Corporate Fraud

Adani Group siphoned off Rs 1,500 crore to offshore accounts, claims customs intelligence agency

The conglomerate allegedly submitted inflated invoices related to an electricity project to transfer funds to a Vinod Adani-controlled company in Mauritius.

The Indian customs intelligence has accused the Adani Group of embezzling around Rs 1,500 crore to offshore accounts by submitting inflated bills related to an electricity project.

The Directorate of Revenue Intelligence has alleged that the conglomerate had ordered equipment worth several hundred millions for an electricity project in Maharashtra using a shell company in Dubai, and that the company had sold the same equipment back to the Adani Group at highly inflated prices, The Guardian reported on Tuesday.

Details of the 97-page document, obtained by the publication, reveal a money trail from India to Dubai through South Korea and finally to an offshore company in Mauritius, which is allegedly controlled by Adani Group Chief Executive Officer Gautam Adani’s elder brother Vinod Adani.

It may be noted that Vinod Adani is the director of four companies that have proposed to construct a railway line and expand a coal port in connection with the Adani Group’s Carmichael mine project in Queensland, Australia. The Adani Group is currently in the process of trying to gather public funds to develop the mine, which has faced legal obstacles and intense opposition from environmental activists.

The DRI has alleged that a major portion of the money the Adani Group siphoned off to offshore accounts included loans from the State Bank of India and ICICI Bank. But the agency did not accuse either lender of any illegal activity.

The Adani Group has “strongly denied the allegations of overvaluation”.“All our transactions are always conducted within the framework of extant regulatory guidelines and provisions,” it said in a statement to The Guardian. “The Adani Group is aware of the investigations being conducted by the DRI and has fully cooperated, and shall continue to cooperate, with the investigating agencies.”

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Following a mountaineer as he reaches the summit of Mount Everest

Accounts from Vikas Dimri’s second attempt reveal the immense fortitude and strength needed to summit the Everest.

Vikas Dimri made a huge attempt last year to climb the Mount Everest. Fate had other plans. Thwarted by unfavourable weather at the last minute, he came so close and yet not close enough to say he was at the top. But that did not deter him. Vikas is back on the Everest trail now, and this time he’s sharing his experiences at every leg of the journey.

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At Camp 4 (8,000m), famously known as the death zone, Vikas caught a clear glimpse of the summit – his dream standing rather tall in front of him.

It was the 18th of May 2018 and Vikas finally reached the top. The top of his Everest…the top of Mount Everest!

Watch the video below to see actual moments from Vikas’ climb.

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Vikas credits his strength to dedication, exercise and a healthy diet. He credits dietary supplements for helping him sustain himself in the inhuman conditions on Mount Everest. On heights like these where the oxygen supply drops to 1/3rd the levels on the ground, the body requires 3 times the regular blood volume to pump the requisite amount of oxygen. He, thus, doesn’t embark on an expedition without double checking his supplements and uses Livogen as an aid to maintain adequate amounts of iron in his blood.

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This article was produced by the Scroll marketing team on behalf of Livogen and not by the Scroll editorial team.