Via The Guardian:
Mining conglomerate the Adani Group is trying to prevent Indian authorities from accessing its business records as part of an investigation into an alleged $4bn fraud by power companies.
Lawyers for Adani on Tuesday filed a plea asking the Bombay high court to quash a formal request by Indian investigators to Singaporean authorities to force the company to produce information regarding its coal imports from Indonesia.
The request is part of an investigation by India’s Directorate of Revenue Intelligence (DRI) into a $4.4bn alleged fraud by 40 power companies including six Adani subsidiaries.
According to DRI documents, the companies allegedly used fake middlemen to inflate the price of coal they were importing from Indonesia. The scheme allowed the companies to charge higher tariffs by exaggerating their production costs, the DRI claimed.
If true, the alleged scam would also have allowed the companies to siphon billions of dollars from India into offshore bank accounts where Indian authorities would struggle to tax or account for the money.
Makes it perfectly qualified to enter Straya.
