Arrest warrant issued for Gautam Adani, nephew Sagar Adani in bribery case in USA
New York: Gautam Adani, the billionaire chairman of the Adani Group, and his nephew Sagar Adani have been indicted in New York over their alleged involvement in a $265 million bribery scheme, according to US prosecutors.
Authorities allege that Adani and seven other defendants conspired to pay bribes to Indian government officials to secure contracts projected to generate $2 billion in profit over 20 years and to develop India's largest solar power plant project.
A judge has issued arrest warrants for both Gautam and Sagar Adani, with prosecutors planning to forward these warrants to foreign law enforcement, court records reveal.
The indictment has had an immediate fallout for the Adani empire. Adani Green Energy cancelled plans to raise $600 million through US dollar-denominated bonds. The bond issue had already been priced but was withdrawn following the news, according to sources.
In early Asian trading on Thursday, Adani dollar bonds experienced a significant drop, with prices for Adani Ports and Special Economic Zone bonds falling by 3-5c. This marks the most substantial decline since the group faced a short-seller attack in February 2023.
Prosecutors also stated that the Adanis and another executive, former Adani Green Energy CEO Vneet Jaain, concealed corruption while raising over $3 billion in loans and bonds. Court documents reveal that conspirators used code names such as "Numero Uno" and "The Big Man" for Gautam Adani, while Sagar Adani allegedly monitored bribe-related details on his cellphone.
Shares of GQG Partners, an Australian investment firm and a key Adani backer, plunged by 20%, marking the steepest one-day decline since the firm’s listing three years ago. GQG Partners, which holds stakes in various Adani companies, has stated that it is monitoring the situation closely.
The Adani Group has not yet commented on the allegations or the indictment.
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Google Maps lands Assam Police in Nagaland, locals hold them captive mistaking them for criminals
Guwahati, Jan 8: A 16-member team of the Assam Police inadvertently strayed into Nagaland's Mokokchung district during a raid while they were following directions on Google Maps, and was attacked by locals and held captive overnight, an official said on Wednesday.
According to a senior official of Assam Police, the incident occurred on Tuesday night when a team of the Jorhat District Police was carrying out a raid to apprehend an accused.
"It was a tea garden area, which was shown in Assam on Google Maps. However, it was actually inside Nagaland. The team went inside Nagaland in pursuit of the criminal due to confusion and misleading guidance on GPS," he said.
The locals thought the Assam Police team to be some miscreants carrying sophisticated arms and detained them, he said.
"Of the 16 personnel, only three were in uniform and the rest were in civil dress. This also led to confusion among the locals. They also attacked the team and one of our personnel was injured," he added.
Upon receiving the information of the hostile situation in Nagaland, the Jorhat Police immediately contacted Mokokchung Superintendent of Police, who sent a team to the spot to rescue the Assam Police personnel.
"The locals then realised that it was a genuine police team from Assam and released five members, including the injured person.
"They, however, held the remaining 11 persons as captives overnight. They were released in the morning and reached Jorhat later," the official said.
