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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COURT JAILS TWO FOR OPERATING BDC WITHOUT LICENCE IN DAMATURU. (PHOTO). #PRESS RELEASE.

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 Court Jails Two for Operating BDC without Licence in Damaturu


Justice Fadimatu Aminu of the Federal High Court, Damaturu has convicted and sentenced the duo of Haruna Ahmadu and Kabiru Iliyasu to separate jail terms for operating Bureau de change, BDC, businesses without an appropriate license.


The defendants were first arraigned on Tuesday, March 12, 2024, by the Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on a one-count separate charge.


The lone charge against Haruna reads: "That you, Ahmadu Haruna, between the month of June 2023 and 2024 in Damaturu, Yobe State, within the jurisdiction of this Honourable Court, did carry on other financial businesses, to wit, bureau de change business without a license issued by the Central Bank of Nigeria contrary to Sections 57 and 59(5) of the Bank and other Financial Institutions Act, 2020."


The defendants pleaded "not guilty" to the charges raised against them by the EFCC when they were read to them. 


As the trial progressed, Iliyasu changed his 

plea and pleaded guilty to the one-count charge prepared against him. Ahmadu did not plead guilty until his trial was concluded.


While counsel to the prosecution, Mukhtar Ali Ahmad, thereafter, prayed to the court to convict him accordingly iliyasu owing to his change of plea.


Justice Aminu, thereafter, in a separate judgment, convicted and sentenced the convicts thus: four years imprisonment for Iliyasu with an option of fine of N500,000( Five Hundred Thousand Naira) and two years imprisonment with for Ahmadu with  an option of  N100,000(One Hundred Thousand Naira).


The convicts bagged their imprisonment when they were arrested for operating bureau de change businesses without requisite licenses.  They were charged to court and convicted.

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