India’s Directorate of Revenue Intelligence (DRI) has filed a petition in the Supreme Court seeking permission to restart its probe into Adani Group for alleged overvaluation of coal imports, according to a Reuters report.
The DRI claims that the company had been “thwarting” its efforts to collect evidence from Singapore for years.
The DRI had initiated the probe in 2014, alleging that Adani Group had inflated the value of coal imports from Indonesia by up to 40% in order to evade customs duty. However, the probe was stalled in 2019 after the Supreme Court ordered the DRI to provide Adani Group with a copy of the agency’s investigation report.
In its petition, the DRI argues that Adani Group has used various legal tactics to delay the probe, including filing multiple lawsuits and seeking arbitration. The DRI also alleges that Adani Group has “destroyed” or “concealed” evidence.
Adani Group has denied all allegations of wrongdoing and has accused the DRI of conducting a “witch hunt” against the company. The company has also said that it is cooperating fully with the investigation.
The Supreme Court is expected to hear the DRI’s petition in the coming weeks. If the court grants permission to restart the probe, it could be a major setback for Adani Group, which is one of India’s largest conglomerates.