Eight years since the legal battle began, a special court in Chennai closed all pending proceedings under the Prevention of Money Laundering Act, 2002 (PMLA), exonerating Ahmed Buhari, promoter of Coastal Energy and Coastal Energen Private Limited (CEPL).

With this order, every money laundering case initiated against Buhari — by the Directorate of Revenue Intelligence (DRI), the Central Bureau of Investigation (CBI), and the Enforcement Directorate (ED) — has come to an end.

It all began in 2018, when the DRI alleged that Coastal Energy had supplied coal of low calorific value to public-sector NTPC at inflated prices. Soon after, the CBI registered an FIR for cheating and corruption. The ED followed with PMLA proceedings, alleging that about ₹564 crore had been routed through overseas shell entities.

Buhari was arrested in March 2022. He was in jail for 31 months. Six of his bail applications were rejected. Finally he was granted bail on October 24, 2024. His company had changed hands by then.

Buhari and other suspended directors have challenged the acquisition.

At this juncture, at a press conference on May 18, 2026, Buhari said, “I am confident of getting back the power plant — my baby. I have faith in the judicial system.” – editor@nrifocus.com