Adani Group has been accused of fraudulent practices involving the sale of low-grade coal as high-value coal to TANGEDCO, causing significant financial losses and environmental damage. Reports indicate that Adani purchased coal from Indonesia at $28 per metric ton, which was then sold in India at $91.91 per metric ton after being falsely labeled as higher quality. This practice, which dates back to January 2014, resulted in a loss of Rs 3,000 crores ($360 million) and increased pollution due to the use of lower-grade coal. The Directorate of Revenue Intelligence (DRI) has previously identified similar overcharging schemes by Adani. The fraudulent activities have led to a total overpayment of $70 million by the Indian public, according to allegations by Indian authorities. This scandal occurred during the tenure of the Congress-led UPA government.
Another well-documented exposΓ© detailing more alleged fraud by Adani against the nation of India. Via the OCCRP and FT https://t.co/9ESudft4Up https://t.co/V116D5us0J
π° Adani Group accused of over-invoicing coal prices in January 2014 π Not good news for Rahul Gandhi, as Congress-led UPA was in power at that time π¬οΈ Adani accused of "fraudulently obtained bumper profits at the expense of air quality." https://t.co/BeqEErNIaK
People of India overpaid for high-quality coal but were inhaling more pollution from the low-grade coal they were sold. Adani pocketed the delta πtotaling $70M says @FT: "The transactions fit a pattern of endemic fraudulent price inflation alleged by the Indian authorities" https://t.co/oJwGCax03x https://t.co/LMsrW3yby8
π¬π§ Adani suspected Of Fraud by Selling Low-Grade Coal In India As Cleaner fuel β«Papers suggest cheap cargoes passed off β«Big profits at cost of air quality β«Setback for pollution fight β«@FD @xtophercook @JohnReedwrites #frontpagestoday #UK @FT π¬π§ https://t.co/tm7KhEYluq
The DRI has caught out Adani interests overcharging the public and public utilities by taking large gaps in price between overseas sourcing and domestic purchase price more than once. Here's another. Someday, the weight of the evidence may matter. https://t.co/wpmVefYFp0
Adani suspected of fraud by selling low-grade coal as high-value to Tangedco. @FightAnand looks at how in 2014, two dozen shipments were originally priced as low-quality coal but ultimately sold to TANGEDCO for triple the cost. https://t.co/J1yO7QiZx9
"The loss caused by Adani alone would be Rs 3,000 crores ($360mn)." https://t.co/RirxFe2PUW
Adani purchases 3,500Kcal coal from Indonesia for $28/metric ton. 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 $91.91! https://t.co/9CUI6iOkQu
Revealed: How an Australian debt collection giant dodged its own blacklisting https://t.co/LSZELj8wJW