An investigation by the Financial Times (FT) supports claims that the Adani Group has been inflating fuel costs for coal, resulting in millions of Indians paying more for electricity. The analysis reveals that Adani has been overcharging billions of dollars for coal, leading to higher electricity prices. The FT investigation also uncovers trade-based money laundering involving $5 billion in imports since 2021. The report exposes the use of dummy invoicing and overseas entities to inflate coal prices, passing the costs onto customers. The investigation questions Adani's recent financials, as the company reported a 42% increase in profit in its coal trading division despite a 56% decrease in coal prices. The FT report provides detailed information on Adani Group's coal imports, and the full story can be found on their website.
The mystery of the Adani coal imports that quietly doubled in value https://t.co/Et7Q7scwrR via @ft
Extraordinary detail in this investigation of Adani Group's coal imports by @FD, @xtophercook, @OilSheppard & @maxharlow. Full story here: https://t.co/9wz1XqBABe https://t.co/t7rT03FeeJ
Note: After our report, Adani Enterprises reported a 42% INCREASE in profit in its coal trading division, despite coal falling 56%. Adani cited 'higher volumes' & vague 'cost optimization'. This never made sense. The new FT report calls Adani's recent financials into question. https://t.co/RIVGUxCoBp
Major new FT investigation into Adani shows trade-based money laundering involving $5b in imports since 2021 alone. Report reveals ongoing dummy invoicing & overseas entities used to inflate coal prices, passing costs on to customers. https://t.co/T1gHylxRfp
Cracking India scoop: The mystery of the Adani coal imports that quietly doubled in value - https://t.co/NqQpdZnJK7 via @FT
An FT analysis supports longstanding claims that Adani Group has been inflating fuel costs for billions of dollars of coal, leading to millions of Indians overpaying for electricity https://t.co/JV2GlxrBx8 https://t.co/v8wlKVQY3m