India is a land of great men who have been influencing the world. Since the ages, sages have run behind the money to get the honey, The nectar of being powerful, rich and a figure that can shift the world economics. A recent news from New York, America, reported by the editor of Arcnews, – Ashish Kumar is as followed.
US Economy threatened by the great Indian Adani Group.
The case filed in US has been under investigation since a few months ago. Which have now come in the lime light after a warrant has been issued by the US government against the corrupt businessman and his associates.
The investigation is still under process and has become a threatening issue for world economics.
Running a business is a great way of earning money and fame but at what cost?
And with fame and power comes greed which arises a derogatory behavior called corruption.
This behavior under the psychological studies is a phenomena which is said to be abnormal.
Anything That A Normal Man Does Abnormally is a sign of mental illness.
Manish K Suyal
(EIC Arcnews)
Earning money for a good living is great but subtly.
News Excerpt From Reuters. Website Page.
Gautam Adani, the billionaire chair of Indian conglomerate Adani Group and one of the world’s richest people, has been indicted in New York over his role in a $265 million bribery scheme, according to U.S. prosecutors.
U.S authorities Claim that Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay the bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India’s largest solar power plant project.
Detailed Excerpt From Reuters.
A judge has issued arrest warrants for Gautam Adani and Sagar Adani and prosecutors plan to hand those warrants to foreign law enforcement, court records show.
Prosecutors also said that Adani Green Energy Management Employee Mr Vneet S. Jaain, raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors.
Gautam Adani, Sagar Adani and Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy, and the businessmen were also charged in a U.S. Securities and Exchange Commission civil case.
Behind The Case Excerpt From Reuters.
Fallout for the Adani empire, which was rocked by a short-seller attack in February 2023, was immediate with shares in conglomerate’s listed companies stocks tumbling between 10% and 20%.
Adani Green Energy also cancelled plans on Thursday to raise $600 million in U.S. dollar-denominated bonds. The bond had been priced but was pulled following the news by American Government.
Adani dollar bonds slumped in Asian trading, with prices down between 3-5c on bonds for Adani Ports and Special Economic Zone . The falls were the largest since the Adani Group came under a short-seller attack in February 2023.
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Manish Kumar Suyal
Editor-in Chief
