INDIAN BILLIONAIRE GAUTAM ADANI CHARGED IN U. S. FOR ALLEGED BRIBERY, FRAUD. (PHOTO).
Indian billionaire Gautam Adani charged in US for alleged bribery, fraud Gautam Adani, the chair of Indian conglomerate Adani Group and one of the world’s richest people, whose business empire extends from ports and airports to renewable energy,has been indicted in New York over an alleged multibillion-dollar fraud scheme, United States prosecutors have said. The authorities on Wednesday charged Adani and two other executives at Adani Green Energy, his nephew Sagar Adani and Vneet Jaain, with agreeing between 2020 and 2024 to pay more than $250m in bribes to Indian government officials to obtain solar energy supply contracts expected to yield $2bn in profits. Prosecutors said the renewable energy company also raised more than $3bn in loans and bonds during this period based on false and misleading statements. Shares of Adani Enterprises, the group's flagship firm, closed down 22% on Thursday. Other group firms also closed in the red. Adani Green Energy, which is the firm at the c
The Economic and Financial Crimes Commission today December 16,2016 secured the conviction of one Nuhu Abdu Ibrahim,a Saudi Based Bureau de Change Operator before Honourable Justice J.K Omotosho of the Federal High Court Kano on a one count charge of Money Laundering.Trouble began for the convict when the commission received a report from the Nigeria Custom Service that an unaccompanied baggage of blanket on board Sudan Airline was intercepted by its officers at the Malam Aminu Kano International Airport containing the sum of $520,700 {Five Hundred and Twenty thousand,Three Hundred and Fifty United State Dollars}.Subsequently ,the clearing agent,Hassan Bala who cleared the baggage was arrested and brought to the commission.According to the agent,the baggage was sent to him by the convict from Saudi Arabia and that he was not aware it contained the said money.His claim was subsequently confirmed when the commission invited the convict who was then in Saudi Arabia and he told the operatives of the commission that the clearing agent has no knowledge that the baggage was concealing the sum of $520,700 {Five Hundred and Twenty Thousand,Seven Hundred United State Dollars}.During the course of Investigation ,seventeen individuals stormed the commission's Kano Zonal office claiming the ownership of the money.They claim they sent the money in Saudi Riyals to the convict who was in Saudi Arabia for him to change same to Dollar and send back the dollar equivalent to them in Nigeria.Upon the convict's initial arraignment he pleaded not guilty but in today's proceeding,the convict changed his plea of not guilty to guilty.His sudden change of plea was sequel to a plea bargain proposal he approached the commission with through his counsel,Mustapha Idris.In view of his latest plea of guilty,counsel for the prosecution,Sa'ad Hanafi Sa'ad seek the leave off the court to review the facts of the case.While reviewing the facts of the case,Sa'ad tendered a total of six exhibits which were admitted and marked as exhibits A,B,C,C1,D,E and F.After listening to the facts of the case,Justice Omotosho convicted and sentenced the convict to two years imprisonment or pay a fine of N100,000 {One Hundred Thusand Naira Only}.He further ordered that the convict forfiet the sum $260,350 {Two Hundred and Sixty Thousand,Three Hundred and Fifty United State Dollar} which is the 50% of the total sum to the Federal Government of Nigeria.One more photo below.
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