Photographs: Amit Dave/Reuters BS Reporter in New Delhi
The Adani Group allegedly siphoned off loans taken from public sector banks while importing equipment from South Korea and China, the directorate of revenue intelligence informed the Central Bureau of Investigation.
CBI is currently probing the misuse of loans taken from banks, including State Bank of India, Punjab National Bank, Vijaya Bank, and Oriental Bank.
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CBI probes 'over-invoicing' of Rs 2,300 cr by Adani Group
Photographs: Courtesy, Adani Enterprise
A senior CBI official said Adani group is alleged to have ‘over-invoiced’ its loans to the tune of Rs 2,300 crore (Rs 23 billion) between 2011 and 2013.
The complaint by DRI is the basis of the CBI probe.
The investigating agency would soon start questioning officials of Adani as well as the banks involved to find whether there was a criminal conspiracy and loss to the exchequer.
CBI would also examine if public officials were involved in any such wrongdoing.
It would also seek documents of the financial transactions between the banks and the company.
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CBI probes 'over-invoicing' of Rs 2,300 cr by Adani Group
Photographs: Courtesy, Adani Enterprises
The three Adani Group companies alleged to be involved in over-invoicing the imports are Adani Power Maharashtra, Adani Power Rajasthan and Maharashtra Eastern Grid Power Transmission.
DRI had issued a show-cause notice to the Adani Group companies on May 16 that the import duty on equipment had been inflated and the differential amount siphoned off.
CBI is also looking into the allegations by DRI in the show-cause notice.
The role of bank officials in the alleged fraud is also under a scanner.
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