Indian Agencies Unearth $4.68-billion Coal Scam

Mining Weekly reported that a $4.68-billion scam involving coal importing entities has been unearthed by Indian investigative agencies. The scam involved illegal activities by coal importing entities that overvalued inward shipments and illegally parked funds overseas.

As quoted in the market news:

The Department of Revenue Intelligence (DRI), an investigating agency of the government mandated to probe illegal fund flows overseas, conducted raids across 80 entities including coal importing companies, shipping agents, trade intermediaries and coal sampling laboratories across provinces.

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