Adani Group accused of inflating coal values

The Financial Times has discovered that at least 30 coal shipments imported by Adani Enterprises experienced significant jumps in value upon arrival in India. This doubling of value could be a result of fraudulent entries, where Adani inflated the price of coal to subsequently charge higher electricity tariffs. While Adani's coal trading division, IRM, does not show abnormal profits, the Financial Times suggests there may be involvement of middlemen who purchase coal at one rate and sell it to Adani at a higher rate, pocketing the difference. Suspicion arises from the connections between these middlemen and the Adani group, including shared investments and a former employee running one of the companies.