Indian investigators are seeking to restart a probe into the Adani Group for alleged overvaluation of coal imports and have asked the Supreme Court to allow them to collect evidence from Singapore, a step they say the company thwarted for years, legal documents show. The Directorate of Revenue Intelligence since 2016 has been trying to procure transaction documents related to Adani’s dealings from the Singapore authorities.
The agency suspects many of the group’s coal shipments imported from Indonesian suppliers were first billed at higher prices on paper to its Singapore unit, Adani Global, and then to its Indian units. Adani Enterprises and its subsidiaries, led by billionaire Gautam Adani, have successfully mounted repeated legal challenges in India and Singapore to block the documents’ release, court papers show. Adani has denied wrongdoing, saying that the Indian authorities assessed its coal shipments before releasing them from port