INDIAN BILLIONAIRE GAUTAM ADANI CHARGED IN U. S. FOR ALLEGED BRIBERY, FRAUD. (PHOTO).

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  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
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GRASS CUTTING SCAM: EFCC TO APPEAL DISMISSAL OF CASE AGAINST BABACHIR LAWAL,OTHERS.(PHOTO).#PRESS RELEASE.

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Grass Cutting Scam: EFCC to Appeal Dismissal of Case Against Babachir Lawal, Others

The Economic and Financial Crimes Commission, EFCC, is to appeal the ruling of Justice Charles Agbaza of the Federal Capital. Territory High Court Abuja, which today dismissed the 10-count charge of corruption brought against a former Secretary to the Government of the Federation, Mr. Babachir Lawal.

Lawal, his younger brother, Hamidu David Lawal, Suleiman Abubakar and Apeh John Monday are being prosecuted by the Economic and Financial Crimes Commission, EFCC, alongside two companies, Rholavision Engineering (fifth defendant) and Josmon Technologies (sixth defendant) on amended 10-count charge, bordering on fraud, diversion of funds and criminal conspiracy to the tune of over N544million.

Ruling on the no case submission made by the defendants today, Justice Agbaza held that the Commission which presented 11 witnesses in the course of the trial, failed to establish the ingredients of the alleged offence. He held that the Commission did not establish that Babachir Lawal was either a member of the Presidential Initiative for North East PINE that awarded the contract or a member of the Ministerial Tenders Board that vetted and gave approval to the disputed contract.

But dissatisfied with the ruling, the EFCC has given indication that it will obtain a copy of the judgment for urgent review and challenge its validity at the appellate court.

 

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