denied all the short seller’s allegations, adding that Hindenburg’s behavior was “nothing but deliberate securities fraud.”

She categorically denied any relationship with Elara Capital Funds.

As for the reaction of the younger brother of the British former prime minister, Lord Jo Johnson said: “Last June I joined the board of Elara Capital, an India-focused investment company, as an independent non-executive director in the hope of contributing to the trade and investment links with India which I have long maintained and about which I have written a book. I have received ongoing assurances from Elara Capital that it is complying with its legal obligations and is in good standing with the regulatory authorities. At the same time, I now realize that this role requires more experience in specialized areas of financial regulation than I expected, and accordingly I have stepped down from the board.”