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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FATHER, SON REMANDED FOR ALLEGEDLY STEALING N75M FROM LAGOS FIRM. (PHOTO).

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 Father, son remanded for allegedly stealing N75m from Lagos firm


Thirty-one-year-old Babatunde Ishola and his father, Bayo, have been remanded by the court at the Kirikiri Correctional Centre for allegedly stealing N75m belonging to a lotto company in Lagos State.

The defendants were arraigned on two counts of stealing and diversion of funds at the Yaba Magistrates’ Court in the state.

The duo were alleged to have taken money from the company’s account and diverted it to their accounts and those of their cohorts who are now at large.

In a document signed by the police prosecutor, Mike Enejere, the first defendant, Babatunde, served as the account officer of the lotto company as the funds were diverted between 2020 and 2023.

The charge read in part, “That you, Ishola Mubarak Babatunde, Ishola Rasheed Bayo, and others now at large, between 2020 and 2023, at Lotgrand Limited, a registered lotto company in Lagos, within the Magisterial District of this Honourable Court, conspired amongst yourselves to commit felony to wit stealing. You thereby committed an offence punishable under Section 411 of the Criminal Law of Lagos State 2015.

“That you, Ishola Mubarak Babatunde and others now at large, on the same date, place and within the Magisterial District of the aforementioned, did steal the sum of seventy-five million naira (N75,000,000), property of Lotgrand Limited, Lagos, while you served as the account officer, as you dishonestly and fraudulently diverted the said sum belonging to Lotgrand Limited, a registered lotto company, to your personal account and that of your cohorts.”

“You hereby committed an offence punishable under Section 287 (8) of the Criminal Law of Lagos State 2015.”

The duo were remanded at the Kirikiri Correctional Centre pending the meeting of their bail conditions of N10m with two sureties in like sum.

The Magistrate, Mojisola Salau, adjourned the case till September 3, 2024, for further hearing.

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