New Delhi: Enforcement Directorate has begun a high-level probe into the investments and transactions of Adani Enterprises for alleged violations of foreign exchange rules and and to ascertain the economic credentials of its shareholders.
The agency has asked the firm to furnish a host of business documents related to the development of its ambitious Mundra Port and Special Economic Zone (SEZ), including the clearances obtained to incorporate a subsidiary in Australia.
"A top-to-bottom financial investigation is being conducted on the firm. Notices for inquiry have been issued under forex rules," sources said.
When contacted, a company spokesperson told PTI that "the Adani group has received a letter seeking routine information on a couple of transactions undertaken by its overseas joint ventures and subsidiaries" and it was in the process of replying to the letter.
Adani Enterprises is part of Ahmedabad-based Adani group, which was founded in 1988 and has grown rapidly in the last two decades with presence in businesses ranging from ports, power and various other infrastructure segments.
Sources said that the Union Home Ministry has also asked the ED to look into the economic credentials of shareholders of the company, as the Foreign Direct Investment (FDI) received by Adani from "tax haven nations of Mauritius, Cyprus, Isle of Man and Channel Island".
The ED, which is responsible for investigating the violations related to overseas transfer of funds and money laundering, is believed to have sought details of funds worth more than USD 50,000 received by the company from Singapore.
First Published: Wednesday, March 14, 2012, 23:08