WEBFurther documentation shows a pattern of similar transactions for million tonnes of coal in 2014. Adani's activities align with a broader trend of coal price inflation involving offshore intermediaries to inflate prices supplied to utilities, which has been under investigation by India's Directorate of Revenue Intelligence (DRI) since 2016.
WEBNov 4, 2019 · The Directorate of Revenue Intelligence (DRI) has informed a court that it will move the Top Court against the Bombay HC order that quashed all Letters Rogatory (LRs) sent by it to foreign countries in connection with the alleged overvaluation of Indonesian coal imports from 2011 to 2015 by 2 Adani Group firms.. In an affidavit filed on Nov 1, .
WEBMay 24, 2024 · But when Adani Global issued its invoice to Tangedco for the shipment a month later, the unit price had dramatically increased to per tonne and the coal was listed as having a calorific value of 6,000 kcal/kg, a highquality form, relatively free of impurities, it added.
WEBAug 16, 2017 · The trust in question is reportedly controlled by Gautam Adani's elder brother Vinod Adani. The publiion on Monday carried a copy of the Directorate of Revenue Intelligence (DRI) investigation report, dated May 15, 2014, that alleges that the Adani Group inflated invoices for an electricity project to move out money to offshore .
WEBSep 17, 2018 · The Singapore High Court ruled against Adani Global Pte Ltd. "That means our government and DRI should get these documents pertaining to the coal scam. Adani has now filed a petition in the ...
WEBMay 21, 2024 · They suggest that Adani may have fraudulently obtained bumper profits at the expense of air quality, since using lowgrade coal for power means burning more of the fuel. Invoices show that in ...
WEBNov 18, 2023 · On October 17, 2019, the high court had quashed all the letters rogatory (LRs) sent by the DRI to Singapore and other countries in its ongoing investigation against the Adani Group firms for ...
WEBNov 18, 2023 · New Delhi, November 17. Indian investigators are seeking to restart a probe into Adani Group for alleged overvaluation of coal imports and have asked the Supreme Court to allow them to collect ...
WEBMay 23, 2024 · The DRI suspected that coal was directly transported from Indonesian ports to India, while import invoices followed intrie routes. These invoices traversed through one or more intermediaries in global financial centers like Singapore, Hong Kong, Dubai, and the British Virgin Islands before reaching the buyer via Adani Global.
WEBOct 17, 2023 · Adani Group accused of importing coal at inflated prices; denies allegations. FT report based on 30 shipments of coal from Indonesia to India over 32 months. Prices declared to custom officers in ...
WEBAug 29, 2018 · The DRI alleged that in certain cases, the import value of Indonesian coal was artificially inflated by about 50 to 100 per cent by changing test reports which measure the calorific value of coal. The DRI also raided over 80 shipping companies, labs and intermediaries including many in Maharashtra, Delhi, Gujarat, Karnataka, Odisha, West .
WEBJun 4, 2024 · Invoices show that in January 2014 Adani purchased an Indonesian shipment of coal said to contain 3,500 calories per kilogramme. The same shipment was sold to the Tamil Nadu Generation and ...
WEBDec 16, 2023 · The DRI said that while the AA relied on the order in the Adani case, there was no evidence to show that the cases were similar. "The AA in the case of M/s. Adani Power Maharashtra Ltd (APML) has held that the two parties, the supplier and the importers, are not related during the relevant period," according to the appeal.
WEBMay 24, 2024 · The evidence comes from multiple sources, including invoices and banking documents from several jurisdictions, details of investigations by India's Directorate of Revenue Intelligence (DRI), leaked documents from a key Indonesian coal supplier for Adani, and a trove of documents obtained from Tangedco, OCCRP stated.
WEBJan 1, 2014 · The DRI report, which claims to explain the modus operandi followed by the group, claims that a Dubaibased entity was at the heart of the alleged overinvoicing." Various entities of Adani Group were indulging in gross overvaluation of imported goods (zero or lowduty rated) to siphon off money abroad.
WEBMay 22, 2024 · The NGO estimated that a total of Rs60bn (720mn) was wasted in Tangedco's procurement of coal between 2012 and 2016. "Out of this, given that Adani supplied about half of it, the loss caused ...
WEBJun 24, 2019 · The banking regulator's response followed a request by the Directorate of Revenue Intelligence (DRI), which sought RBI's assistance in obtaining information from two stateowned banks on the alleged Rs 29,000crore overvaluation of coal imports from Indonesia by Indian companies, including the Adani Group, ADAG and Essar Group .
WEBDec 1, 2023 · The first section was on how Adani Group companies overinvoiced power equipment imported for two coalbased power plants in the states of Maharashtra and Rajasthan in western India. ... (Figure 4 is an extract from a 'show cause' notice dated 15 May 2014 issued by India's DRI to the two Adani Power subsidiaries embroiled in the .
WEBOct 18, 2019 · DRI alleged that money was being "siphoned" outside the country and the electricitygenerating firms were availing of "higher tariff compensation based on artificially inflated cost of the imported coal". The DRI alleged that Indonesian coal was directly imported from ports in that country to India while import invoices were routed ...
WEBMay 22, 2024 · The evidence comes from multiple sources, including invoices and banking documents from several jurisdictions, details of investigations by India's Directorate of Revenue Intelligence (DRI), leaked documents from a key Indonesian coal supplier for Adani, and a trove of documents obtained from the Indian stateowned power company .
WEBOct 13, 2023 · "In 2016, DRI had alleged that 40 Indian companies including Adani Enterprises, Adani Power, Adani Wilmar, Adani Power Maharashtra and Adani Power Rajasthan, were overinvoicing imported Indonesian coal with the goal of 'siphoningoff money abroad' and 'to avail higher power tariff compensation based on artificially .
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