NEW DELHI: The CBI has registered a case against AR Buhari, promoter of Chennai-based Coastal Energy Pvt Ltd and unknown officials of NTPC, MMTC and Aravali Power Company Pvt Ltd for criminal conspiracy and graft in over invoicing of coal imported from Indonesia between 2011-12 and 2014-15 and causing loss to the exchequer to the tune of Rs 487 crore.
“A reliable information has been received that unknown officers of National Thermal Power Corporation, Metals and Minerals Trading Corporation, Aravali Power Company Ltd and promoter and other officers of Coastal Energy Pvt Ltd, Chennai entered into a criminal conspiracy amongst themselves with the view to cheat the Government of India in the matter relating to import of coal of Indonesian origin by fraudulently showing inferior quality of coal as that of superior quality, during the period 2011-12 to 2014-15,” reads the FIR registered by the CBI Monday.
While NTPC and MMTC are Central PSUs, Aravali Power Company Pvt Ltd is a joint venture company of NTPC, Haryana Government and Delhi Government having shares in the ratio of 50:25:25 respectively. NTPC and APCPL are engaged into an operation of coal based thermal power stations and to meet out their requirements of coal, they import coal by floating global tenders.
CEPL was sourcing coal of Indonesian origin with lower GCV (Gross Calorific Value) through intermediary firms based in Dubai. On the basis of artificially inflated invoices and manipulated test reports (Certificate of sampling and analysis), consignments of coal, procured by the intermediary firms were sold to CEPL or to MMTC. Post-import, the consignments of inferior quality coal were supplied to NTPC and APCPL for coal of higher grade on higher price, according to the FIR.
MMTC and CEPL have imported 90 and 57 consignments (total 147) respectively during the period 2011-12 to 2014-15 for supply of the same to NTPC (143 consignments) and APCPL (4 consignments. As per detailed investigation conducted by DRI, in these cases, it has been found that over invoicing of more than Rs 363 crore was done on coal imported by MMTC and an over invoicing of Rs 124 crore was done on the consignments of CEPL. “Thus an excess amount of more than Rs 487 crore was paid by NTPC and APCPL to CEPL/MMTC in import of coal. This caused undue loss to these govt. entities and corresponding undue gain to the private parties namely CEPL and its Dubai based intermediaries CNO, DM & CNO, LL, “ reads the FIR.