India, a country that has its own issues with corruption, recently faced another scandal that sent its markets lower. Can its exchange traded funds (ETFs) emerge unscathed?

A U.S.-based research and advocacy group has reported that an estimated $462 billion in illicit money has been taken out of India over the last60 years . Anjana Pasricha for VAO news reports that the illicit transfers came through tax evasion and corruption and have resulted in major losses for the country.

The reports have put India’s problems with corruption sharply in focus and the chorus calling for greater accountability is growing.

India ETFs have not reacted well to the scandal; they’ve lost about 7% in the last 10 days. [India’s ETFs Waver After Obama’s Visit.]