"PM Modi's friend Adani looted crores by selling low-grade coal at three times the price": Rahul Gandhi

Rahul Gandhi. File pic

Congress leader Rahul Gandhi on Wednesday took a dig at the BJP-led government in the centre for its alleged close ties with industrialist Gautam Adani, accusing Adani of looting thousands of crores by selling low-grade coal at three times of the then existing price, reported news agency ANI.

Rahul Gandhi's allegations come after the business newspaper Financial Times report alleged that the billionaire businessman of selling low-grade coal at a far more expensive price with an Indian state power utility.

He referred to a Financial Times report alleging that the Adani Group passed off low-quality coal as far more expensive cleaner fuel in transactions with an Indian state power utility.

"A huge coal scam has come to light under the BJP government. Through this scam that has been going on for years, Modiji's favourite friend Adani has looted thousands of crores of rupees by selling low-grade coal at three times the price, the price of which...," Rahul Gandhi wrote on X.

"After June 4, the Indian government will investigate this mega scam and account for every penny looted from the public," he added.

Meanwhile, Congress general secretary Jairam Ramesh said the Congress party will form a Joint Parliamentary Committee (JPC) to investigate the 'Modani' scam if the INDIA bloc government comes to power.

According to the Financial Times report, the documents that reveal the scam were secured by the Organized Crime and Corruption Reporting Project (OCCRP). Invoices show that in January 2014, Adani purchased an Indonesian shipment of coal said to contain 3,500 calories per kg. The same shipment was sold to the Tamil Nadu Generation and Distribution company as a superior 6,000-calorie coal, the report said.

"Adani appears to have more than doubled its money in the process after transport cost," the Financial Times report added.

(With inputs from ANI)