Chairman of the Adani Group, Gautam Adani, addressing a delegation at an investor summit in Gandhinagar in January 2017.(Reuters File Photo)
Chairman of the Adani Group, Gautam Adani, addressing a delegation at an investor summit in Gandhinagar in January 2017.(Reuters File Photo)

Congress seeks SC-monitored probe into Rs 50K-crore power scam linked to Adani Group

The Congress claimed that the detailed findings of the DRI investigation in 2014 gave “clear and compelling evidence” of over-invoicing of imported equipment by the Adani group, saying it had a direct bearing on the power tariff paid by the common man.
By HT Correspondent | Hindustan Times, New Delhi
UPDATED ON AUG 19, 2017 01:28 PM IST

The Congress demanded on Friday a Supreme Court-monitored CBI probe into an alleged Rs 50,000-crore scam engineered by a subsidiary of the Adani Enterprises and some shell companies by over-invoicing imported power plant equipment that resulted in inflated electricity tariffs.

The main opposition party also insisted that it will soon file a petition before the Central Electricity Regulatory Commission (CERC) on the issue.

Congress spokesperson Ajay Maken cited a 97-page Directorate of Revenue Intelligence (DRI) report, which was first published by The Guardian, to attack Prime Minister Narendra Modi.

Maken asked the PM why he was seen being accompanied by Adani Group head Gautam Adani on foreign tours.

“On February 5, 2013, the Congress-led UPA government initiated an enquiry into the practice of over invoicing on import of electrical equipment by a subsidiary of the Adani Enterprises Ltd, a leading power company in India,” he told reporters.

“But with a change of guard, the BJP-led NDA government decided to go slow on this important matter, and as a result, till today, the investigation has not reached its logical end,” Maken said.

The Congress leader claimed that the detailed findings of the DRI investigation in 2014 gave “clear and compelling evidence” of over-invoicing of imported equipment by the Adani group, saying it had a direct bearing on the power tariff paid by the common man.

“The findings hold Adani Group and its shell companies responsible for inflating the cost of electricity by up to 860% more than its actual purchase value for a project in Maharashtra using a front company in Dubai,” he alleged.

“The Dubai firm allegedly sold back the same equipment to Adani Group-controlled businesses in India at massively inflated prices, in some instances eight times the sale price… The effect of these transactions was that the Adani Group spent an average 400% more for materials. If these allegations are proven, it will demonstrate that Adani utilised off-shore havens to inflate invoices and siphon off funds partly borrowed from state-run bank, thereby inflating the wheeling and generation charges.”

Maken further alleged that the three methods through which electricity tariffs had been artificially inflated were over-valuation of imported coal to the tune of Rs 29,000 crore, over-valuation of power plant equipment to the tune of Rs 9,000 crore and compensatory tariffs awarded to the tune of at least Rs 10,000 crore, or possibly higher.

The Congress also demanded that there should be an immediate reduction in power costs by up to a factor of Rs 2 per unit wherever these companies were producing and transmitting electricity.

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