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.
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WEBNov 17, 2023 · Adani Group said in a statement on Friday that during the DRI's inquiry into the alleged overvaluation of Indonesian coal imported by Adani Enterprises Ltd. and Adani Power Ltd., among other ...
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WEBOct 13, 2023 · The DRI investigation into coal overinvoicing seems to have come to a halt. The DRI did not respond to FT's requests for comment. Adani imports between 2019 and 2021. The FT also examined 30 shipments of coal from Indonesia to India by an Adani company between 2019 and 2021. In all the cases, prices in import records in India were ...
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WEBSep 20, 2018 · New Delhi: The Bombay High Court on Wednesday granted interim relief to the Adani group by restraining the Directorate of Revenue Intelligence from giving effect to the letters rogatory (LRs) issued to several countries against three group companies in an alleged case of overvaluation of Indonesian coal imports in the past. A bench of justices .
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WEBOct 17, 2019 · In April 2018, the Customs, Excise Service Tax Appellate Tribunal had rejected a DRI plea seeking over Rs 29,000 crore from a clutch of these 40 companies for alleged overvaluation of coal ...
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WEBFeb 21, 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 ...
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WEBFive 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 inflating" the value of Indonesian coal to siphon off money abroad and overcharge power companies. ... "supplier's invoices are routed through one or ...
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WEBJul 19, 2021 · Subsequently, DRI passed an order in favour of Adani Power confirming that there is no overvaluation of equipment. The department has approached the Tribunal and the matter stands sub judice now. Adani Group is a responsible corporate citizen and strongly believes in compliance of applicable laws and adheres to prudent corporate .
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WEBMar 14, 2023 · The Directorate of Revenue Intelligence's (DRI) research into the suspected overinvoicing of electricity imports by the Adani Group between 2011 and 2015 is now complete. According to the probe, the corporation may have overstated by up to Rs. 3,000 crores the price of importing power equipment. The Central Board of Indirect Taxes and ...
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WEBJan 9, 2024 · A bench of Justices Suresh Kumar Kait and Neena Bansal Krishna, while noting in its January 5 order that a petition filed by the Commissioner of Customs (Import) in a matter involving Adani Power Maharashtra Limited is pending before the Supreme Court, said its December 19, 2023 directions to the CBI and DRI in respect of Adani Group .
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WEBAug 31, 2023 · 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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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 Islands before reaching the buyer via Adani Global.
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WEBSep 15, 2016 · A few days ago Indian Express reported that the DRI had issued notices to Adani Group, Reliance Infrastructure and Essar Group for inflating the price of coal imported from Indonesia during the period . PGurus in July wrote about SBI Chairperson Arundhati Bhattacharya's reluctance to share the details with the DRI.
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WEBMay 23, 2024 · While Gandhi embraced the FT allegations without verifying the details, the article mentions suspicions arising from January 2014, wherein invoices for an Indonesian coal shipment with 3,500 calories per kilogram, were purchased by Adani.. The report implies that this alleged scam occurred in January 2014. The period of UPAII when .
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WEBJan 9, 2024 · Nothing that the case involving Adani Power Maharashtra Limited is pending before the Supreme Court, said its Dec 19, 2023 directions to the CBI and DRI about Adani Group firms be kept 'in ...
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WEBOct 18, 2019 · 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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WEBFeb 4, 2023 · The Directorate of Revenue Intelligence ( DRI) has moved the Supreme Court challenging an order of the Customs, Excise Service Tax Appellate Tribunal ( CESTAT) quashing a case pertaining to overinvoicing allegations levelled by the Directorate of Revenue Intelligence (DRI) against two Adani group firms.
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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 .
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WEBOct 12, 2023 · The Directorate of Revenue Intelligence (DRI) had in 2016 issued a circular saying 40 entities, including five Adani Group companies, were being investigated for alleged overinvoicing of coal ...
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WEBMay 23, 2024 · The coal is directly shipped to India, and the invoice travels through a circuitous route. By the time the invoice reached India, the coal had 6,000Kcal, and the price shot up to ! https://t ...
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WEBPan 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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WEBJan 10, 2024 · The Delhi High Court has kept in abeyance its order asking the CBI and the Directorate of Revenue Intelligence to "meticulously and expeditiously" look into allegations of overinvoicing of imports by the Adani Group. A bench of Justices Suresh Kumar Kait and Neena Bansal Krishna, while noting in its January 5 order that a petition filed by the .
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WEBJul 20, 2022 · On March 15, 2014, the DRI sent a common show cause notice alleging that EIF, an entity based in Dubai, Adani Power Maharashtra Ltd (APML) and Adani Power Rajasthan Ltd (APRL) were related entities for the reason that EIF was owned and controlled by Vinod Adani, a promoter of the Adani Group, through EIH the holding .
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WEBAug 30, 2023 · US employment. Secret paper trail reveals hidden Adani investors. Sebi's chair at the time left in 2017. In March this year he became nonexecutive chair of New Delhi Television (NDTV), owned by ...
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WEBMay 31, 2024 · An expose by the Financial Times and OCCRP reveals that in 2014, Adani sold lowgrade coal as highquality to Tamil Nadu's power company, TANGEDCO, at a much higher price. Reporters Anand Mangnale ...
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WEBMay 22, 2024 · On Adani's subsequent invoice to Tangedco the quality jumped to 6,000 calories — as did the price, to 92 per tonne. Other documents suggested the discrepancy was not isolated. A 2014 purchase order lists 32 deliveries of 6,000calorie coal to Tangedco by Adani, totalling tonnes at 91 per tonne.
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WEBOct 13, 2023 · The FT identified 2,000 shipments totaling 73 million tonnes of coal declared as Indian imports by Adani companies between September 2021 and July 2023. For the 42 million tonnes supplied by Adani's own operations in that time, the declared average price per tonne was 130. However, for the 31 million tonnes supplied by the three ...
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WEBJun 21, 2019 · The Directorate of Revenue Intelligence has accused Adani Enterprises Limited of trying to obstruct its investigation into the overvaluation of coal imports by some group firms, The Indian Express ...
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