Gautam Adani: Rigging in the bill… now government agencies are fighting over Adani group, the matter reached the Supreme Court
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Sources told ET that a similar application may be filed in the case of MEGPTCL as well. A source said that the DRI has also sent a proposal in this regard to its parent department CBIC. Along with Adani Group companies, three individuals are also named in the appeal. Gautam Adani’s elder brother Vinod Shantilal Adani’s name is also in it. It was filed on its 11th November. The DRI investigation was mentioned in a recent report by American short selling firm Hindenburg Research. Due to this report, there has been a huge fall in the shares of Adani Group and its market cap has been reduced to Rs 10 lakh crore. It was Rs 19.2 lakh crore on January 24.
Misappropriation of Rs 3974.12 crore
On March 15, 2014, DRI had sent a common show cause notice alleging that Dubai based companies EIF, APML, APRL have a nexus. The holding company of EIF is EIH which is controlled by Vinod Adani. He is also a shareholder of Adani Enterprises. Adani Enterprises owns APML and APRL through Adani Power Limited. It was said in the show cause notice that these companies have manipulated foreign exchange. APML and APRL fudged the import of machinery and equipment. The actual value of the imported goods was Rs 3187.61 crore, while the bill was made for Rs 7161.73 crore. In this way Rs 3974.12 crore was siphoned off through EIF. Although Adani Group says that Vinod is not the promoter of Adani Group.
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An Adani Group spokesperson said that in May 2014, the DRI had issued show cause notices to APML and APRL in the matter of overvaluation. In August 2017, the Adjudicating Authority of DRI had dismissed all the charges. CESTAT rejected the appeal in July 2022 on the appeal of the Customs Department. The date of hearing of this case has not been fixed yet. In July 2021, Minister of State for Finance Pankaj Chaudhary had said that DRI is probing against some companies of Adani Group. In July 2022, the tribunal said in its order that the department has made these allegations on the basis of documents received from branches of Indian banks located abroad. It is not certified as per law.
Gautam Adani News: “PM Modi gave rail, oil, port to Adani” big allegations of Sanjay Singh
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