Adani suspected of fraud by selling low-grade coal as high-value fuel: Report

Adani Group is suspected of committing fraud by selling low-grade coal as high-value fuel, Financial Times reported. In January 2014, Adani reportedly bought Indonesian coal rated as 3,500 kcal/kg, and went on to sell that shipment to Tamil Nadu Generation and Distribution Corporation (TANGEDCO) as 6,000 kcal/kg. Adani reportedly more than doubled its money in the process, after transport costs.