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Adani Group siphoned hundreds of millions of dollars into overseas tax havens: Reports

Thursday August 17, 2017 6:20 PM, & Agencies

Adani Modi
[Gautam Adani (R) with Prime Minister Narendra Modi in a file photo.]

Important government documents accessed by English daily The Guardian reveal Rs1500 cr scam by Adani Group, which was probed by the Directorate of Revenue Intelligence (DRI).

The Guardian in its reports has said that the Adani Group is accused of fraudulently siphoning hundreds of millions of dollars of borrowed money into overseas tax havens.

The investigation report, published by the international news organisation on Wednesday, also revealed the money trail which followed the over-valuation of the power equipment.

The Adani Group however denied the accusations. However, a legal decision in the matter is pending.

The 97-page DRI report says that the Gautam Adani owned group had ordered hundreds of millions of dollars’ worth of equipment from South Korea for its Maharashtra electricity project using a Dubai front company in Dubai.

The DRI has accused the Group of inflating the invoices of the machines it actually imported from S. Korea using the Dubai-based front company to set up the power plant in Maharashtra.

“The directorate of revenue intelligence (DRI) file, compiled in 2014, maps out a complex money trail from India through South Korea and Dubai, and eventually to an offshore company in Mauritius allegedly controlled by Vinod Shantilal Adani, the older brother of the billionaire Adani Group chief executive, Gautam Adani", the Guardian said in its report.

As per the DRI report, the Dubai front company sold the equipments to the Maharashtra Eastern Grid Power Transmission Company Limited, a wholly owned subsidiary of Adani Enterprises Limited at massively inflated prices.

The DRI said that in some instances the invoice was inflated eight times the sale price.

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