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ED probes Adani Ports on possible money laundering

Investigation has derailed company?s bids to operate at least 3 port projects

Billionaire Gautam Adani’s port unit has failed to win security clearances needed to expand operations because it is being investigated by the government for possible money laundering, according to three people familiar with the matter. The stock slumped. The ministry of home affairs has for more than a year been probing Adani Ports & Special Economic Zone Ltd (ADSEZ) and the source of money transferred to the company from Mauritius, said two government officials. All three people declined to be identified, as they aren’t authorised to release the information. The ...