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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N2BN FRAUD TRIAL: EFCC TO APPEAL ORONSAYE’S ACQUITTAL. (PHOTO).#PRESS RELEASE.

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N2bn Fraud Trial: EFCC To Appeal Oronsaye’s Acquittal

The Economic and Financial Crimes Commission, EFCC, will appeal the judgment of the Federal High Court Abuja, which today acquitted a former Head of the Civil Service of the Federation, HoS, Mr. Stephen Oronsaye of the N2bn money laundering charge brought against him and others by the Commission.

 In dismissing the charge, Justice Inyang Ekwo held that the Commission failed to establish the charges against the defendants.

However, the Commission believes the trial judge erred by overlooking the evidence of the 21 witnesses called by the prosecution in the course of the trial as well as the confessional statement of one of the defendants, Osarenkhoe Afe. It has therefore decided to challenge the judgment at the Court of Appeal.

Oronsaye’s corruption trial commenced in 2015 when he was docked alongside the Managing Director of Fredrick Hamilton Global Services Limited, Mr. Osarenkhoe Afe and three companies- Cluster Logistic Limited; Kangolo Dynamic Cleaning Limited, and Drew Investment & Construction Company Limited.

The 1st and 2nd defendants, had between 2010 and 2011, used the companies as vehicles to siphon public funds to the tune of N2billion, through contract fraud.

They were prosecuted on an amended 27 –count charge.


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