Time Adani is made accountable: Swamy. Raises doubts on huge Adani’s NPA, role in Coal Import Scam

Questions of over-invoicing coal imports by Adani refuse to go away

Questions of over-invoicing coal imports by Adani refuse to go away
Questions of over-invoicing coal imports by Adani refuse to go away

BJP MP Subramanian Swamy on Tuesday trained his guns at industrialist Gautam Adani, alleging that he was the “biggest NPA (non-performing assets) trapeze artiste” and demanded that he be made accountable. Later talking to media, Swamy said that Adani was the key player in the UPA Government’s Rs.30,000 crores Coal Scam Import and Banks like the State Bank of India (SBI) are trying to help the scamsters by not providing details to probe agencies such as the Department of Revenue Intelligence (DRI).

“The biggest NPA trapeze artiste in PSUs is Gautam Adani. It is time he is made accountable or a PIL (public interest litigation) is inevitable,” he said in a tweet.

“There are a number of things he (Adani) is getting away with and nobody is questioning him. It may become an embarrassment for the government as he portrays himself as close to it,” he claimed.

This is the first time Adani is getting heat from a BJP leader and the industrial world is in utter shock to know why Swamy started attacking Adani.

Swamy said the government should call for a status report on different cases involving his companies and listed NPAs, and controversies over coal import and his business in Australia among these matters.

PGurus had reported in detail about the non-cooperation of PSU Banks including State Bank of India in the Coal Import scam, which cost more than Rs.30,000 crores to the exchequer and power tariff escalation. Adani Group, Anil Ambani’s Reliance Group, Essar and JSW steels are caught by the DRI for inflating the coal import bills leading to huge power tariff in 2010[1].

Recently all banks except the State Bank of India (SBI) have cooperated with the DRI. The largest Bank is still protecting the power companies by not providing details of their foreign branch, where the importers inflated the price through shell companies.

Swamy also told media that the investigation must also be done on the Mauritius related money transfers by the Adani Group.

Reacting to Swamy’s comments, the Adani Group issued a statement saying it has a history of implementing world-scale infrastructure projects within a short time and the lowest cost quartile.

“Capital intensive projects necessarily require debt capital,” it said.

“Given our rating track record, different sources of debt are available to the Group, ranging from international bonds, ECB loans, domestic bonds, loans from the private sector as well as public sector banks in India.

“The singular critical test for debt is its regular servicing-something which the Adani Group has implemented diligently, since its inception,” it said.

References:

[1] Is Arundhati Bhattacharya coal importers who indulged in over-invoicing? Jul 23, 2016, PGurus.com

2 COMMENTS

  1. Fire closing to PM empire… PM Modi must be candid enough to come out before public and make to full transparent… What is the state of Adani? and Why SBI is not cooperating DRI?
    Dr. Swamy will spare nobody who looted India….

  2. This Gautam Adani is in touch with all parties and PM Modi is blamed for the faults. He became a billionaire during UPA regime and did big fraud in Coal Import Scam in 2010. His over invoicing created power hike to common man during UPA. Actually PM Modi ordered for probe on this and SBI kind Deep State is protecting Adani by not providing foreign branch details to DRI and ED and CBI. Even Left is doing business with Adani in Kerala by not calling tender to construct Vizhinjam Port. Actually Kerala’s Congress regime allowed him and Left happily treats him. But all blame to Modi. It is time for to fix this crony capitalist

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