DRI, ED set to probe Adani Group for allegedly over-valuing power equipment imports

The oilseeds-to-ports Adani Group has come under the scanner of India’s revenue intelligence agency as well as the Enforcement Directorate.

The Mumbai unit of the Directorate of Revenue Intelligence (DRI) has formally opened a case for alleged ‘over-valuation’ of capital equipment for power projects against the Gujarat-based group, widely regarded as close to Narendra Modi, BJP’s prime ministerial candidate.

The agency is “investigating gross overvaluation of import of equipment and machinery by various entities of Adani Group from a UAE-based intermediary”, according to an internal DRI report compiled in December.

ET spoke to multiple sources within the agencies and reviewed the report which claims that more than Rs 2,000 crore had been “siphoned off “. “An amount of Rs 2,322.75 crore has been siphoned off abroad by Adani Group by resorting to over-valuation of imports in the name of various group firms,” the report says.

“The companies being investigated for over-valuation of imports are PMC Projects (India), Adani Enterprises Limited, Adani Renewable Energy, Adani Hazira Port Pvt Ltd, Adani International Container Terminal Pvt Ltd and Adani Vizag Coal Terminal Pvt ltd,” says the report.

The Directorate of Revenue Intelligence has summoned Vinod Shantilal Adani as well two Dubai-based individuals, Mitesh Dani and Jatin Shah.

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Source: ToI



Executive at India Electron Exchange

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