WASHINGTON — A company within Indian billionaire Gautam Adani’s conglomerate will pay US$275 million to resolve a U.S. Treasury investigation into possible violations of Washington’s sanctions on Iran, the Treasury Department said on May 18.
The Office of Foreign Assets Control (OFAC) reached the settlement with Adani Enterprises Limited (AEL), saying the firm agreed to settle potential civil liability for 32 apparent infractions tied to purchases of liquefied petroleum gas (LPG) from November 2023 through June 2025. OFAC’s statement said the LPG imports were arranged via a Dubai-based supplier that claimed the fuel originated in Oman and Iraq, but “red flags should have put AEL on notice that the LPG actually originated from Iran.”
The agreement, executed on May 14 and disclosed in an Adani Enterprises stock exchange filing on May 18, includes non-monetary remedial measures and was reached after AEL cooperated with the probe, the Treasury said.
The announcement follows another recent settlement by Adani-linked interests: days earlier, one of his companies agreed to pay US$18 million in a U.S. civil court case alleging corruption tied to solar energy contracts, a deal reached without admission of guilt. That separate case accused Mr. Adani of involvement in an estimated US$250 million bribery scheme to win contracts.
The Adani Group operates across sectors including ports, power generation, cement and media, and Mr. Adani is among India’s wealthiest businessmen. His companies have faced scrutiny in recent years amid fraud allegations and sharp market volatility. India is a major global buyer of LPG and liquefied natural gas, much of it sourced from the Middle East, underscoring the commercial context for the U.S. inquiry.