The Finance Ministry and the Directorate of Revenue Intelligence (DRI) have stepped up investigations into the alleged over-invoicing of coal imports by 40 companies´ both in the public and private sector ´ to the tune of Rs 35,000 crore.
The importers being probed include five firms of the Adani Group, the Anil Ambani Group, Shashi Ruia´s Essar Oil and Essar Power, JSW Steel as well as public sector firms such as MMTC Ltd, NTPC Ltd and the Tamil Nadu Electricity Board.
The DRI is understood to have issued a nationwide alert asking customs offices to look into all coal imports starting this fiscal. The Finance Ministry is also understood to be looking into the issue and will take a decision based on the final DRI report.
The DRI found companies artificially inflating prices of their coal imports from Indonesia by as much as 100 per cent to get a higher power tariff and also ´siphon off´ funds.