Adani Enterprises MD held,gets bail

The CBI on Saturday arrested Rajesh S Adani,managing director of the Rs 26,000-crore Adani Enterprises Ltd,for an alleged customs duty and undervaluation fraud in Goa....

The CBI on Saturday arrested Rajesh S Adani,managing director of the Rs 26,000-crore Adani Enterprises Ltd,for an alleged customs duty and undervaluation fraud in Goa,tentatively pegged at Rs 1.7 crore. A CBI team from Goa picked him from his home at Vastrapur in Ahmedabad at about 7 am,sending shockwaves through Gujarats business community.

Though the CBI had originally planned to present him at the Rural Magistrates Court here to seek a transit remand,it changed plans at the last moment. The CBI team flew with him to Mumbai in the evening en route to Goa where they said he would be presented before a magistrate. CBI sources said this was because the situation was getting heated up in Gujarat.

Later in the day,in a statement,Adani group claimed Justice R M Doshit of the Gujarat High Court had granted interim bail to Rajesh and scheduled the matter for further hearing on March 2.

Story continues below this ad

Meanwhile,advocate B B Naik,who appeared for Rajesh,said the group had moved a habeaus corpus petition in the High Court seeking that Rajesh should be produced before the court immediately. Rajesh is the younger brother of the groups founder chairman Gautam Adani,who figures among the 10 richest Indians in the Forbes list.

Rishiraj Singh,CBI deputy director (Western region) told The Sunday Express that Rajesh Adani was arrested for undervaluation related to imports of naphta and petroleum products in Goa during 2006-2007.