DRI seeks to restart stalled Adani coal imports probe

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 evidence from Singapore, a step they say the company thwarted for years, legal documents show.

Group denies wrongdoing

• The agency suspects many of the group’s coal shipments imported from Indonesia were first billed at higher prices on paper to its Singapore unit, Adani Global Pte, and then to its Indian arms
• Adani Group has denied wrongdoing, saying Indian authorities assessed its coal shipments before releasing them from ports

The Directorate of Revenue Intelligence (DRI) since 2016 has been trying to procure transaction documents related to Adani’s dealings from Singapore authorities. The agency suspects many of the group’s coal shipments imported from Indonesian suppliers were first billed at higher prices on paper to its Singapore unit, Adani Global Pte, and then to its Indian arms.

Adani Enterprises and its subsidiaries, led by billionaire Gautam Adani, have successfully mounted repeated legal challenges in India and Singapore to block the documents’ release, court papers show. Adani has denied wrongdoing, saying that Indian authorities assessed its coal shipments before releasing them from ports. — Reuters