The Directorate of Revenue Intelligence (DRI) is seeking to resume its inquiry into allegations of the Adani Group overvaluing coal imports, as reported by Reuters. The DRI has approached the Supreme Court for permission to gather evidence from Singapore. In 2016, the tax intelligence agency had issued a circular, asserting that Adani Group ...
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IN AN affidavit to the Supreme Court, the Directorate of Revenue Intelligence (DRI) has reiterated its stand to resume investigation into the Adani Group for alleged overvaluation of coal imports and said it "has followed due process" in applying to a Mumbai court for issuing Letter Rogatory to secure some documents pertaining to the case in Sin...
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Forty of India's biggest energy companies are being investigated by a wing of the Union Ministry of Finance for overinvoicing of imported coal. The artificially higher prices of coal have been passed on to electricity consumers across the country. The scam is conservatively estimated by government officials at no less than Rs 29,000 crore, a third of which is in the form of higher power ...
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The 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 ...
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His letter was accompanied by a CD of evidence from a DRI probe into alleged inflated invoices at Adani power projects, and said "there are indications that a part of the siphoned off money may ...
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"In 2016, the 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 'siphoning off money abroad' and 'to avail higher power tariff compensation based on artificially inflated cost of the imported coal'.
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On August 21, 2017, the DRI adjudicating authority, Singh, summarily dropped all proceedings against the Adani group. He also dropped penal proceedings against various persons including ...
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By Parikshit Luthra Mar 13, 2023 3:04:51 PM IST (Published) The Finance Ministry on Monday informed Parliament that the Directorate of Revenue Intelligence (DRI) has concluded its investigations into the imports of Power Generation, Power Transmission, and Infrastructure (Port SEZ) equipment by Adani Group companies. The DRI has submitted its ...
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The Directorate of Revenue Intelligence is investigating at least 40 companies, including those from the Adani Group, Anil Dhirubhai Ambani Group, and Essar Group for alleged overvaluation of coal ...
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On the last day of March, the Directorate of Revenue Intelligence (DRI), which comes under the Union finance ministry, issued a "general alert" to fiftyodd customs establishments all over India highlighting the modus operandi of overinvoicing of imports of coal from Indonesia. The DRI has claimed that money was being "siphoned ...
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Hindenburg alleged that entities controlled by associates of Vinod Adani manipulated the share prices of some of the group's 10 listed entities, sparking a furore that has knocked more than 90bn...
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Five Adani companies and a further five supplied by the group were among 40 importers named by the DRI in a 2016 notice of an investigation into intelligence that they were "artificially ...
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The Supreme Court (SC) Monday dismissed petition filed by the Directorate of Revenue Intelligence (DRI) challenging orders issued last year by the Customs, Excise Service Tax Appellate Tribunal (CESTAT), quashing cases pertaining to overinvoicing allegations levelled by the DRI against three Adani group subsidiaries.
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A DRI report described Chang as the director of three Adani companies involved in the scheme, while Ahli represented a trading firm that was also involved. As part of the case, it was revealed that Chang shared a Singapore residential address with Vinod Adani, the lowprofile older brother of the Adani Group's chairman, Gautam Adani.
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Adani News Live: The Supreme Court disposed of the petition filed by the Directorate of Revenue Intelligence (DRI) challenging orders issued last year by the Customs, Excise Service Tax Appellate Tribunal (CESTAT), quashing cases pertaining to overinvoicing allegations leveled by the DRI against three Adani group subsidiaries.
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FT says that Adani has been using offshore intermediaries in Taiwan, Dubai and Singapore to import 5 billion worth of coal at prices that were "at times more than double" the market price. A Taiwanese entrepreneur, recently identified by the Financial Times as a significant concealed stakeholder in Adani firms, owns one of these companies.. FT further scrutinized 30 coal shipments from ...
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The statement also said, "Having failed earlier, a foreign publication is making another effort to financially destabilise the Adani Group by raking up an old, baseless allegation of overinvoicing of coal imports.while the proposed story by the publication is based on DRI's General Alert Circular dated March 30, 2016, which mentioned as ...
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According to the latest DRI notice, the agency has found that several coal traders were directly importing Indonesian coal to Indian ports by allegedly routing the invoices "through one or more related /associated intermediary firms based abroad" after artificially inflating its value.
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Pan Asia Tradelink, previously named Pan Asia Coal Trading, has supplied Adani with tonnes of coal for since September 2021, according to customs records reviewed by the FT. The ...
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The DRI is also investigating six Adani Group firms and two Essar Group firms for alleged overvaluation of coal imports from Indonesia. ... The DRI alleged that Indonesian coal was directly imported from ports there to India while import invoices were routed through one or more intermediaries based in Singapore, Hong Kong, Dubai and British ...
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In at least two cases representing Adani stock holdings that at one point reached 430 million the mysterious investors turn out to have widely reported ties to the group's majority shareholders, the Adani family. The two men, Nasser Ali Shaban Ahli and Chang ChungLing, have longtime business connections with the family and have also ...
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DRI alleged the 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 exported from ports in that country to India while import invoices were routed ...
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The Hindenburg report had mentioned the DRI report alleging overvaluation by the Adani Group of companies. The report has also caused a huge fall in Adani Group's shares. The companies' market ...
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Email, phone calls and text message to the official spokesperson of Adani Group remained unanswered. The HC order assumes significance as apart from the Adani Group, the DRI is probing at least 40 companies including two companies of the Anil Dhirubhai Ambani Group (ADAG), two Essar Group firms and a few public sector power firms for alleged overvaluation of coal imports from Indonesia pegged ...
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An investigation by the Directorate of Revenue Intelligence into overinvoicing of imports of coal and power generating equipment has tasted defeat in a tribunal. The DRI intends appealing the tribunal's decision. A Delhi based company, Knowledge Infrastructure Systems Private Limited, which has been accused of overinvoicing coal imported from Indonesia and had faced penalties imposed on it ...
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Last modified on Wed 21 Feb 2018 EST. India's customs department has revived allegations of a US600m financial fraud against the Adani Group, challenging an order clearing the mining ...
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Five Adani companies and a further five supplied by the group were among 40 importers named by the DRI in a 2016 notice of an investigation into intelligence that they were "artificially...
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However, the publication has "singled out the Adani Group, while the DRI's circular mentions as many as 40 importers including the Adani Group companies," the statement said. ... It also deliberately ignores the fact that coal procurement in India on longterm supply basis is done through an open, transparent, global bidding process ...
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The importer was primarily Adani Enterprises. For the 42mn tonnes of coal supplied by its own operations in that time, the Adani group declared an average price of 130 per tonne. For the 31mn tonnes of coal supplied by its three middlemen, however, the average price declared per tonne was 155, a 20 per cent premium worth almost 800mn.
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The DRI investigation, started in 2009 and is still continuing, alleges overinvoicing of imported coal and powerplant equipment cumulatively amounted to around Rs 50,000 crore prior to 2008.
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In 2014, DRI had issued a showcause notice to a few firms of the Adani Group alleging overvaluation of imported power equipment and "siphoning off of money abroad", The Indian Express ...
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Accepting the Directorate of Revenue Intelligence (DRI) plea to hear the cases against Adani group firms on a casetocase basis, a Customs, Excise Service Tax Appellate Tribunal (CESTAT) on Monday commenced its hearing on the appeal filed by the department against the relief granted to two of the Adani group companies by an order quashing overinvoicing allegations against the firms.
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The documents, compiled in 2014 by India's directorate of revenue intelligence (DRI), accuse Adani Group of ordering hundreds of millions of dollars' worth of equipment for an electricity ...
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