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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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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WEBMar 27, 2023 · The FIR is also mentioned in the fineprint of the Draft Red Herring Prospectus filed by Adani Wilmar Limited on 3 August 2021 with the Securities and Exchange Board of India (SEBI), the regulator of the country's financial markets, in the runup to the listing of the company's shares in stock exchanges.(Adani Wilmar Limited is a .
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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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WEBOct 31, 2019 · On October 17, the Bombay High Court ruled in favour of a company in the Adani Group by passing an order quashing the issuance of letters rogatory (LRs) to various foreign government bodies by the Directorate of Revenue Intelligence (DRI), the investigative arm of India's Customs authorities. The LRs—that are formal requests for .
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WEBMay 25, 2024 · For its investigation, OCCRP said it relied on "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.
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WEBDec 19, 2023 · Last month, the DRI sought permission from the Supreme Court to restart a probe into the Adani Group for the alleged overvaluation of coal imports and also requested the apex court's approval to ...
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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 ...
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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 .
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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 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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WEBFeb 12, 2023 · Case #4: Period under Investigation: 2011 to 2016 — Overinvoice Indonesian Coal Imports In another investigation by the DRI, Adani Group was said to be involved in INR 290 Billion ( ~ Bn) scam to overinvoice Indonesian Coal Imports, transferring costs to taxpayers. NEW FROM US:
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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.
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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 ...
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WEBNew Delhi, Dec 19 (PTI) The Delhi High Court on Tuesday asked the CBI and the Directorate of Revenue Intelligence (DRI) to "meticulously and expeditiously" look into allegations of overinvoicing ...
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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 .
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WEBOct 12, 2023 · 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 .
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WEBOct 28, 2017 · DRI had issued three showcause notices to Adani Group companies, two for Rs 3,900 crore and Rs 1,500 crore in May 2014 and the third in September 2016 for Rs 1,000 crore for alleged overvaluation ...
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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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WEBNov 17, 2023 · Since 2016, DRI has been trying to procure transaction documents related to Adani's dealings from Singapore authorities as it suspects many of the group's coal shipments imported from Indonesian ...
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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 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 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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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 ...
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WEBMay 22, 2024 · Govt likely to mandate einvoice for B2C transactions in 23 years. ... Nor has the DRI communied any deficiency or objection." On allegations of middlemen being involved in the deal, the group said, "Adani Global Pte Ltd sources coal from people/firms/traders having requisite credentials and experience. This is because non .
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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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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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WEBSep 13, 2016 · Officials said the overvaluation in the case of Adani and Essar was Rs 800 crore and Rs 500 crore, respectively. In the case of ADAG, the overvaluation is pegged at Rs 350 crore. TOI was the first ...
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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, .
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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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WEBThis practice likely led to substantial profits for Adani while contributing to air pollution due to the burning of lowgrade coal. Invoices from January 2014 show Adani purchased coal with a calorific value of 3,500 calories per kilogram and sold it to Tangedco as 6,000calorie coal, doubling its money after transport costs.
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WEBMay 21, 2024 · New Evidence Bolsters Allegations Adani Group Overcharged for Coal . May 21, 2024. Facebook X LinkedIn Tumblr Pinterest Reddit VKontakte Odnoklassniki Pocket. by Anand Mangnale (OCCRP) 22 May.
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