Indian-origin Sanjay Wadhwa of SEC to lead probe against Adani Group over bribery indictment: All you need to know

Indian-origin Sanjay Wadhwa, currently serving as the Acting Director of the US Securities and Exchange Commission’s (SEC) Division of Enforcement, is reportedly spearheading the investigation into the recent allegations of bribery and fraud involving billionaire industrialist Gautam Adani, his nephew Sagar Adani, and other executives of the multinational Adani Group of companies.

Wadhwa has been at the forefront of holding corporate leaders accountable for securities violations. “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 to business daily The Economic Times. Notably, another Indian-origin, Tejal Shah is also spearheading the investigation against Adani groups, alongside Wadhwa.

Also Read: Gautam Adani’s net worth drops by over ₹88,726 crore in one day after US bribery indictment scandal

Who is Sanjay Wadhwa - SEC official leading the Adani probe? Here's all you need to know

Sanjay Wadhwa is currently the Acting Director of the SEC’s Division of Enforcement. He became Deputy Director in August 2021 after serving as the Senior Associate Director for Enforcement in the New York Regional Office.

Wadhwa joined the SEC in 2003 as a staff attorney and rose to become the co-head of enforcement in the New York office, overseeing the day-to-day functions of its enforcement program. He previously served in other roles including Deputy Chief of the Market Abuse Unit and Assistant Director of the New York office.

Prior to joining the SEC staff, Wadhwa served as a tax associate at Cahill Gordon & Reindel LLP and Skadden, Arps, Slate, Meagher & Flom LLP. According to the SEC, Wadhwa has a B.B.A. from Florida Atlantic University, a J.D. from South Texas College of Law Houston, and an LL.M. in taxation from New York University School of Law.

Also Read: Adani Group stocks go into a tailspin, crash up to 23% after US indicts Chairman and 7 others on bribery charges

US bribery indictment scandal against Gautam Adani

Gautam Adani was allegedly indicted in New York, US, over his role in the multibillion-dollar bribery and fraud scheme. According to US authorities, the chairman of the ports-to-power conglomerate and seven other defendants, agreed to pay Indian officials over $250 million in bribes to obtain solar contracts.

Adani and his nephew Sagar are accused of orchestrating the scheme and misleading investors during a $750 million bond offering, which raised about $175 million from US investors. In the indictment unsealed by federal prosecutors in New York, Adani, 62, was charged with securities fraud, conspiracy to commit securities fraud, and wire fraud. 

"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.

Also Read: Mint Explainer: What is the US indictment of Gautam Adani all about?

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.