New Delhi. The Directorate of Revenue Intelligence (DRI) has sought permission to restart the investigation into Adani Group for alleged overvaluation of coal imports. Reuters reported on Friday that the investigating agency has approached the Supreme Court for permission to collect evidence from Singapore. Since 2016, the DRI has been trying to obtain documents related to Adani’s transactions from Singapore authorities. DRI suspects that many of the group’s coal shipments imported from Indonesian suppliers were billed at higher prices on paper, first to its Singapore unit, Adani Global Pte, and then to its Indian branches. Reuters claims that Gautam Adani’s Adani Enterprises and its subsidiaries have faced repeated legal challenges in India and Singapore to prevent the release of the documents.
In a legal filing dated October 9, the DRI asked the Supreme Court to quash a previous lower court order that had allowed the Adani Group company to block authorities from collecting evidence from Singapore. On its part, the Adani Group Has not denied all the allegations against him. Adani Group says that Indian authorities had assessed its coal shipment before releasing the coal from the ports. At 9.50 am on Friday, shares of Adani Enterprises were trading 1.01 per cent higher at Rs 2,227.30. According to the report, DRI started investigating Adani’s imports in 2014, which was part of a broader investigation of 40 companies. The agency alleged that companies importing Indonesian coal were over-invoicing for deliveries by showing bills of lading for shipments sent through middlemen in Singapore and elsewhere. Indian authorities have reviewed 1,300 shipments linked to Adani Group companies. . In its submission in the court, it has alleged that the import price of coal is much higher than the export price from Indonesia. So that higher electricity prices can be charged in the country. DRI claimed that the amount involved could be in billions of rupees. The evidence investigators are seeking from Singapore authorities includes documents of Adani’s transactions with 20 banks that could help establish a financial trail in the case, an official told Reuters.
