![]() The Singapore court declined requests from Reuters last month to inspect related case documents, saying in written responses that the files were sealed.īut a Reuters review of hundreds of pages of Indian court filings and orders reveal a tussle between India and Adani that stretched from Mumbai to New Delhi to Singapore in recent years. If India's Supreme Court allows the agency's latest request, it would then need to seek an order from Singapore's Court of Appeal to release the material. The evidence India is seeking from Singapore authorities, which includes transaction documents from 20 of Adani's banks there, could help establish a financial trail in the case, a person with direct knowledge of the matter told Reuters. ![]() The sums involved may run into billions of rupees, according to the agency, which has not identified any Indonesian supplier. Indian authorities reviewed 1,300 shipments involving Adani and alleged in court filings that it "grossly overstated" or "artificially inflated the import value of coal" as compared with the export value from Indonesia, "with the objective of siphoning off" funds to tax havens and charging higher power prices in India. Investigators alleged the companies importing Indonesian coal were overinvoicing deliveries by showing bills of shipments routed through intermediaries in Singapore and elsewhere. The revenue agency began looking into Adani's imports as part of a broader investigation into 40 companies that started in 2014. ![]() ![]() Modi and Adani, who both hail from Gujarat, have denied impropriety. India's Supreme Court is also overseeing the market regulator's probe of Hindenburg's allegations.Īmid the fallout and ahead of India's 2024 election, political opponents have increased pressure on Prime Minister Narendra Modi's administration, accusing it of favouritism toward Adani in government decisions. ![]() Despite Adani's denials, the short seller's report triggered a $150 billion plunge in the group's stocks. ![]()
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