New Delhi: The Central Bureau of Investigation has registered FIR to probe allegations of inflated payments of Rs 487 crore due to over-valuation of coal imports from Indonesia.
The case is based on a DRI probe into the over-valuation in the import of coal of Indonesian origin.
CBI has said officials of National Thermal Power Corporation and Aravali Power Corporation Private Limited hatched a criminal conspiracy with Chennai-based Coastal Energy Private limited to inflate the cost of coal that was imported from Indonesia by fraudulently showing inferior quality of coal as superior quality from 2011-12 to 14-15.
NTPC and APCPCL have coal-based thermal power stations that require import of coal. Both companies floated global tenders where CEPL and MMTC won the contract.
CEPL then signed a contract with their sister concerns in Dubai while MMTC signed an agreement with CEPL.
CBI allegations are that these companies sourced lower/ inferior coal from Indonesia. CEPL's sister concern in Dubai signed an agreement with Indonesian exporters. CBI says CEPL artificially inflated invoices and manipulated test reports of lower quality of coal and it was passed off as high quality coal which was then given to NTPC and APCPL.
Further probe revealed that Government of India, through a notification in 2011, said there will be duty concession on thermal grade coal imported from Indonesia. However, CEPL and MMTC officials, in order to avoid submission of factual documents, refrained from availing custom duty exemption which was available. This was done to hide the actual value of import.
Further, NTPC and APCPL officials never insisted on fulfilling these obligations for undue favour.
DRI Mumbai had issued notices to these companies and others for over valuation of imports.
CBI says DRI has found over invoicing of Rs 363 crore on coal imported by MMTC and Rs 124 crore by CEPL. Thus in excess of Rs 487 crore was paid by NTPC and APCPL to CEPL and MMTC in import of coal.
Comments
0 comment