Despite the DRI’s allegations, the government seems strangely reticent about filing a review petition in the Supreme Court that could protect its revenue interests.
The biggest black money case that has come up so far is that of the Adani group, promoted by Gautam Adani, one of Modi’s closest associates, writes Josy Joseph in his book A Feast of Vultures: The Hidden Business of Democracy in India. Here’s an excerpt.
Reports state that the environment ministry has also withdrawn several stringent conditions earlier issued on the Adani group.
The RBI governor’s no-nonsense attitude in dealing with debt default did not go down well with the big business interests, leaving the political class feeling uncomfortable and insecure.
The scam is conservatively estimated by government officials at no less than Rs 29,000 crore, a third of which is in the form of higher power tariffs.