CBI registers preliminary inquiry against Adani Group

Written By Unknown on Jumat, 25 Juli 2014 | 08.11

CBI sources said the Adani Group had allegedly taken credit facilities from several public sector banks for equipment for power infrastructure

CBI has begun an inquiry into the alleged inflated credit facility availed from banks by Adani Group  by over-invoicing for importing power sector equipment to the tune of Rs 2300 crore.

CBI sources said the Adani Group had allegedly taken credit facilities from several public sector banks for equipment for power infrastructure.

When contacted, Adani group officials said they were not aware of any such development and no such communication is received from CBI in this regard.

The agency has filed a preliminary enquiry on the basis of a reference from Directorate of Revenue Intelligence (DRI) alleging that the company purchased the equipment from South Korea and China as power sector imports attract very less duty.

These inflated invoices were allegedly submitted to the banks to avail credit facilities of equivalent amount. The sources said since public sector banks were allegedly duped by over invoicing, the case was referred by Directorate of Revenue Intelligence on the basis of which a preliminary enquiry was registered by the agency last month.

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Adani Enterpris stock price

On July 23, 2014, Adani Enterprises closed at Rs 444.25, down Rs 2.6, or 0.58 percent. The 52-week high of the share was Rs 585.00 and the 52-week low was Rs 126.05.


The latest book value of the company is Rs 91.24 per share. At current value, the price-to-book value of the company was 4.87.


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