Adani Group faces probe over Mumbai airport finances amidst ongoing scrutiny

Adani already owns and operates seven airports

Adani Enterprises, supported by billionaire Gautam Adani, confirmed on Friday that  Ministry of Corporate Affairs is examining the accounts of the group's two airports in Mumbai. The ministry has requested information and documents concerning Mumbai International Airport Ltd and Navi Mumbai International Airport Ltd for the financial years 2017-18 to 2021-22. Adani Group has not responded to a Reuters request for further details.

Adani currently owns and operates seven airports, including Mumbai's Chhatrapati Shivaji Maharaj International Airport, which it assumed control of in 2021. In 2019, it acquired six airports as part of the government's initial privatization initiative and is constructing a new airport in Navi Mumbai on the city's outskirts.

This investigation is the most recent challenge for the conglomerate since a U.S. short-seller accused it of improper use of offshore tax havens and stock manipulation earlier this year. In May, a court-appointed panel reported that the investigation by India's markets regulator into these allegations had yielded no results.

However, last week, Reuters revealed that the financial regulator would explain to the country's top court why it had paused and then resumed investigations into the group following a tip in 2014, amid concerns about regulatory delays.

According to customs data, Adani Group imported coal at significantly higher prices than the market rate, as per an Organised Crime and Corruption Reporting Project (OCCRP) report. In February, India's Ministry of Corporate Affairs began scrutinizing the Adani Group's financial statements.