Mukesh Ambani loses Asia wealth crown to Jack Ma in $5.8 billion rout

New Delhi, Jan 16: In trouble brewing for the Gautam Adani-led M/S Adani Enterprises, the Central Bureau of Investigation (CBI) on Thursday said that it has registered a case against former officials of the National Co-operative Consumer Federation (NCCF) and others over alleged irregularities in supply of coal to the Andhra Pradesh Power Generation Corporation (APGENCO) in 2010.

The CBI in its FIR has named Virendra Singh, the then Chairman of the NCCF, G P Gupta, the then MD of the NCCF, S C Singhal, the then Senior Advisor of NCCF, Adani Enterprises Ltd and other unknown public servants and others for criminal conspiracy, cheating and criminal misconduct by public servants.

According to CBI, the case was filed on Wednesday after the preliminary enquiry revealed the crime by the officials named in the FIR and the Adani Enterprises was found to be true.

The FIR alleged that on June 26, 2010, APGENCO floated a tender enquiry for supply of six lakh metric tonnes of imported coal "on free on rail destination" basis to Dr Narla Tata Rao Thermal Station (NTTPS), Vijaywada and Rayalasaleema Thermal Power Plant (RTTP), Kadapa, Andhra Pradesh/RTPP via Kakinada-Vizag-Chennai-Krishnapatnam or any other ports

The same was forwarded by the Chief Engineer, APGENCO to seven PSUs -- PEC Limited, STC Limited, MSTC Limited, NCCF, MMTC, Coal India Limited and SCCL Limited.

The FIR alleged that during the probe, the Adani Enterprises used a proxy company to get the supply contract. It said, "NCCF received bids from six companies -- Adani Enterprises Ltd, Maheshwari Brothers Coal Limited (MBCL), Vyom Trade Links Pvt. Ltd, Swarana Projects Pvt. Ltd, Gupta Coal India Ltd and Kyori Oremen Ltd.

During investigation it was found that Gupta Coal India Ltd had quoted the NCCF margin of 11.3 percent, while the MBCL quoted the margin of 2.25 percent and rest did not quote any margin to the NCCF.

The FIR said the quotes of the Gupta Coal India Ltd, Kyori Oremen Ltd and Swarana Projects Pvt. Ltd were rejected by the NCCF as they were not found to be fulfilling the tender conditions.

"Post tender negotiation was done by senior officials of NCCF to give undue favour to Adani Enterprises Ltd despite it not qualifing the tender (terms)," the FIR said, adding instead of cancelling the bid of Adani Enterprise Ltd, senior management of NCCF conveyed the offer margin to the company through one of its representative -- Munish Sehgal, who was sitting in the NCCF head office. It is prima facie evident that when the bids were being processed at NCCF head office in Delhi, a representative of Adani Enterprises Ltd. was informed regarding their imminent rejection due to non-submission of NCCF margin and also that MBCL was eligible bidder quoted 2.25 percent margin," it alleged.

The CBI in its FIR, further alleged that Adani Enterprises Ltd. had given an unsecured loan of Rs 16.81 crore to Vyom Trade Links Ltd in 2008-09. "And further it was revealed that the bank guarantees of the Adani Enterprises Ltd. and Vyom Trade Links Ltd. were issues by the same branch of the State Bank of India and at the same time," it said.

"It was clear that Adani Enterprises Ltd. presented Vyom Trade Links Ltd. as a proxy company in this particular tender and Vyom Trade Links Ltd. later withdrew its offer on flimsy ground," the CBI FIR said.

"The aforesaid acts of commissions and omissions on the part of the senior management of the NCCF disclose that during their tenure, they acted in a manner unbecoming of public servants and committed irregularities by way of manipulation in the selection of bidders, thereby giving undue favours to Adani Enterprises Ltd. in award of work for supply of coal to APGENCO despite its disqualification," it added.

London, May 11: Fugitive diamond merchant Nirav Modi's five-day extradition trial over the nearly USD2 billion Punjab National Bank (PNB) fraud and money laundering case is set to begin in London's Westminster Magistrates' Court today.

The London High Court rejected Nirav Modi's bail plea in Punjab National Bank (PNB) bank fraud case for the fifth time in early March.

Modi, the prime accused in the PNB fraud case, is currently lodged at Wandsworth prison in south-west London and is wanted for his alleged role in the Rs 13,570 crore loss caused to the Punjab National Bank (PNB) along with his uncle, Mehul Choksi.

Modi, 48, was arrested in March last year by Scotland Yard in connection with the case.

Modi was remanded in custody till February 27, 2020, after he appeared before a UK court on Thursday via video link from his London prison.

The latest bail hearing followed further assurances by Modi, including an increase in the amount of security he had offered as a guarantee as well as stricter bail conditions.

On his last bail application, Modi offered USD 4 million as a security guarantee in return for bail, an offer that was rejected by judges who ruled that there was a real risk that Modi would flee the UK to a country which has no extradition treaty with India.

At the same hearing, the judge ruled that there was "strong evidence" that Modi had engaged in "witness intimidation" and destroying evidence.

Given the seriousness of such allegations, it was all but certain that the latest bail application would be rejected.

Modi's lawyers had contended that their client was being held in difficult conditions at Wandsworth prison and had also claimed that his mental health was deteriorating as a result of his incarceration.

However, ruling at the High Court today, Justice Ian Dove said there was a "clear need for this application to be refused in the present circumstances."

It comes just days after the second sale of assets belonging to Modi valued at millions of dollars.

The items include a luxury Rolls Royce car, a Patek Philippe watch and a painting by the renowned Indian artist Amrita Sher-Gil valued at USD 2.5 million but expected to fetch considerably more.

Meanwhile, Nirav's brother Neeshal Modi, who is also one of the co-conspirators in the PNB scam, has written to Enforcement Directorate, distancing himself from his brother's actions and said that he had no knowledge of it.

Washington, May 30: President Donald Trump said Friday he would strip several of Hong Kong's special privileges with the United States and bar some Chinese students from US universities in anger over Beijing's bid to exert control in the financial hub.

In a day of concerted action, the United States and Britain also raised alarm at the UN Security Council over a controversial new security law for Hong Kong, angering Beijing which said the issue had no place at the world body.

In a White House appearance that Trump had teased for a day, the US president attacked China over its treatment of the former British colony, saying it was "diminishing the city's longstanding and proud status."

"This is a tragedy for the people of Hong Kong, the people of China and indeed the people of the world," Trump said.

Trump also said he was terminating the US relationship with the World Health Organization, which he has accused of pro-China bias in its management of the coronavirus crisis.

But Trump was light on specifics and notably avoided personal criticism of President Xi Jinping, with whom he has boasted of having a friendship even as the two powers feud over a rising range of issues.

"I am directing my administration to begin the process of eliminating policy that gives Hong Kong different and special treatment," Trump said.

"This will affect the full range of agreements, from our extradition treaty to our export controls on dual-use technologies and more, with few exceptions," he said.

Secretary of State Mike Pompeo on Wednesday informed Congress that the Trump administration would no longer consider Hong Kong to be separate under US law, but it was up to Trump to spell out the consequences.

China this week pressed ahead on a law that would ban subversion and other perceived offenses against its rule in Hong Kong, which was rocked by months of massive pro-democracy protests last year.

US restricts students

In one move that could have long-reaching consequences, Trump issued an order to ban graduate students from US universities who are connected to China's military.

"For years, the government of China has conducted elicit espionage to steal our industrial secrets, of which there are many," Trump said.

Hawkish Republicans have been clamoring to kick out Chinese students enrolled in sensitive fields. The FBI in February said it was investigating 1,000 cases of Chinese economic espionage and technological theft.

But any move to deter students is unwelcome for US universities, which rely increasingly on tuition from foreigners and have already been hit hard by the COVID-19 shutdown.

China has been the top source of foreign students to the United States for the past decade with nearly 370,000 Chinese at US universities, although Trump's order will not directly affect undergraduates.

Critics say Trump has been eager to fan outrage about China to deflect attention from his own handling of the coronavirus pandemic that has killed more than 100,000 people in the United States, the highest number of deaths of any country.

Chuck Schumer, the top Democrat in the Senate, called Trump's announcement "just pathetic."

Eliot Engel, a Democrat who heads the House Foreign Affairs Committee, noted that Trump treaded lightly on Hong Kong during last year's protests as he sought a trade deal with Xi.

"Now, the president wants to shift the blame for his failures onto China, so he's doing the right thing for the wrong reason," Engel said.

Trump's order could also trigger retaliation. China in March expelled US journalists after the Trump administration tightened visa rules for staff at Chinese state media.

Clash at UN

The United States and Britain earlier in the day urged China to reconsider the Hong Kong law during talks at the UN Security Council, where China wields a veto -- making any formal session, let alone action against Beijing, impossible.

The Western allies raised Hong Kong in an informal, closed-door videoconference where China cannot block the agenda.

They said China was violating an international commitment as the 1984 handover agreement with Britain, in which Beijing promised to maintain the financial hub's separate system until at least 2047, was registered with the United Nations.

"The United States is resolute, and calls upon all UN members states to join us in demanding that the PRC immediately reverse course and honor its international legal commitments to this institution and to the Hong Kong people," said US Ambassador Kelly Craft, referring to the People's Republic of China.  

China demanded that the United States and Britain "immediately stop interfering in Hong Kong affairs," saying the law did not fall under the Security Council's mandate.

"Any attempt to use Hong Kong to interfere in China's internal matters is doomed to fail," warned a statement from China's UN mission.

"There was no consensus, no formal discussion in the Security Council, and the US and the UK's move came to nothing," it said.