look into alleged over-invoicing of imports by three Adani Group companies Adani Power Maharashtra Ltd, Adani Power Rajasthan Ltd and Maharashtra Eastern Grid Power Transmission Company Ltd.
Last week, the CBI registered a Preliminary Enquiry (PE) against unnamed officials of Adani Group and of public sector banks estimating the over-invoicing at Rs 650 crore, an agency official said.
On May 16 this year, the DRI issued a show cause notice to Adani Group companies alleging that the total declared value of the goods imported under power and infrastructure heads, which attracts zero or less than 5 per cent duty, was inflated to the extent of Rs 9,048.8 crore.
The DRI notice alleged that evidence gathered suggests that the total value declared for the goods imported was Rs 9,048.8 crore whereas the actual value was Rs 3,580.8 crore; a difference of Rs 5,468 crore which has been siphoned.
This show-cause notice has been shared with the CBI as well.
Sources said the CBIs Economic Offences Wing is suspecting that bank officials knew the actual invoice raised against the original equipment manufacturers based in China and South Korea, however, opened back-to-back credit facilities.
According to the DRIs show-cause notice, while the goods (power generation and transmission equipment) are being shipped directly to India by the original equipment manufacturers (based in China and South Korea), the documents are routed through an intermediary entity (M/S Electrogen Infra FZE, UAE) created in Dubai ... The actual invoice value of the OEM is remitted to the supplier while the inflated extra amount is sent to accounts held in subsidiary / holding company established by Adani Group in Mauritius.
The notice also said, Mauritius entity Electrogen Infra Holdings Pvt Ltd, is an entity allegedly controlled and managed by Vinod Shantilal Shah, alias Vinod Shantilal Adani. Vinod Shantilal Shah is the eldest of the Adani brothers.
Despite emails, telephone calls and text messages, Adani spokesperson was not available for comments.