WASHINGTON, May 18, (V7N) – Indian billionaire Gautam Adani’s conglomerate has reached a $275 million settlement with the US Treasury to resolve an investigation into potential violations of American sanctions against Iran.
The Treasury’s Office of Foreign Assets Control (OFAC) said the agreement was with Adani Enterprises Limited (AEL), part of Adani’s sprawling business empire. The settlement addresses 32 apparent violations of US sanctions related to AEL’s purchases of liquefied petroleum gas (LPG) shipments between November 2023 and June 2025.
“This settlement resolves AEL’s potential civil liability for the identified sanctions violations,” the Treasury said in a statement.
The announcement follows another recent US settlement involving the Adani Group. Earlier this month, the conglomerate agreed to pay $18 million in a civil court case over alleged corruption, in which Adani was accused of participating in a $250 million scheme to bribe Indian officials for solar energy contracts. Adani did not admit wrongdoing in that case.
Adani Enterprises had previously stated in February that it was cooperating with the US investigation into potential sanctions violations that led to Monday’s $275 million settlement.
The Adani Group is one of India’s largest corporate empires, with interests spanning ports, power plants, cement, and media. Gautam Adani, among India’s wealthiest individuals, has faced corporate fraud allegations and a stock market crash in recent years. He is a close ally of Indian Prime Minister Narendra Modi and hails from Modi’s home state of Gujarat.
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