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

N332.9M FRAUD: COURT ADMITS MORE EVIDENCE AGAINST DEFENDANTS IN LAGOS.(PHOTO).#PRESS RELEASE.


N332.9m Fraud: Court Admits More Evidence against Defendants in Lagos

Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Tuesday, June 6, 2023, admitted in evidence more documents tendered by the Economic and Financial Crimes Commission, EFCC, against Emmanuel Monye, Malz Rendezvou and Anpre Creations Ltd., who are facing trial on a 14-count charge bordering on conspiracy to obtain money by false pretence, obtaining by false pretence, stealing by conversion, forgery and using false documents to the tune of N332, 924,375.
Monye was initially standing trial alongside Adebayo Oluwatosin, Corbufina West Africa Ltd., Harrow Milford Nigeria Ltd. and SBA Commercial Logistics Limited.
They were facing a 14-count charge bordering on conspiracy to obtain money by false pretence, obtaining by false pretence, stealing by conversion, forgery, and using false documents to the tune of N332, 924,375.
They initially pleaded "not guilty" to the charges.
However, in the course of the trial, the second defendant, Oluwatosin, and sixth defendant, SBA Commercial Logistics Ltd., opted to change their pleas, following a plea bargain and were accordingly convicted as charged. 
Corbufina West Africa Ltd. and Harrow Milford Nigeria Ltd. were also struck out of the charges, as they were not available to be served, thus necessitating an amendment to the charges. 
Led in evidence by the prosecution counsel, Nnaemeka Omewa, the witness, Chimezie Ezinne, an operative of the EFCC, who identified the defendant in the dock, narrated how the EFCC received a petition from Fewchore Finance Company Ltd. on the alleged fraud.
"The Commission received a petition from Fewchore Finance Company Ltd. on the alleged fraud, which was assigned to my team for discrete investigation,” he said.
He told the court that investigation into the alleged fraud revealed that the defendant "paraded himself as a Finance Consultant", and used the guise to defraud his victims.
"He gave them the impression that he had the ability to source for funds- in other words, loan," he said.
Thereafter, he identified the confessional statement of the defendant to the EFCC, and several correspondences between the EFCC and Zenith Bank, Access Bank, FCMB, and Corporate Affairs Commission, CAC.
Thereafter, the prosecution sought to tender the documents. 
The defence counsel, James Alara, however, raised objections to the admissibility of the said confessional statement. 
"I object to the admissibility of the confessional statement sought to be tendered on the grounds that it was not voluntarily made," he said.
He, however, raised no objection to the admissibility of the other documents sought to be tendered by the prosecution. 
Justice Dada admitted the other documents as exhibits against the defendant. 
The case has been adjourned till Tuesday, September 26 and 27, 2023 for trial-within-trial.


 

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