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IN TODAY’S EDITION
1️⃣ India’s second-richest man charged with fraud
2️⃣ Our weekend recommendations
3️⃣ Gift of the day!

Hi Intriguer. We’re going to dive straight into today’s briefing about India’s second-richest man being hit by US fraud charges, but before that, I have a quick favour to ask of you…

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THE HEADLINES

ICC issues arrest warrants for Netanyahu, Gallant and Deif.
The International Criminal Court has issued arrest warrants for Israel’s prime minister and former defence minister, as well as Hamas military commander Mohammed Deif (who Israel says is dead). This means the ICC’s 124 members must comply with the warrants if Netanyahu or Gallant set foot in their jurisdiction. The warrants were issued on the grounds the three men bear “criminal responsibility” for alleged war crimes and crimes against humanity committed during the Israel-Hamas war. The US and Israel (who are not ICC members) rejected the court’s decision, while several European countries announced they would uphold the ruling.

Trump nominates Pam Bondi for attorney general after Gaetz withdraws.
Bondi, Florida’s former attorney general, has been selected to head the Justice Department after Matt Gaetz withdrew his name from consideration. Gaetz had been investigated by the Department of Justice and a congressional ethics committee after allegations of sex trafficking and other ethical violations emerged.

UN nuclear watchdog votes to censure Iran.
Members of the International Atomic Energy Agency (IAEA) voted to censure Iran over its nuclear program, kickstarting a process that could reimpose international sanctions on the country. Tehran responded by announcing it would launch additional advanced centrifuges, which would allow it to make more nuclear fuel.

Sweden’s Northvolt files for bankruptcy. 
The Swedish battery-maker filed for bankruptcy in the US after failing to secure a last-minute agreement with investors. Northvolt, which was seen by many as Europe’s only chance at countering Asia’s EV dominance, had struggled with production issues.

US Embassy security guard detained on spy suspicions.
A security guard working at the US Embassy in Oslo was arrested on Wednesday at his home on suspicion of espionage. The guard, a Norwegian man in his 20s, had contact with intelligence agents from both Russia and Iran, which was uncovered after a “large” amount of digital material was confiscated.

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TOP STORY

India’s second-richest person charged in US fraud case

Adani Group founder and chairman, Gautam Adani.

Billionaire Gautam Adani, the founder and chairman of Indian conglomerate Adani Group, was charged by US prosecutors on Wednesday in an alleged extensive fraud scheme. The charges could shake up one of India’s biggest businesses and damage Indian Prime Minister Modi as well.

But first, some context… 

The Adani Group is a multinational corporation headquartered in Ahmedabad, India, with businesses spanning pretty much every critical sector. It’s a major defence contractor, a top producer of thermal coal power, and India’s biggest private airport and port operator.

The group even owns professional cricket teams, which in India is arguably the most critical industry.

Adani has leveraged his business interests to become a close ally of Indian Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP). When Modi was first elected in 2014, he flew to New Delhi in Adani’s private jet. 

But more than being eye-wateringly rich — Adani is the second-richest person in Asia with $85.5B, second only to fellow Indian Mukesh Ambani who has a whopping $117.1B — Adani’s success is also a source of national pride for many Indians.

What exactly is Adani accused of doing? 

Adani and seven others (including his nephew Sagar Adani, an executive director of Adani’s green energy business) are accused of paying or promising to pay bribes to Indian officials totalling $250M in exchange for lucrative solar energy supply contracts worth more than $2B in revenue over 20 years. 

The reason the US is involved is because the Adani Group allegedly turned around and raised billions of dollars from US banks and investors, “on the basis of false and misleading statements,” and in contravention of the US’ anti-bribery compliance programs.

Prosecutors allege the accused “extensively documented their corrupt efforts” on mobile phones, PowerPoint presentations, and Excel spreadsheets. Because crime is one thing, but disorganised crime is another thing entirely.

The Adani Group released a statement yesterday afternoon denying the accusations and calling them “baseless”.

Here’s the intrigue…

First, there’s a good old-fashioned whodunnit at the core of the case. The indictment repeatedly mentions two unnamed “co-conspirators” who helped build the case against Adani.

Indian newspaper The Economic Times has been on the case, sleuthing its way to naming two senior businessmen as potential collaborators. One of them, the paper alleges, was a senior adviser to UK Prime Minister John Major in the early 90s.

Second, it’s not clear what happens now to Adani and his company. Our finance-loving readers might remember last year the Adani Group had the misfortune of falling into the crosshairs of the infamous Wall Street short-selling activist investor, Hindenburg Research.

Hindenburg didn’t mince words, accusing Gautam Adani of running the largest con in corporate history. While Adani spent much of 2023 and early 2024 trying to restore investor confidence and repair the reputational damage, this week's charges sent shares in Adani Enterprises tumbling another 20%.

Finally, in case you’re wondering, the US and India do have an extradition treaty (if found guilty, Adani would qualify given the severity of the charges), but we don’t think Asia’s second-richest person is likely to be dragged before a US judge anytime soon.

INTRIGUE’S TAKE

A penny for Prime Minister Modi’s thoughts today. His party significantly underperformed in June’s election and his personal approval rating dipped below 50% for the first time in recent memory. Opposition leader Rahul Gandhi is already calling for Modi to explain his relationship with Adani.

With that said, we think Modi will weather this storm relatively easily. His party has already downplayed the news and is questioning the "timing" of the DOJ's charges.

We also don’t expect US-India relations to be damaged, mostly because both countries have far bigger fish to fry. The US-India relationship has become too strategically vital in terms of supply chains, global governance, tech exchange, and countering China to derail over one (allegedly) corrupt businessman.

If anything, the US-India relationship could strengthen under Trump’s presidency. His pick for national security advisor, Congressman Mike Waltz, is the co-chair of the India Caucus and has long pushed for closer US ties with New Delhi to counter Beijing.

For his part, Adani likely saw all this coming, having deftly buttered up Trump with flowery praise after his election, calling him, “the embodiment of unbreakable tenacity, unshakeable grit, [and] relentless determination”.

Also worth noting: 

  • Kenya cancelled two major deals involving the Adani group shortly after the US announced its charges.

  • The US Securities and Exchange Commission filed separate civil fraud charges on Wednesday. 

MEANWHILE, ELSEWHERE…

  1. 🇰🇷 South Korea: Car manufacturer Hyundai named José Muñoz as its new chief executive, making him the first non-Korean to lead the 57-year-old company. Foreign executives in South Korea are a rarity, usually only heading subsidiaries or joint ventures, making Muñoz’s promotion a significant topic of discussion.

  2. 🇱🇹 Lithuania: Lithuania’s parliament chose Gintautas Paluckas to be the country’s next prime minister yesterday (Thursday), elevating him from his previous role as deputy leader of the Social Democrats (LSDP). The party’s leader, Vilija Blinkevičiūtė, declined the position, stating that she would rather retain her European Parliament seat than lead the country.

  3. 🇮🇩 Indonesia: The Indonesian government is evaluating a $100M investment proposal from American tech giant Apple in exchange for lifting its sales ban on the iPhone 16. Apple is reportedly prepared to build a manufacturing plant to produce accessories and components to meet Jakarta’s requirement that smartphones must contain 40% locally-made parts.

  4. 🇧🇷 Brazil: Federal police formally alleged that former President Jair Bolsonaro plotted a coup to overthrow the 2022 election, alongside senior aides and ex-ministers. While Bolsonaro has dismissed the police probe as a “witch hunt,” Brazil’s Supreme Court must now decide whether to press charges.  

  5. 🇸🇳 Senegal: The ruling Pastef party secured a resounding victory in the country’s legislative elections, according to provisional results released yesterday (Thursday). The win gives President Bassirou Diomaye Faye, elected in March, the ability to pursue ambitious reforms promised during his campaign, which he previously said were blocked by legislative hurdles.

EXTRA INTRIGUE

Some weekend recommendations from Team Intrigue

  • Read: Former German Chancellor Angela Merkel’s new memoir, Freedom: Memories 1954-2021 will be published in more than 30 countries this upcoming Tuesday. It’s already caused a splash after excerpts were released by the German daily Die Zeit, describing her relationships with Putin and Trump.

  • Watch: Wicked, the musical, has been retrofitted into a movie by Universal Pictures, and word on the street is it’s a vibe. A word of warning: if you watch the movie in theatres, you might just find yourself at a sing-along.

  • Survey: Help out Team Intrigue by filling out our audience survey. Two lucky survey-takers will be chosen to win a $50 Amazon gift card or a bundle of Intrigue merch 🙏.

GIFT OF THE DAY

Credits: @perfilcom via Twitter/X.

While hosting Italian Prime Minister Giorgia Meloni in Buenos Aires this week, Argentinian President Javier Milei handed over what might be the oddest diplomatic gift yet: a figurine of himself... wielding a chainsaw.

Who wouldn’t want a mini Milei, grinning maniacally and itching to hack away (at bureaucracy, we hope)?

Milei holding a chainsaw isn’t exactly new — the self-proclaimed anarcho-capitalist turned the tool into his campaign mascot during his 2023 presidential run. This particular mini figurine was presumably dubbed essential to state business given the depth and breadth of Milei’s government budget cuts elsewhere.

P.S. Stay tuned for Intrigue’s gift guide set to drop in early December (which will not include chainsaws, or mini Mileis 🔪⛓️).

FRIDAY QUIZ

World Television Day was earlier this week. In honour of the boob tube…

1) Liquid crystals, a key technology in modern TVs, were first discovered whilst studying...

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2) How much did the first TV ad cost?

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3) Who was the first-ever person on TV?

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