Indian investigators are pursuing the reopening of an investigation into the Adani Group over alleged overvaluation of coal imports. They have appealed to the Supreme Court to permit them to gather evidence from Singapore, which they claim the company has hindered for several years, as per legal documents.

Since 2016, the Directorate of Revenue Intelligence has been endeavoring to obtain transaction records regarding Adani's operations from Singapore authorities. The agency suspects that many coal shipments imported from Indonesian suppliers by the group were initially invoiced at inflated prices to its Singapore unit, Adani Global Pte, and subsequently to its Indian arms.

Adani Enterprises and its subsidiaries, led by billionaire Gautam Adani, have repeatedly succeeded in obstructing the release of these documents through legal challenges in India and Singapore, as per court records. Adani has refuted any wrongdoing, asserting that Indian authorities scrutinized its coal shipments before releasing them from ports.

In an October 9 legal filing, the revenue intelligence agency petitioned India's Supreme Court to nullify a prior lower court order that permitted Adani to prevent authorities from collecting evidence from Singapore.

Contrary to Adani's claims that the agency didn't follow proper procedures, Indian officials stated in the filing that they obtained permission to request information from Singapore under a mutual legal assistance treaty, with approval from the Ministry of Finance and the Ministry of Home Affairs.

Adani Group, in response to Reuters, claimed full cooperation by providing sought-after details and documents over four years ago, highlighting no subsequent shortcomings or objections communicated by investigators.

The revenue agency did not respond to Reuters' queries.

This revival of the coal probe aligns with heightened regulatory scrutiny of Adani post-allegations by Hindenburg Research in January, accusing the tycoon and his conglomerate of tax haven exploitation and stock manipulation. Adani's stock value plummeted $150 billion following the report. India's Supreme Court is overseeing the market regulator's inquiry into Hindenburg's allegations.

The ongoing saga between Indian investigators and Adani reflects a multi-year legal battle spanning Mumbai, New Delhi, and Singapore. Despite repeated efforts, the investigation has faced obstacles, impeding progress. The next hearing for the case is scheduled for February 6.