Originating in India The investigation into the recent claims of bribery and fraud involving billionaire industrialist Gautam Adani, his nephew Sagar Adani, and other executives of the multinational Adani Group of companies is reportedly being led by Sanjay Wadhwa, who is currently acting as the Acting Director of the US Securities and Exchange Commission’s (SEC) Division of Enforcement.
Wadhwa has taken the initiative in making business executives answerable for securities crimes. “The commission would continue to vigorously pursue and hold individuals, including senior corporate officers and directors, accountable for violating their securities law,” he stated in a statement. Notably, Wadhwa and Tejal Shah, both of whom are of Indian descent, are leading the probe against Adani organisations.
At the moment, Sanjay Wadhwa serves as the SEC’s Division of Enforcement’s Acting Director. After working as the Senior Associate Director for Enforcement in the New York Regional Office, he was promoted to Deputy Director in August 2021.
Initially hired as a staff lawyer in 2003, Wadhwa eventually became the co-head of enforcement in the New York office, where he oversaw the daily operations of the SEC’s enforcement program. Prior positions held by him included Assistant Director of the New York office and Deputy Chief of the Market Abuse Unit.
Wadhwa worked as a tax associate at Skadden, Arps, Slate, Meagher & Flom LLP and Cahill Gordon & Reindel LLP before joining the SEC staff. The SEC claims that Wadhwa holds an LL.M. in taxation from New York University School of Law, a J.D. from South Texas College of Law Houston, and a B.B.A. from Florida Atlantic University.
According to reports, Gautam Adani was charged in New York, USA, for his involvement in the multibillion-dollar fraud and bribery scam. The chairman of the ports-to-power conglomerate and seven other defendants allegedly conspired to bribe Indian officials more than $250 million in order to secure solar contracts, according to US authorities.
In a $750 million bond sale that generated roughly $175 million from US investors, Adani and his nephew Sagar are charged with masterminding the scam and deceiving investors. Adani, 62, was accused of securities fraud, conspiracy to conduct securities fraud, and wire fraud in the indictment that federal prosecutors in New York released.
“A five-count criminal indictment was unsealed today in federal court in Brooklyn charging Gautam S. Adani, Sagar R. Adani and Vneet S. Jaain, executives of an Indian renewable-energy company, with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions based on false and misleading statements,” said a statement from US Attorney’s Office, Eastern District of New York.
Adani Group denied the allegations and said it will seek all possible legal recourse. “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied,” it said. “The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws,” it added.
